 Does opening a "regular/normal" savings account effect your credit score at all? |
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Additional Details
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sinyorita | Should I pay off my car loan with my credit card? |
My car loan right now is at 7.19% interest for 4 years. My current balance is around 13k. I have a credit card thats offering me a balance transfer rate of 4.99% for the life of the loan. If I pay off my car note with cc I'll save around 2k.
Should I
a) Pay off the whole loan using the cc and save on the interest.
b) Transfer only a certain portion of the debt.
c) Leave things as they are.
How would the above options affect my FICO score? |
 |
 
Ted
|
1) You will not save $2,000. You MIGHT save about $630 before transfer fees. That is only if you pay it off in the same 4 years at $300/month. Are you disciplined enough to do that?
2) Most CC have balance transfer fees that can go as high as 3%. If yours is 3% it makes no sense to transfer the debt.
3) Credit card companies are much worse to deal with than your car loan people. They can change your interest rate up to 21% or more if you miss a payment. They can charge you late fees up to $39/month. Do you think this risk is worth $630? The 4.99% offer may also have a time limit of 1 year or 6 months. If that is the case, then surely you will lose money by transferring.
4) If I were you I would not transfer. I would pay an extra $90 per month on the loan and you'll save that $630 in interest and have a years worth of car payments in your savings account in 4 years.
Good luck. |
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queen of answers
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I bought a new car and was required to do the loan thru the manufacturer's loan company..at 8%
I got a credit card thing, like you did, for 3.99 % (with a $75.00 fee) ( or I couldve taken the 4.99% with no fee.)
Like you, I ran the numbers and it was a huge savings. ( also betw the 3-4% was worth the fee)
So I transferred as much as the credit line allowed at 3.99%. I paid 2 large pmts for like 5 months. Now I just pay the credit card only.
On that large amt..1 % difference is a sizeable some.
Also, check your credit card's website for special offers. They may have something better.
* IMPORTANT *-- dont use this credit card for ANYTHING else. Pay off any existing charges.
** They always credit the lowest interest rate first.**
Example: If you charge a meal. It will be there clicking in at 19% (or whatever) till you get your car paid off.
Do your car...then put THAT credit card in a safe, but out of reach place.
** EDIT ** RE: other posts.
This is not an introductory rate.They do it all the time, and its good for the life of the loan.
Those offers at 1 % have a fee, and must be paid w/in a time frame. READ CAREFULLY. Save the letter. |
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Rachel
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It is hard to say, but I would find out what the balance transfer fee will be and what the minimum payment on the credit card will be. If the minimum payment will be higher than your current payment, it might not be worth it if you have trouble making the payments. Also, there is always a fee to transfer balances, so that may sway the decision, although I don't think it should be huge - maybe around $100. |
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Louise O
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if you put it on the credit card make sure it is interest free for the life of the loan and then make sure you pay the same ammount as you were paying previosuly as otherwise it will take you forever to pay it off if you just make minimum payments!! I dont think it will effect your score as long as you keep up with all payments !! Also make sure you loan does not have a early repayment penalty as this may eat up any saving you make from not paying interest hope thsi helps xx |
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PJN
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You should check again with the credit card. 4.99% sounds like an introductory rate. Credit cards usually have rates of around 14.99%. You should consult a financial advisor. |
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leahj4
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only if this is your only debt, do you have any debts that are smaller ones than this, you need to start with your smallest loans and pay them off before you worry about the bigger ones.
but if this is youronly loan, I would not do this b/c you usually save your cc for emergencies on ly, and cc can raise interest w/o warning and no guarantees. |
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MarketStock
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be sure you read correctly as usually that balance transfer offer is from other credit cards not a loan and make WAY more than the minimum payments EVERY time |
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Steve
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As long as you don't use the credit card for anything else except for the balance transfer(s), and you keep making your current car loan payment (plus the payment for any other debt that you transfer), I would say go ahead and do the balance transfer.
As for your FICO score, as long as your are not planning on taking on additional debt, I really wouldn't care what the effect on your FICO score would be. This is a good move financially. |
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Wayne S
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In addition to what others have advised, check to make sure that you don't have charge on it every month in order to maintain the low interest rate. The amount you charge every month is at the normal rate. Discover is notorious for doing this. |
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Bob R
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Read the fine print on the credit card. If they are giving such great interest, then a bank will give you even better! Refinance via your bank to a lower rate. Don't mess with credit cards!! |
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blondie
 |
I think you should pay your car loan off completely with the lower interest credit card if it saves you money. If you do this your credit score will probably go up because you show you paid off your car loan. I would just make sure to make larger payments to pay the credit card off. |
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Don't you get it??
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If you have 13k on the card then go for it!, but why don't you just try to refinance to get an even lower % than the cc also if you can get a card that has 13k on it then you have really great credit! |
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