Has anyone ever consolidated credit cards into a personal loan?

[Domdabomb]

Hi, we just consolidated 20k of high interest credit card debt into a personal loan from Marcus Goldman Sachs. My credit score jumped 35 points and I now have one bill/month instead of 8. I'm so glad we did this you should think about it.

[Sansher]

My Bank had an interest rate of 10% I looked around and got a much lower rate from another company that wasnt related to theBank. I thought the bank did not have a vested interest in me being able to pay doen the credit card. Bottom line here are that entities other than your Bank might be the better way to go.

[yoyo]

I did almost the same thing as darlingnikki121.  Sofi loan works great.  Interest rate is good.  Your credit score will improve immediately because the installment loan shows better than revolving credit.  And you can set automatic payments to one place and never have to think about it.  

Just be careful with credit card spending.  Once you transfer their debt to the loan, you'll have a lot of available credit.  If you're tight month-to-month, it can be tempting to make credit card purchases.  Cut up your cards and delete your saved info online.  (Don't cancel the cards, because the available credit also improves your credit score).  But make sure not to use those cards again.  It can be very easy to get yourself in a much bigger hole.

[Mophicat]

Yes. But make sure you STOP using your credit cards or your situation may get worse than what they are now.

[lj8576]

I tried but Sofi said nope. My CC interest is between 15-18

[Brujamexicana]

Where were you able to get a loan at0% for 24 months?

[MMS55]

Where did you get a loan with 0% interest for two years? I would love to consolidate my debt but don't understand how people get a loan if already in debt. 

[tbassman]

Yes it is ok if you can get a better interest rate but it will be a hard inquiry on your credit report and cause your score to drop.

But it will also raise your score later as you pay it off .

[tbassman]

Never take loan out on your home and closing credit cards can lower your score .

[tbassman]

You cant get %0 financing on a personal loan .

[Bluebonnet]

Congrats! I know that feeling. I just paid off my 35K loan through Lending Club. Highly recommend this company!!

[ma2]

Do not cancel you credit cards when you balance is 0.  Learn how to use each only once a month and pay that balance before the due date.  If a REAL emergency comes up you will have a cards to go to.  If you cancel your cards it twill ruin you fico.  If you don't you your card for some time, maybe a year or so, the card company will cancel it.  That does not look good on credit report.  Go to each credit reporting company, there are three, and put  a lock on your cr cds.  Your fico is based on owed vs credit available.  As owed goes down fico goes up.  Also if you cancel all your cards, you lose your credit history.  Not good. 

[LisGR09]

I didn't use a personal loan, but i used national debt consolidation to pay a bunch of credit cards. Ur credit suffers for the length of your consolidation but it can go up slowly over time. Mycredit score is slowly increasing & I will finish paying off my consolidated credit cards and loans by Feb. Next year which I would have never done otherwise because I kept on reusing them! My monthly payment to them its also lower than I Was previouslypaying to the credit cards/loans companies. However you should consider a move like this only if your debt is over 15,000 (as mine was). Otherwise a personal line of credit if aproved, is better because it will not impact ur credit as much and are good for smaller debts). Good luck!

[DanMcD]

Only works if you change your spending and STOP using your stupid cards and get on a written budget. Every dollar in the app store is a good free one. Every penny needs to have an assignment

[fanfare]

The "min" payment is designed to make your payments last forever. If you didn't know that, now you do.