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Danny000

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balance transfer vs. personal loan
I would like to pay off my credit card debt. I was looking into transferring the balance to a card with zero percent interest for 15 months. The issue with this is I can almost be certain that my credit limit for a new card will only allow me to transfer about half the balance. One of the recommendations from credit karma was a personal loan for three years. I can come up with my own pros and cons for these scenarios but was wondering if anyone could provide any info from personal experience with an issue like this. Also, does anyone know how paying off a credit card in full and then taking a personal loan will affect my credit?

Thanks.

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I've done both methods and although my score may dip for a couple months it did come back up.  Your credit will take a small hit because of opening new cards/accounts (either way you go) but it will slowly start going up once you get some history with the new accounts.  Don't close out the cards you pay off, because you will lose that history and that will hurt your scores.  Do what makes the most financial sense, don't spend money paying interest just because you're worried about credit scores.  After a few months, it should bounce back up and you'll have more money in your pocket.  To learn more, visit www.credit.about.com.  Best of luck!

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Score difference

How much did your score drop with the personal loan?

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