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nmalone1

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should i get a credit card to pay off a loan?
i have an F in credit utlization and like 20 hard inquiries on my report. would it be a smart thing to do to get a $500 credit card to pay off a 400 some dollar loan? and then i would have the credit utilization there and my loan is gone?

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4 Contributions
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NO MORE DEBT!!!!!

In short, you shouldn't replace debt with more debt.  A $100 increase of credit is NOT going to improve your utilization percentage.  What you really need to do is the debt snowball.  Pay off your smallest loan first, then take the minimum from that paid loan and add it to the next smallest loan's payment.  Continue building up the payment by adding the previous loans' payments to the next largest loan's payment and you'll be out of debt in now time as long as you STOP USING CREDIT!  The only way you will win the credit game is if you are the one giving it.  I would love to chat more and help you if you have more questions.  That was longer than I expected, but if your utilization is and F, then you are being consumed by credit rather than being a credit consumer.  flipdipyo3times@yahoo.com

Good luck,

Brad L.

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