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goldlion14

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Should I get a personal loan to make one monthly payment or pay minimum monthly payment?
I have $3500 in credit card debt. I currently have 2 deliquency late payments on my report for student loans that are currently being disputed because I'm still in school and was never notified that they were due. Otherwise I have been on time with all my payments. I want to raise my credit score from 594 in the next year because I'm getting married soon and my fiance and I want to buy a house. Would it be wise to get a personal loan to have one monthly payment and pay it off or just pay the minimum monthly payment every month?

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The only way a personal loan would make sense is if the interest rate is lower than what you are currently paying.  Otherwise,  you're just shifting money around, which doesn't affect your score much (although it will drop when you open a new account, but as you make payments it will rebound).  You need to make more than the minimum payment every month, if a personal loan does that for you, then get it.  Be aware that once you pay off your cards, do NOT close them, that will hurt your score.  Keep them alive by using them every once in a while.  Ideally, you should keep a tiny balance on them and it will drive your scores up.  Best of luck!

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