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marie0375

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Approved for a loan but only if I close 8 of my credit card accounts
I have been approved for a small loan that would pay off 8 of my high interest rate credit cards but only if I agree to close the accounts. I was under the impression that if I close a bunch of cards at one time it will negatively affect my credit score. Does anyone know if this is true and how long it will impact my score?

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                 If you close those cards, it will hurt the score.  I suggest trying for a balance transfer card that offers 0% interest for at least 12 months. I don't knokw who you were getting a loan from, but I'd be looking elsewhere. 

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Many lenders make you do this. They're concerned if you don't close them, you'll charge them right back up again.

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