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21GEMINI56

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WHAT HAPPENS IF I GET A LOAN TO PAY OFF MY CREDIT CARDS, BUT DON'T CLOSE THEM OFF?
WHAT HAPPENS IF I GET A LOAN TO PAY OFF ALL MY CREDIT CARDS, BUT KEEP THOSE ACCOUNTS OPEN AN ONLY USE THEM IN AN EMERGENCY? AN I PAY OFF ALL MY CAPITAL ONE CARDS AN ONLY KEEP ONE OF THEM OPEN?

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That is exactly what you should do. However, if you can afford to get a consolidation loan then you can probably afford to pay off all your cards anyway. There must be an economic reason for wanting the debt consolidation loan. Lower interest rates, etc.

Keep your credit cards open and use them twice a year or so always paying them off. You want the available credit as it helps your score. However, if you have annual fees on any card you will have to weigh the economic return of having the credit and paying the fees.

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