use a loan for debt consolidation?

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yes i recently got a 1,000 dollar loan from was gonna use it to pay something else but at the same time i got the loan i got my income tax refund.what i am asking is should i use that loan to pay off my two credit cards or use the loan money to repay the loan in full?which would stengthen my credit?

  1. Reply
    November 10, 2011 at 5:01 pm

    Your credit is strengthened by paying off what you owe.

  2. Reply
    November 10, 2011 at 5:16 pm

    Your credit is improved by paying back money you borrowed – on time and in full. And not borrowing too much.

    If that $ 1,000 loan is enough to pay off your 2 credit cards and is at a lower interest rate than the credit cards, then pay off the cards.

    If you owe more than $ 1,000 on your credit cards, just go ahead and pay back the loan right away. Then pay off your cards as quickly as possible.

  3. Reply
    Key S
    November 10, 2011 at 5:29 pm

    use it for credit cards, cc have high interest rates

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