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Hi,
Please Help?
I see by the credit simulator that if I pay down my credit cards I am looking at a 40-60 point jump in my score. I want to do this. But it's also there on the simulator that it is important for me to keep the cards open. However, the bank wants me to close them and send the check to them and then they will approve a personal loan.
If I do this I would end up rough and so don't want to do this. I am also planning on mortgage shopping in the next year and this boost would put me into the upper echelon. I am certain I could get over the 730 mark with this move but the bank is nixing my plan.
Any thoughts?
bank asking to close down accounts
Hi Guest,
I think you should ask your bank as to why they want you to close down the accounts. Talk to them about what you want to do and your ability to pay back the loan (I think they want to make sure that you pay back the loan).
If this does not work out and if you have a good credit score, you can try getting the personal loan from another bank.
Hope this helps.
Regards,
Aaron
the bank can set it's own terms. I can understand that they would be uncomfortable to extend you a consolidation loan to pay off cards if you plan to keep the cards open