I have a very very large balance on one of my credit cards, and paying it off wouldn't take so long or be so hard on- but my apr is 25.49%!So at this rate it'll take me about 6 years to pay it off. I called to see if they could lower my interest rate, but they said I wasn't eligible. My credit score is pretty good too. If I get a loan to pay it off and have fixed payments for the loan over 3 or 4 years, will that hurt my credit score?
2007-03-14 04:48:21 · 3 answers · asked by paha4u 3 in Business & Finance ➔ Credit
No, taking a loan should not hurt your credit score, as long as you make payments on the loan on time.
Also, getting rid of the debt while paying as little interest as possible is also important, perhaps even more important than any affect it might have on your credit score anyway.
Good luck.
2007-03-14 05:10:43 · answer #1 · answered by Patrick 5 · 0⤊ 0⤋
No, not at all. In fact it will probably it will help your credit score.
2007-03-15 09:50:32 · answer #2 · answered by gene m 3 · 0⤊ 0⤋
no not at all. If fact who cares -- get rid of the debt!
2007-03-14 11:59:53 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋