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imtryn

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Would opening a personal loan to pay down my credit card balances help lower my utilization %?
$900 in cc debt, 78% utilization. I have a 589 score & trying to get to at least 640. Would paying these 3 cards down with a personal loan help raise my score?

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Yes it would. Reducing utilization will increase your scores and if you do not currently have any installment loans then it would be beneficial to add one to your credit mix. The only problem may be getting a loan with your credit scores. Just make sure that if you do get a loan that it reports to all three credit bureaus, not all companies report to the credit bureaus, so be sure to ask before you apply. The only thing that scares me about this scenario is that if you are having trouble paying off $900 worth of debt, then this may not be the time to be adding more, unless you can be absolutely sure that you will not use the credit cards any more until you get the loan paid off. In all honesty, it sounds like you may be digging yourself deeper with your plan, so it may be best to just buckle down and get those cards paid without getting a loan.

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