Would it be a good idea to take out a low interest loan (from my CU and easy approval) in order to pay off high interest credit cards? I'm not sure how the effect of the new loan added would compare to the effect of all my balances going down to 10% or less. Can someone answer this for me? Thank you Presently my scores are: Eq: 660 Ex: 664 TU: 623
I don't know what to say if your main purpose in life is to get your scores down for some reason. But financially, it makes sense. Paying less interest is a good thing. Just don't run the cards up. I'd do it in a heartbeat, because my goal is to increase wealth. A temporary setback in scores will be more than overcome later.
