will it hurt my credit score?
2007-10-13 19:19:15 · 7 answers · asked by KOKO 2 in Business & Finance ➔ Credit
You can't pay off debt with a loan all you can do is move it from one lender to another.
To pay it off earn more than you spend.
2007-10-13 19:24:02 · answer #1 · answered by shipwreck 7 · 3⤊ 0⤋
When you go into debt to pay off a debt, the result is that you usually end up deeper in debt. The deeper in debt you are, the greater the chances it will hurt your credit score.
The only advatage to borrowing money to pay off credit cards, would be if the loan interest was a LOT less that the rate for the credit card.
2007-10-14 02:30:00 · answer #2 · answered by Vince M 7 · 2⤊ 0⤋
It may potentially raise your credit score if your current debt is all credit cards AND you leave them open with a zero balance on them. You would essentially be doubling your available credit.
The problem comes when you start using the cards AND paying your new loan.
You cannot borrow yourself out of debt.
$5k isn't that much, trust me. You can take a second job and be debt free within 6 months if you choose to do so.
Good luck to you.
2007-10-14 02:28:45 · answer #3 · answered by Gem 7 · 3⤊ 0⤋
its a terrible idea. But, it would keep up your credit score. The more money you borrow and pay back the higher your score. You also have to keep borrowing to keep it up there. Once you pay something off then your score will start to drop. So then you'll have to go out and borrow more.
2007-10-14 11:59:15 · answer #4 · answered by heybulldog 5 · 0⤊ 0⤋
hmm...taking on more debt to pay the debt.....that's BRILLIANT!!! i know you. you'll take the loan money and buy something else. then you'll be $10,000 in the hole....
no, it's not a good idea. pay off the debt as quick as you can.
2007-10-14 02:27:57 · answer #5 · answered by Anonymous · 2⤊ 0⤋
if you are in dept then taking out a loan will put you in even worse dept because of interest and stuff and yes it will show up on your credit score and it will hurt it
2007-10-14 02:27:12 · answer #6 · answered by kayla_titshaw1991 2 · 2⤊ 1⤋
best way tio take of big debts, get a low apr ok black girl.
2007-10-14 03:17:26 · answer #7 · answered by Anonymous · 0⤊ 2⤋