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LKOT728

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personal loan vs. slowly paying credit card debt
I have about 15k in credit card debt split between several cards with different rates. My score has taken a huge hit because of this and is down to 620. I really want to get it up while I work on paying off the debt. Is it wiser to take a personal loan at 30% for 3 years instead of slowly paying off each card with a max rate of 29%? That was I can get my credit score up quicker while paying down the total debt....

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You definitely do not want a 30% APR loan or credit card!!!!! That is an obscenely high rate.  Try for balance transfer with a 0% interest for at least 12 months. This will give you the opportunity to pay down the debt much faster because all of the payments would go towards the principal, which is best. 

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Question is why you need your score up? Are you applying for something soon?... Sure your score will improve when you pay down/off the balance on your credit cards (lowering the utilization) but with a new loan on your report "might" hinder you from getting more loans... Is it possible for you to acquire couple more credit cards and do the balance transfer with the promotional interest rate? Or, is the 30% loan best you can find? I would read the fine print on the loan, make sure it is 30% "APR" and if there are any fees with it.

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