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Question By
rix58

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If I take a loan to consolidate credit card debt.....will that bring my credit scores higher?
I understand that a loan is a loan. The long term goal is to my benefit because I can get the interest down to about 6%. Much better than what I am currently paying. I have great self control when it comes to my credit cards. I am not concerned about charging back to the cards once they are paid to a zero balance.

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It's possib;e

A new loan will lower the average age of credit which is a negative but it could also lower your utilization rate which is a positve.  May lower your score for a while but in the long run could be a positive.

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Variety of types of credit

The upside to an installment loan is that it is looked upon favorably as a varied type of credit, as opposed to credit cards. I agree, there may be an interim hit, but all things considered, it will come back up.

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