bank personal loan to pay off credit card debt question?
My wife and I have been working on re-building our credit scores. Between Taxes and selling stuff we have paid off $ 10,000 in debt. All we have now is 1 car loan, a mortgage, and a discover card. We need a loan of the discover card and we would be completely out of credit card debt. We were approved for the discover loan ($ 10,000) on the condition that the card is closed.
I Have a problem with this. This is the only “long standing” major credit card we have. Every other card is little $ 1,000 limit store specific cards. This card has been open for 11 years has a $ 10,000 limit and has always been paid on time.
? is What should we do? Take the loan….we can’t pay it off on our own we paid everything else off with all our money…? Look for somewhere else to loan us? I have no clue? Our credit will take the hit with closing that account…..
Also, in 2006 we had a Providian Card with a $ 7,000 limit that we canceled to buy a house and our credit went down almost 50 points because of it. 🙁