personal loan to help with debt (and build credit)

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corgee

Joined: 24 Sep 2009
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Posts: 8

152 Magic Points

Subject: personal loan to help with debt (and build credit)

Tue Oct 06, 2009 7:52 pm

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sdchargers_63

Joined: 13 Aug 2007
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Posts: 1334

1 Magic Points

Subject: persoanl loan

Sun Oct 11, 2009 12:31 pm

Thsi IS good advice. However........what people don't realize (or they MAY realize this..) is that if you ARE approved for a personal loan, your credit score automatically drops because you will have more debt. It's almost like a 'catch 22'...you need 'credit' to improve your credit scores: the more 'credit' you have, the more in debt you will be in.

robertsmith

Joined: 04 Oct 2009
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Posts: 11

150 Magic Points

Sun Oct 11, 2009 4:08 pm

What are ther pros and cons of taking out a second loan to pay down credit card debts?

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