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Question By
Roz101

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Does getting a consolidated credit card loan reflect badly on my score?
I am being besieged by phone calls and snail mail suggesting very strongly that I get a consolidated loan combining my credit card balances. I have a FAIR rating but want to know if doing this will reflect negatively on my credit history as a whole.

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Before I did a balance transfer, I had read the articles here and used the financial tools.  When the score simulator indicated a balance transfer might be a good idea, then I did it.  My score went up, primarily because the card I transferred to gave me a higher credit limit than the total of the cards I was transferring.  I went through my credit union to get the card.  The 0% interest for 12 months vs the nearly 20% on the credit cards gave me the chance to put a big hole in the debt, and the new card interest was lower, so that helped. So, there is no 'one size fits all' answer, but once you learn how to play the credit game, you can make a wise decision.

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Reply by
jwsister

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Oh, and I don't recommend taking out a loan since you pay interest from day one and, with a fair credit score, that interest may be high. You may have to work a bit on building your score to where doing a balance transfer card will be probable.

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