As documented elsewhere, I'm paying off debt on credit card accounts totalling roughly 15K and at an average interest rate of roughly 20%
My ultimate goal is to get a loan in the 5-8% range with fixed repayment. I currently only qualify for loans in the 25-30% range.
The question is this: Will converting my revolving credit to a 30% unsecured personal loan for 2-3 months improve my credit score enough to qualify for a lower interest rate loan? There are no derogatory marks on my credit report. Just high utilization and on time payments, but a moderate number of declined application for 0% intro balance transfer cards.
Alternate wording: Is it feasible to use a high interest rate loan to improve my credit enough to get a low interest rate loan by eliminating credit card debt?