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slburnette1

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Should I transfer credit card balances to an open existing personal loan (the rate is lower)?
Does shifting my debt from credit cards to an open existing installment loan help my credit score?

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And, this will show your credit cards as being paid in full which is a credit boost.  If possible, keep the cards in reserve for emergencies or, if used, pay the balance off every month and you should see a rise in your credit score.

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Absolutely. While credit utilization is calculated on revolving credit lines which affects your credit score, it is no negative impact to installment loan balance. As long as you make timely monthly payment to your installment loan, your credit score will definitely improved.

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sjk1122

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I have a similar question.  I am trying to raise my credit score to get a home loan.  I currently have a personal loan that has a year's worth of installments left.  If I pay it off early, and open another persoanl loan from the same credit union to pay down my credit card balances to 30%, will this hurt or help my credit score?

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