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 Cards
Profile Image

Question By
Jeannie1011

0 Contributions
0 People Helped
Save on credit cards
wondering if a bill consiladation would save money or help increase credit score?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
675 Contributions
353 People Helped
Most Helpful Response

Helpful to 1 out of 1 people

As Tryingtounderstand says it will help your utilization which is 30% of your fico score.  The one think I will add to that is to make sure you dont fall into a trap that a friend of mine just did.  He got a consolidation loan and paid off all his cards and then ran the cards up again.  Now he is in twice as much trouble as he was from when he first started.  So yes it will help but remember to be responsible with your credit.

Top Contributor
5038 Contributions
1131 People Helped

It depends. If your credit cards are maxed out or near, then paying them off with an installment loan may help your credit by reducing your utilization. Do some reading on "credit utilization" to learn more about how it affects your score.

Results 1-2 of 2Results 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.