When taking out a personal loan to pay down credit card?

[Anonymous]

I have a $3k NFCU, my first unsecured card in over 10yrs with 2700 balance payment date is 12th.  I was wondering if i took out personal loan, how much would it decrease my score?

Ex:729,EQ:709, TU: 720

Currently i have $200 open sky, two $5k primary tradelines, self credit builder loan(recently received offer for self credit visa card), AU on my aunts two card $15k and $5k. Also was approved for $10k card which will be here on the 16th.

This card hasn't posted yet, since this is the 1st billing cycle. have 9% utilization on $30,800 credit limit. Which will be 33,800 after this card posts.

So is it better to take out a small loan to pay down the card before it posts or will it be ok since my credit limit has some cushion?

[Jnbmom]

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@Anonymous wrote:

I have a $3k NFCU, my first unsecured card in over 10yrs with 2700 balance payment date is 12th.  I was wondering if i took out personal loan, how much would it decrease my score?

Ex:729,EQ:709, TU: 720

Currently i have $200 open sky, two $5k primary tradelines, self credit builder loan(recently received offer for self credit visa card), AU on my aunts two card $15k and $5k. Also was approved for $10k card which will be here on the 16th.

This card hasn't posted yet, since this is the 1st billing cycle. have 9% utilization on $30,800 credit limit. Which will be 33,800 after this card posts.

So is it better to take out a small loan to pay down the card before it posts or will it be ok since my credit limit has some cushion?

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Can you pay off the balance on the card?

I certainly would not get a loan "just to pay off before it posts"...............................................

[M_Smart007]

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@Jnbmom wrote:

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@Anonymous wrote:

I have a $3k NFCU, my first unsecured card in over 10yrs with 2700 balance payment date is 12th.  I was wondering if i took out personal loan, how much would it decrease my score?

Ex:729,EQ:709, TU: 720

Currently i have $200 open sky, two $5k primary tradelines, self credit builder loan(recently received offer for self credit visa card), AU on my aunts two card $15k and $5k. Also was approved for $10k card which will be here on the 16th.

This card hasn't posted yet, since this is the 1st billing cycle. have 9% utilization on $30,800 credit limit. Which will be 33,800 after this card posts.

So is it better to take out a small loan to pay down the card before it posts or will it be ok since my credit limit has some cushion?

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Can you pay off the balance on the card?

I certainly would not get a loan "just to pay off before it posts"...............................................

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+1

[Anonymous]

No i cant but I've paid $1000 on it already... Just curious how much of a dip it would be due to my overall credit limit you think ?

[Anonymous]

I think your question may be better answered in the understanding Fico scoring section of the forum.

How much the opening of a loan impacts your score(s) depends on many different profile factors.  Some of the include but are not limited to the presence of other open/closed loans on your CR, your overall before/after installment loan utilization, inquiries and age of accounts factors. 

Opening a loan to pay off $2700 in CC debt for which you already have $1000 to pay toward doesn't seem to really be necessary, IMO.  I can't imagine you'd save all too much on interest when looking at a sub-$2k dollar amount, but you'd have to work out the numbers.

[Anonymous]

Today was a great day. I went to my personal trainer class this morning. Great workout. My $10k Amex got shipped yesterday. Arrived today i paid off my NFCU card. Amen ☺

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@Anonymous wrote:

I think your question may be better answered in the understanding Fico scoring section of the forum.

How much the opening of a loan impacts your score(s) depends on many different profile factors.  Some of the include but are not limited to the presence of other open/closed loans on your CR, your overall before/after installment loan utilization, inquiries and age of accounts factors. 

Opening a loan to pay off $2700 in CC debt for which you already have $1000 to pay toward doesn't seem to really be necessary, IMO.  I can't imagine you'd save all too much on interest when looking at a sub-$2k dollar amount, but you'd have to work out the numbers.

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