Consolidating Credit Cards

System

This discussion was created from comments split from: Unsure whether to consolidate - please advise.

SimonKE260

I am considering taking out a £4k loan over 3 years to consolidate a couple of credit cards and  2 store cards. Presently I am only making minimum payment (or just slightly over) so overall I am making little impact on the actual amounts on them. Taking out the loan at a slightly reduced interest rates will mean they are cleared in the 3 years and overall pay less during the period. So the question I pose is 2 fold; 1) is it a good option? 2) If I do go ahead, should I close the credit and store cards or pack them away and not use them (will the credit on file improve my credit score or make it worse)?

foxy-stoat

Page 26 and folk are still posting......me too....doh !

Dobbibill

Hi SimonKE260 - I have split your comments into a thread of your own.

I hope you get some advice and replies from our forum members regarding your query.

Thanks

Dobbi

[Deleted User]

Consolidating cc's is ok as long as once you have paid the cards off you close them to avoid the temptation of using them again

DCFC79

SimonKE260 said:

I am considering taking out a £4k loan over 3 years to consolidate a couple of credit cards and  2 store cards. Presently I am only making minimum payment (or just slightly over) so overall I am making little impact on the actual amounts on them. Taking out the loan at a slightly reduced interest rates will mean they are cleared in the 3 years and overall pay less during the period. So the question I pose is 2 fold; 1) is it a good option? 2) If I do go ahead, should I close the credit and store cards or pack them away and not use them (will the credit on file improve my credit score or make it worse)?

Should really cut the cards up once they are paid off.
You do know your score is only seen by only you, your history is only seen by yourself.