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| *Loan,banking and credit>>>debt loan |
Would it be better for my credit score to get a home equity loan and pay off all other credit card debts? |
Would it be better for my credit score to get a home equity loan and pay off all other credit card debts? I agree with above. As far as your credit score, your points goes down with the amount of open accounts you have because you have the potential to fall under hard times and max out everything without paying it off. You would not only have to consolidate everything to your home equity but send a note with all final payments that you want the accounts closed completely. Within 30 days it will begin to raise your credit score. The inquiry into your credit for your equity loan will make your score go down 3 points and if you have more than 3 inquires a yr into credit you're looking at 5 points per inquiry. The interest you pay on your home equity is tax deductible and credit cards are not. Source(s): Financial consultant Yes. |
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