 Can I use a credit card to pay on ANOTHER credit card? |
Long story... lol. I just dont want to pay a lot of interest if I have to get cash
Additional Details
Long story... lol. I just dont want to pay a lot of interest if I have to get cash ... |
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 Will paying off my loan early lower my credit score? |
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anteater 69 | Does it help or hurt my credit score if I get a home equity loan? |
I do not have a great credit score, but only one Visa card and two others. I know the formulas are secret but does anyone know if this one factor has a predictable effect? |
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bdancer222
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Going further into debt won't improve your credit score. Paying all your bills on time will improve your score. Decrease your debt to available credit limit ratio and you wil improve your score. |
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Dr. Deth
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any additonal debt will lower the score initially, but so long as you make payments on time, it will recover quick enough |
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mersh0406
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The link in the last answer refers to consolidating student loans which is not really what you asked.
The other answers are basically good -- the big thing is that your credit score will likely drop upon applying and securing this HEL however as someone else pointed out, that is a short-term issue if you pay your monthly bills on time.
What nobody mentioned was potentially the biggest benefit of taking out a HEL and that is the tax benefits! Remember, the interest you pay on credit cards is not only higher than a typical HEL, that interest is not tax deductible whereas the interest paid on a mortgage typically is tax deductible. Depending on your income and other factors, this could be a major savings! You should definitely speak to your accountant though as he/she should know exactly how much it may save you.
Good luck! |
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Derek Houston
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Lenders want to lend money to people who they think will have an easy time paying it back, that way they get their money back as planned. The more mouths you're feeding, the less likely you'll be able to feed theirs. They will look at your credit limit (how much credit you're permitted to have) and your debt (how much you actually have). The bigger the gap the better, because it's more room for them to squeeze in. For credit cards they suggest 30% or less. If you can keep it under 10% of your credit limit, great.
On the other hand, it does help to exercise your ability to handle debt. This just means don't let it go stale. It sounds like you're doing fine there.
It's not a big secret anymore, though. Look on Websites like http://money.msn.com where authors give advice about how to improve your credit score. There's lots of information. Just be patient and take it one step at a time. Good luck. |
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KeyKey S
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I think it helps because anything that you put your name on helps to improve your credit. The only thing that hurts your credit is not paying your bills on time. Remember, it is always best to pay more than just the minimum balance!
Good luck with the loan.
KeyKey S. |
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qst2sin4eva
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getting a home equity loan won't make ur credit score worse. on the contrary, if u pay ur pmts on time and everything, it might raise ur score. however, if u're late or don't pay and etc, it'll lower ur score |
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dolly blaine
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There are various ways to obtain debt consolidation loan. You could apply for personal loan or any unsecured loan with reasonable and lower interest rate as compare to your current debt's interest rate and consolidate your debts into this loan. But, to obtain an unsecured loan, you need to have a good credit score else you loan application most probably will be rejected.
The best way to consolidate your credit card debts or any other high interest debts is using a home equity loan. Of cause, you need to own a home in order to apply for a home equity loan. Home equity is ideal for you to consolidate your credit card debts because the interest is much lower interest rate than credit card and other unsecured loan. And the best part is it normaly have different terms or repayment periods for you to choose from. The longer the repayment terms, the lower the monthly payment is. If your current financial is tight, you could choose the longer repayment term and pay more when you are at better financial situation.
With a home equity loan, your equity works as the collateral. If your home equity is $50,000, you could obtain a loan up to this amount. You could use this home equity loan to clear up all your credit card balances plus other loans; and you just need to focus on making a single monthly payment to your home equity loan.
Some Caution On Using Home Equity Loan To Consolidate Your Debts
Although consolidate all your credit card debts with a home equity loan is an ideal way to settle your high interest rate outstanding debt. You should use the fund wise, borrow just what need to clear your consolidated debts and avoid accumulating new debts while working on clearing your home equity loan. Failure to repay a home equity loan will result in losing your home. Read more from: http://www.credit-card-gallery.com/article/134,Consolidate_Credit_Card_Debt_And_Eliminate_Debt_With_A_Home_Equity_Loan |
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