Sunday, February 21, 2010

Can I Use Credit Card To Pay A Loan Can An Installment Loan Affect My Credit Score If I Use It To Pay Down Revolving Credit Card Balances?

Can an installment loan affect my credit score if I use it to pay down revolving credit card balances? - can i use credit card to pay a loan

We are currently looking to buy a house and another car. I pulled my credit score and I'm currently sitting on 665 671 and 687th I have over 20K debt with 8k in my car and other revolving credit accounts and time. Even a majority of my balances on credit cards are very high. I recently received a new card and not a transfer of balances from one card to another 4.99% of the additional spending the new card, but the new equilibrium has not yet been released that affect my account online. In three months I will be able to my credit card balances to 30% of their limits. I wondered if I paid an installment loan and the balance of my business to 30% after repayment of the loan within three months, it would be better or worse than expected, 3 months and then? Are you looking for the best solutionPreservation and enhancement of my guests.

1 comments:

shipwrec... said...

Since you do not already have some installment loans probably will help a lot or not. Maintaining balance with low turnover may help some, but the growing share of loans, this may hurt a wash. Avoid buying a house, not buy up debt from you then, a car for a while if you can wait.

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