Personal loan, Debt Consolidation or Balance transfer?

[Mike-A]

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!

[tagteam]

You might want to review the information available at the link below.

https://www.nerdwallet.com/article/finance/does-debt-consolidation-hurt-credit

[Mike-A]

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.