I am thinking of taking a loan out on my savings account and paying off part of my credit card debt. Would this affect my credit positively, negatively or would it stay the same?I am trying to figure out how an action will affect my credit. Is there an easy website?
Can't say about the credit, but bear in mind they don't have all the details of what you do and why.
It's smart to pay as little interest as possible, so i would think it better to just withdraw some money from savings and use that to reduce the credit card balance. You can never collect as much interest as lenders will charge you, so you lose less this way.I am trying to figure out how an action will affect my credit. Is there an easy website?
It may affect your credit in a positive way. You will have another tradeline reporting on your credit history from the savings-secured loan. You also will lower your credit utilization ratio by lowering your credit card balance.
One website you can check is www.myfico.com. They have a lot of information about improving your credit score.
If you pay off a credit card balance you free up available credit and your debt to credit ratio goes down. (which is a good thing...).
The fastest way to raise the credit score is to bring a large credit card balance back down to Zero. It will make your score jump. (as long as you don't have any real negative entries and the only issue is that you have used up a large amount of your available credit.
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