Advice -New Credit Card vs. Loan consolidation (paying, charge, CITI)

[AADAD]

I have just achieved a 700 credit score and went to Credit Karma as previously posted here. I have several loan offers to consolidate my 25% interest to a 13% interest but have balked as I was told that a loan will lower my credit score. Any good tips/advice are appreciated.

Thanks

[duster1979]

I doubt it would have any negative impact. Any hit you would take by taking out a loan would be offset by the additional available credit on your cards.

Plus you're looking at saving 12% interest. I'd be willing to suffer a minor short-term hit on my credit score for that.

[msdmoney]

Agreed focus on the money not your credit score.

[Jeo123]

Originally Posted by AADAD

I have just achieved a 700 credit score and went to Credit Karma as previously posted here. I have several loan offers to consolidate my 25% interest to a 13% interest but have balked as I was told that a loan will lower my credit score. Any good tips/advice are appreciated.

Thanks

Tip #1: Do anything you can to avoid ever paying 25%
Tip #2: Make sure there aren't any "transfer fee" type charges built into the new loan.

Seriously, your credit score has one purpose, helping you borrow money at a lower rate. If you're paying 25%, your score isn't doing you any good. Just don't borrow more once you take out the new loan.

[AmFest]

Originally Posted by AADAD

I have just achieved a 700 credit score and went to Credit Karma as previously posted here. I have several loan offers to consolidate my 25% interest to a 13% interest but have balked as I was told that a loan will lower my credit score. Any good tips/advice are appreciated.

Thanks

Try to get a new credit card with a long intro 0% period. Look at the Citi Diamond Preferred and the Chase Slate.