Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Report
Profile Image

Question By
bobbyrex

0 Contributions
0 People Helped
personal loan vs. credit card debt
Would transferring credit card debt to an unsecured personal loan improve my credit score?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
2046 Contributions
3853 People Helped

In theory, having multiple

Types of credit lines on your report helps with your score.  

I took a personal loan to pay off credit card debts believing that it would help my scores.  In general, I didn't see much imediate improvement in my scores at that time.  but having different types of credit does show that you can handle long term debt which is important when appling for a mortgage. Once that 24 month loan was paid off in 20 months, my scores jump almost 100 points.  Thats when the improvement really shows up.

hope that helps 

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.