Can gettting a personal loan negatively effect my credit?

I want to consolidate my credit card and other bills...Would a personal loan through Capital One hurt my credit? The APR is much lower than I am paying on my credit card...at this rate I may not be able to pay the damn thing off until after I die...

Can gettting a personal loan negatively effect my credit?

Normally loans are neg on credit because of the increase in debt load ,

BUT if you really , pay off the other debt , then your actual debt load would remain the same .

If you start charging on the card again tho, your credit rating would drop , because you would just be digging yourself into a deeper hole .

Get the loan IF you will use the entire thing to pay off the higher rate % .

Do not get it if you have any inclination to buy an ATV , boat , big screen TV , etc, etc, etc . . .

Can gettting a personal loan negatively effect my credit?

It will help your credit if you keep yourself from running up your debts further with those other credit companies you deal with, but if you just keep running up your tab it will hurt . . . oh man, will it hurt.

Can gettting a personal loan negatively effect my credit?

I don%26#039;t see how, unless you don%26#039;t make the monthly payments. I think it would actually improve your credit if you use the loan to pay off credit cards are other debits that appear only your credit report. Your bank would be the best ones to ask

Can gettting a personal loan negatively effect my credit?

It will not hurt your credit if you make your payments. It can help your credit because you have a set term to pay it off in a set payment and time

Can gettting a personal loan negatively effect my credit?

Actually it can if you get too many loans and too many credit cards! If it%26#039;s only your only loan, then it doesn%26#039;t; it will increase your credit score!