I actually have a question. I have recently taken out a loan to pay off all of my credit cards. I do not know if this looks bad on my credit report however. My credit is not bad, but I don't want paying off 5 cards to blemish my report. Can anyone tell me if this is a good move?
RE: I am ready to pay them all I do not think it will hurt your credit at all. If some of these are recent credit cards that you received then you might want to keep the accounts open for at least a year with a zero balance. That way you still have five active trade lines with zero balance. Or you can close the worst credit cards and keep two of the good ones open. There is no harm in getting a debt consolidation loan to pay off the 5 credit cards. I am in the process of doing the same thing and getting rid of the high interest cards and keeping the good cards. GO FOR IT! Nicole wrote: ------------------------------- I actually have a question. I have recently taken out a loan to pay off all of my credit cards. I do not know if this looks bad on my credit report however. My credit is not bad, but I don't want paying off 5 cards to blemish my report. Can anyone tell me if this is a good move?
RE: I am ready to pay them all This might even help your credit. Of course the zero balances help, but the loan you took out will be another positive trade line, and it will diversify your credit report. It helps to have lines other than revolving credit.
RE: I am ready to pay them all Nicole wrote: ------------------------------- I actually have a question. I have recently taken out a loan to pay off all of my credit cards. I do not know if this looks bad on my credit report however. My credit is not bad, but I don't want paying off 5 cards to blemish my report. Can anyone tell me if this is a good move?
