Which would be more beneficial? If there are 3 credit cards that are above 50% utilized, I would think that consolidating all debt into a personal loan would suffice. One: it would make one manageable payment, two: it would drop your credit card utilization down to 0% thus increasing your credit score. Any thoughts? Thank you for your time!
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https://www.nerdwallet.com/article/finance/does-debt-consolidation-hurt-credit
Understood. So I recently paid off all my credit cards with a personal loan. It opened up my credit and it jump near 70 points in a matter of 3-4 months. But I also have not accrued more debt since then. I was going to refinance but I realized I can pay my loan off way faster than anticipated. It has been extremely helpful to not accrue any more debt. Another thing I did to improve my credit score, was I kept my oldest cards and closed a most recent card to up my average history.
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