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- May 12, 2012 at 11:19 pm #249482
I just took advantage of an offer,*from a card I have had for a year, to do*a balance transfer at 0% for 12 months.* During this process I’ve been monitoring my score on creditkarma.com.* Being new to balance transfers, I expected a slight dip in my score, but*it*fell 50 points overnight.**Is this a typical drop?* More importantly, how long can I expect this to effect my score?* If all else stays the same and*I pay it off*quickly, will that improve*my score faster?**
Along these lines,*would taking out a debt consolidation loan*have a similar effect on my credit score?**Would there be a big initial drop?**Would*it effect my score for just as long?* As long as my credit score has already fallen, I’m wondering if it would be better to pay off all my debt with a loan, working my score up from there.* I’ve been working at getting out of debt for several years but feel like I’m not getting anywhere.* Making one payment is very appealing and it seems*it might be a faster way for me to get out of debt*as long as the interest rates aren’t vastly different.* It’s just making me wonder if I should worry more about*getting out of debt than worry about my credit score right now.* I appreciate your thoughts.* *
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