Getting a loan to pay off credit card debts a good or bad move for your credit score?

It will be noted on your rating but if the payments are on time then you are going to look good.

Getting a loan to pay off credit card debts a good or bad move for your credit score?

It makes no difference what so ever because your total amount of debt will not change, it will simply move from one creditor to another.

Hopefully you are getting a better rate and your monthly payments will go down. This is about the only reason I can think of for doing what you are suggesting.

One thing, if you go ahead with this be sure not to run out and start charging on your credit cards again. This will effect your score due to your debt.

Getting a loan to pay off credit card debts a good or bad move for your credit score?

Compare the loan and credit card interest rates and work towards clearing the one with higher interest rates. In whichever scenario, you%26#039;re credit score will be affected.

Getting a loan to pay off credit card debts a good or bad move for your credit score?

It is a good idea if you still have an excellent credit score and can get a lower rate. However, your credit score likely has suffered from high balances.

One fact that may be disturbing is that 70% of people that pay off credit card debt through a loan find themselves in worse shape in just 2 years. They end up charging their way back to high credit card balances and still trying to pay off the loan.

If you are looking to pay off debt, you have to actually pay it off. You cannot borrow your way out of debt.

The good news is that there are still a number of things you can do to lower your interest rates without getting a loan.

Getting a loan to pay off credit card debts a good or bad move for your credit score?

Finally a group of very good answers. Especially Stopccdebts%26#039;s.

I like to call it %26quot;credit card roulette%26quot;. That%26#039;s where people take out an new credit card or consolidation loan, then role the balances of a couple cards over to it.

Then the turn around and run the balance up on the now-empty credit cards. Over the past few years many people have filed for bankruptcy for this very reason.

Consolidation is very good idea....but you need to have a lot of dicipline to make it work.

But to answer your question, it will actually help your score a little but by adding another line of credit...but it also increases your total credit limits. That could make lenders a little nervous.

Getting a loan to pay off credit card debts a good or bad move for your credit score?

Bad credit is one of the worst problems to have... however there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,

if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is a straight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-cons...

if it helps kindly remember me in your voting!.. cheers!