Posts Tagged Loan Rate
Should I take out a personal loan to pay my credit cards?
Pocket Pair Entertainment asked:
I have 2 credit cards – both with over 35% utilization. I want to take out a loan (with a lower APR rate) in order to pay off one or the other. Is this a good idea considering I would add on another inquiry to my report or should I just leave my CCs at the higher utilization to continue to pay them down? My lowest c-score is a 684 and highest is a 743 HOWEVER I just had a new home added to my credit report. I don’t doubt that I could get a loan at a rate lower than my credit cards- I just want to know which one would hurt my score worse. Thanks! [wow that was a mouthful] – Any input would be great
I am not sure that I am being too clear. I am just wanting to know which affects credit score more— opening a new account (which would put another inquiry on my credit report but pay off my credit cards completely resulting in 0% utilization) OR continuing like I am now and having the high utilization (35%-50%) on my cards? Thanks!
CALEB
I have 2 credit cards – both with over 35% utilization. I want to take out a loan (with a lower APR rate) in order to pay off one or the other. Is this a good idea considering I would add on another inquiry to my report or should I just leave my CCs at the higher utilization to continue to pay them down? My lowest c-score is a 684 and highest is a 743 HOWEVER I just had a new home added to my credit report. I don’t doubt that I could get a loan at a rate lower than my credit cards- I just want to know which one would hurt my score worse. Thanks! [wow that was a mouthful] – Any input would be great
I am not sure that I am being too clear. I am just wanting to know which affects credit score more— opening a new account (which would put another inquiry on my credit report but pay off my credit cards completely resulting in 0% utilization) OR continuing like I am now and having the high utilization (35%-50%) on my cards? Thanks!
CALEB
Where can you get a good personal loan from a reputable bank?
Burton asked:
I have average credit around 660 currently…but only have credit cards. I live in California. Can I get a good personal loan with a good interest rate which will help my mix of credit? Only problem is that I have a repo on my credit report that will fall off next year.
RONNIE
I have average credit around 660 currently…but only have credit cards. I live in California. Can I get a good personal loan with a good interest rate which will help my mix of credit? Only problem is that I have a repo on my credit report that will fall off next year.
RONNIE