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will my credit score improve if I take a loan out to halve credit card debt

2 replies

Greensoapy · 21/05/2025 18:38

Have a lot of cc debt wracked up in the last 12 months and watching my credit score slowly crumble! I pay off a fair chunk every month but the interest is also big and I’m almost at max capacity for cc debt according to credit referencing companies.

I think I can get a loan to pay half of it off but need my credit score as high as possible as want to get a rental soon.
Will taking a loan out make things worse? The rate is much lower than the cc.

OP posts:
Lurkingandlearning · 22/05/2025 04:38

I know this is different to what you asked, but have you thought about doing an interest free balance transfer to a new credit card? You can reduce your debt and pay off chunks and you won’t be paying interest which you would if you took out a loan

4kids3pets · 22/05/2025 04:49

No a loan will only drop your credit even further. You need to sort something as most agency's for rentals need a decentish score to rent

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