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I owe one bank card and two retail cards. I applied for a unsecured loan and have cash to pay off ALL revolving debt. Do you think my FICO score will go up or initially go down because of the new unsecured loan? Just curious. I will save interest by going the loan vs. credit card debt.
@Anonymous wrote:I owe one bank card and two retail cards. I applied for a unsecured loan and have cash to pay off ALL revolving debt. Do you think my FICO score will go up or initially go down because of the new unsecured loan? Just curious. I will save interest by going the loan vs. credit card debt.
You could be into a decent point boost due to the fact if your utilization individual or aggregate is currently high and you greatly lower it.
Utilization levels are worth 30% of your score second only to payment history at 35%.
Also if you did not have an open installment already you will get points from improving your credit mix with the addition of your loan.
The New credit/New Inquiry credit age effects are much less impactful and any points loss generally rebound in 3-6 months.