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grannynurse

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would it hurt my credit score if I make a bank loan
Want to close some of the cards and consolidate all charges on credit cards only

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My recomme ndation is to try for a balance transfer credit card to consolidate all the credit card balances you have into one payment that (hopefully) will have a zero percent interest rate on that transferred balance for at least 12 to 18 months.  You do NOT want to close any of the existing accounts at all.   The more AVAILABLE credit you have, the higher your credit score can grow.

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It's not just a matter of "does a loan hurt my score".  Your score is based on a number of factors and it's the net result of all those factors that determines the impact to your score.  Taking out a loan to consolidate your cards has the following potential negative impacts:

1. The new loan will drop your AAoA

2. The new loan will come with a hard pull

3. Closing cards reduces your available credit and could possibly increase your revolving utilization.

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