good loan but they want me to close credit cards

Tips and Deals Forums Consumer Credit good loan but they want me to close credit cards

This topic contains 0 replies, has 1 voice, and was last updated by  Anonymous 7 years, 7 months ago.

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    Anonymous

    A bank is offering a personal loan which by my calculations is going to save me about 100 to 120$ a month and pay down debt in about 5 years.

    The problem is they want me to close down 3 credit cards (where the loan is going to pay off them).
    I don’t mind stop using them but I am concerned if the closing of them is going to affect my credit score (about 690) either in the short or long term.
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    Two or those CCs are very old and on my wife’s name.
    I may be looking for a new job this year, and I am also thinkig abou refinancing my home, so I am not sure if the move above mentioned will be the right one.
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    Are my concerns valid?

    Any thoughts?

    Thanks guys

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