 Does Opting Out of “prescreened” offers by Credit Cards affects your credit score? |
| Does Opting Out of “prescreened” offers by Credit Cards companies, by sending a letter to three Credit Bureaus asking them not to send more pre-qualified products affects your credit score?... |
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 Does closing out credit card accounts lower my credit score? |
| I would like to close out several of my open credit card accounts that are never used. Is this going to lower my credit score? Should I space them out, i.e. one per month or so? The more info you ... |
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 Losing weight once again? |
| i keep promising myself that i am going to lose weight but it never happens!i just love junk food.i hate salads and anything that is healthy.i am more chips or crisps i dont eat much during the day ... |
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 Debit v. Credit Card - can u clairfy difference here? |
| Ok this is what I'm confused about. When at the grocery store or gas pump I will use my bank's ATM checking card that has the visa logo. Aside from flexibility of having merchants widely ... |
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 What credit cards to pay first? |
I have 3 credit cards:
A) This credit card is pretty much maxed out with a limit of $400
B) This card has a limit of $2,000, and I owe $1,500
C) This card has a ... |
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 My credit card is expiring in one month? |
| I still have balance, can you extend the expiration date if you can't make full payments?... |
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 Paying your credit card late? |
| I paid my credit card payment on the due date but it didn't process it until the next day, I got a late payment fee and it was considered late. Will that affect my credit score at all?... |
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 Credit Card for minors? |
| Does anyone know about any good creditcard or debit card services that a minor can use in india?... |
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 Credit cards? |
| what is the best store to get a credit card from? i want to build up my credit to buy a car later so i dont know i was thinking macy's or jcpenny? which one helps your credit the most? or what ... |
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 How can I buy from Mastercard/VISA only websites, when I only have a Discover card? |
| Can I buy a prepaid VISA, or MC with my Discover card? If so, where can I get a prepaid card?... |
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 I'm looking for a personal grant to get out of personal and a school debt.? |
| I have a student loan that is more than $10,000 and I've accrued a personal situation of more than $300,000 (which includes bills that have gone unpaid maybe since 1995). I also want to make ... |
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 A lot of people are saying credit card is evil and avoid it if you're a student but...? |
| isn't credit card needed to build credit score, which is needed in many aspects of life? For instance wouldn't a student with good credit score have a better chance of securing a job than ... |
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| Will having a high credit limit on my card increase my score? |
| i have a card with a limit of 2,000 and one with 500 pounds, im only 18. i really want to build a really good credit score for buying a house in a many years time. will asking my card issuers every ... |
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| I'm trying to rebuild my credit, just looking for "easy" to get credit cards, no secure ones. Thanks. |
| It's pretty much what I said, trying to rebuild, looking for credit cards that don't require much of a history and no secured ones. Thanks for any help or suggestions.... |
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Christopher B | Should I get a personal loan to pay off credit cards? |
I currently have two credit cards (#1 - $1569.94(14.99%), #2 - $4,153.37(15.99%)) I'm having no problems paying them down, even though it is going down quite slowly. I am usually paying the interest on each plus an additional fifty. Should I take out a personal loan to pay them off then just pay that? My credit score is around 690. |
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nebula7693
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As you can tell from the multitude of answers you have received about this issue, there are many strategies you can use. As a professional in the credit industry, let me tell you what advice I would give my clients.
Your credit score (690) is about average. This means that you will be able to finance a loan under normal situations but it also means your interest rate may be higher than some with better credit. However, I don't believe your interest rate on an unsecurred loan will be significantly less than what you are paying on your credit cards. So from an interest point of view, you are at a push.
But, here is something to consider. If you are successful in obtaining an unsecurred loan, you will have opened a new line of credit that will report paid as agreed each month as long as you abide by the terms of the loan. This will help your credit score in the long term.
Also, since you will be using the money to pay off the balance of your credit cards, your balance will become 0. This will reflect a 100% credit availability on your credit cards. As long as you do NOT use that credit availability but keep the accounts open, it will score in your favor immediately. This will result in an increased credit score. Remember, this works only if you DO NOT go out and use your credit cards again. The more you put on your credit cards, the lower your credit availability percentage is and the lower your credit score will go.
If you have any further questions regarding this or any other credit issue, please feel free to contact me at nebula7693@yahoo.com |
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Big Al
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If the rate is better then yes |
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Serge M
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If you can get a personal loan with an interest rate of about 12% or less, you should do so and pay off the cards. Then you should make every attempt to repay the loan as fast as possible. And while you are at it, don't use the cards any more except if you pay the balance off every month.
Credit cards provide free short-term non-interest loans if you pay the debt in full each month so they are very convenient and useful. but if you keep a balance you become a slave to the card issuer.
Alternatively, transfer the balance of the higher interest card to the lower interest card. If you can get a new card with a teaser interest rate, e.g. 0% or 5% for a short period like six months, transfer both cards to it and then pay the new card off as quickly as possible. |
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Leif H
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It's a good thing to do in order to consolidate everything onto one payment.The first thing you want to look into is--Will the loan payments be smaller amounts than the 2 combined together? Calculate the 2 C Cards together along with the interest and compare the totals . Last but not least, if you do consolidate, get rid of the cards so you don't get the temptation to use them again. You can always call the bank to reissue new cards in the future w/o penalty. |
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mlred
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you can call the credit company and tell them that you want to close the accounts and pay off the amount in payments. They willask why and if you tell because of the interest they will lower the interest to 11%
I did this and it helped a lot. |
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ranger_822nd
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it would be wise to get a bank loan (check for best rate) and pay them off - however!!!! - once you do that DO NOT GO OUT AND START CHARGING ANY MORE THAN YOU CAN PAY OFF IN THE SAME MONTH!!!!! |
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tudorjason (matt)
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Hmm, I would suggest applying for another credit card with a balance transfer offer of 0% interest for the first year. This way, it'll increase your overall limit and lower the ratio of amount used, and you'll owe less in interest. |
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Flower S
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Yes, most of the people would got for a PL
Today the lenders have started offering nearly all varieties of loans for people with poor credit record.They are also introducing many new loan products meant for this group. Now people with poor credit can get the same choices as those with the good or mediocre credit. Today you can use bad credit personal loans for many purposes like car purchase, vacation or even debt consolidation.
But if you have some assets to offer as collateral, your chances brighten. The primary reason why people with poor credit history do not get loans is because the lenders are scared that the borrowers will default again. But if you can offer collateral, your lender is secure in the knowledge that his money is in safe hands. You have to try and meet the repayment schedule, failing which you lose the asset.
http://pay-your-debts.com/category/Personal-Loan-With-Bad-Credit.html |
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chasetwins05
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If you can get a much lower interest rate on the loan and will be closing the credit cards - then yes.
If the interest rate on the loan is only 1 or 2 % lower and or you do not want to close the credit cards..., then NO as you will not be saving any money and your chance of racking up the credit cards again are high..resulting in the same problem you have now plus a new bill (the loan)
- see if you can get approved for a new credit card ( ONE )..., then do a balance transfer - balance transfer rates are MUCH lower than personal loans. But again.. you should close the accounts you pay off. Also with the balance transfer offer.. make sure it is for the life of the transfer not just a limited time.
Good Luck |
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Blah
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It depends what interest rate the bank is going to offer you. If it's an unsecured loan, the interest rate will be higher than a secured loan. |
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naynay
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i would, more than likely you will have a lower intrest rate, in which you would be better off in the long run paying lower intrest,you would pay less in the end, and you would only have to pay one place insted of two, good luck |
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