Would getting a loan to pay delinquent accounts raise my credit score?
I currently have a low credit score and I currently have delinquent accounts on my credit card. I was thinking of getting a oan to pay for my delinquent accounts and increase my credit score from 560 to at least 650, however I am not sure if that is such a good idea or if it would really increase my credit score.
It would be a bad idea because you might not be able to repay your debt if you get a loan to repay old debts and it might put you in a worse situation. A better idea is to get a couple of secured accounts to repay your debt. This way, you would be able to repay your debt and establish a credit history.