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Additional Details
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kieran m | My credit is improving but.......? |
I hate having 5 different bils to pay every months so I am thinkingh of getting 1 loan to cover them all. the problem is that the loan is high apr (35.9%) but having worked it out my existing loan and my store card are cost me more than double that a year. Is getting a loan and clearing all accounts I have but keeping store cards open going to help my score?? I know closeing them can bring my score down but will keeping them open but at a very small amount help?? I would greatly appreciate help. thank you in advance. |
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T T
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I was in the same situation and decided to go through a credit counseling agency and enrolled in a debt management program. The credit counseling agency worked with my creditors on a set monthly payment and got my interest rates lowered. Now instead of making several different payments a month to the different creditors, I pay one lump sum to the credit counseling agency and they distribute to monthly payments to my creditors. Payments on a debt management plan may be lower than your current required payments to creditors, and many creditors will reduce interest rates and stop late or over-limit fees once on a program. Before you make any decisions, do some research on credit counseling and debt management programs. |
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Dr. Deth
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you have credit cards with int rates HIGHER than 35.9%? How did you come up with the double amount if the loan rate is 35.9% are your credit cards 70% int rate or are you just making minimum payments? -I've never seen int rates on cc's any higher than my own 29.99 - but I no longer keep balances. At those int rates your credit score must already be bad, closing down an account won't make it any worse |
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Gary
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Talk to your bank or a credit/financial advisor. |
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alatoruk
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the problem with consolidating is although it is for less than you curently pay, it will probably take you longer to clear the debt.
however, if you need to save money short term then go for it. but DONT run debts back up on cards, so take them all, and cancel all but 1 one paid off.
use that one to buy something you usually pay cash for - like petrol. and make sure you pay it off in full each month. This, along with your loan repayments, will help your credit rating. help it a lot moe than closing the other accounts will hurt it.
although 35.9% does seem a bit OTT interest wise. |
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aitkenpatty
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You can keep them open and not put anything on them at all. Stores and credit card companies rarely close accounts that are in good standing.
The key to this plan is to not use those cards if you get the loan. That will really hurt you if you do because you will have a larger debt ratio an even more to pay off. |
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Dzo
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Hi,
Don't bother too much about the credit score. As you have mentioned, its better to cut down the number of bills even if closing them might bring down your credit score. In my view, you should opt for a debt consolidation immediately. (But 35.9% is too high). You can find a better lender with much lesser interest rates for debt consolidation. Checkout http://financeguru.consumerspot.info for some useful info and tips. Good luck! |
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Nikita R
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where the hell are you going to get a loan at 35.9%?!?!?! the average is only between 15-18.9%! whoever you bank with try them, if you've been with them for a while you'll be better off because you have a history with them. don't go to a company like capital one or anything like that, because you will pay way over what you should be and in the end you could be worse off. go into your bank, or any reputable bank and see about a loan, consolidate it all and you'll be much better off. get it over a term which will mean you're not skinting yourself out. o and also, don't make more than 3 credit applications every 6 months, because that is what brings your credit rating down..even if they were all approved. good luck hun xx |
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Michael F
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I recently switched to a zero percent balance transfer card and saved about 3000 dollars this year by doing so. go to creditcard.com and look at all the balance transfer options. you should never pay 35.9 percent! |
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aresee
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I never think, however tempting it is, it wise to consolidate your existing debts into just one. Firstly you may be paying less per month but overall you will be paying much more interest. Far better to owe more people lesser amounts and juggle your finances between them all, paying off the higher interest ones first. |
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mick t
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Hi.
This is a well recommended site for loans and consolidation:
http://ukbestloans.co.nr |
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Enrique C
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Hi,
I suggest you go to creditboards.com to find the answers to all of your questions. This site is totally devoted to credit and covers ALL topics. There is not a credit issue you cannot get help or advice on but you have to do your homework on this site (read). You can ask questions as a member but you will find most of your answers if you navigate around the forums and read topics the that will help you. There is a newbie section for new memebers and you will find most of the information you are looking for right in that section. There is also a database with information supplied by all members, including myself, called Credit Pulls, where you can find the creditors that will possibly give you a loan or low interest credit cards with a high limit so you can transfer balances.
Another option is Prosper.com Here you can apply for a loan without going to banks or creditors. This program is run by members who bid on loans. I won't explain it all here but got o the site and you will see. How it Works
Borrowing money through Prosper is fast and easy, and because you're borrowing from people, the rates may be lower than you'd expect!
1. Join Prosper
Joining is quick and easy. And free!
2. Create your loan listing
Say how much you want to borrow, and what your maximum interest rate is.
3. Watch the bidding
Lenders start bidding immediately—watch the funding go up and the interest rate come down!
4. You win!
If your terms are met, your loan will be funded directly to your bank account.
5. Easy monthly payments
Your monthly loan payments are withdrawn automatically from your bank account.
Lastly. Are you affiliated with the Navy Federal Credit Union or know a family member that is? If you can get a membership they are very lenient with loans and credit cards. If you have 600+ credit score I have seen many members get credit cards with a minimum of $5K to upwards of $20K + if you are in the low 700's, interest rates between 7.5%-14% and they only pull Equifax. They offer awesome car loan rates also.
Hope that helps! |
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