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Debt consolidation loan to lower interest rate for a debt consolidation loan.

CoeyCoey
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CoeyCoey

CoeyCoey

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Hello all,

I have a lot of credit card debt which has caused my credit score to be lowered.  I have a perfect payment record and no derogatory remarks, but the debt ratio is very high which puts my score in the 650 range.  If I get a loan with this credit rating, my interest rate will be quite high.  But then my score will go way up when I pay down the cards off. Should I immediately try to refinance with another lower interest rate loan?  


  • 3 years later...

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