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Ma4581

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IS having 2 loans better than 1 loan+4ccs? Goal is to boost credit score
I have just consolidated my 2 personal loans w/ my credit union into 1. It saves me on the interest and monthly payment- NOW would it be a good idea to consolidate all my credit cards into another loan? If I did this - I would only have 2 loans and NO CC debt. My goal is to boost my credit score to reflect PRIME

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Use the cc simulator on this site. It should give you an idea what will happen to your score if you pay off some of your existing debt.... Good luck....

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If you'd save money on interest by consolidating, then by all means do it.  However, do not cancel or close the credit cards.  Keep them open by using once or twice a year (tank of gas, whatever) just to keep them and the good history alive in your credit report, so that you still have a good mix of credit.  Consolidation may help your credit score by reducing the number of accounts with balances, but really hard to say without reviewing a complete copy of your credit report.  It sounds like you're already pretty savvy on this stuff, but if you haven't been to www.credit.about.com, I recommend it for any questions you may have about credit and credit scores.    Keep up the great work!

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