Last year I was injured and unable to work. We were in the middle of moving our home and came up short due to skyrocketing prices and losing one income. We had to get a no interest cc from Lowes to finish so we could move back in. Okay now here is my delimma:
The year mark is almost up and my settlement (which I was planning on using to pay it off) is going to be close to that date. I really don't want all those back interest charges so I am trying to figure out what my best route would be, A. another 0% card (credit is upper 600's) or B. a bank loan.
I am ot sure what a payment will be on the bank loan or credit card because we also had no payments option (I made them anyway with as much as I could afford to send). I thought if I took out the bank loan I could include a little extra just in case it doesn't settle until years end being that I still have taxes and fuel to catch on extra paycheck money.
Then I thought what kind of fees are there on a bank loan? Can anyone help me sort this out?
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Wow!! Sounds like a delimma to me.that's for sure. Well......I'm not a 'credit expert', but, I'm just wondering...........which one would be cheaper for you, in the long run? I mean I know alot of CC's do the 'no %' thing, but, you should consider the fees that come along with them. Seems like, now a days, even if you have great credit, it takes a long time to pay off a CC. And a bank........would 'your' bank give you a good rate on a loan? As the economy is now, bank fees/% have sky rocketed, too. You should look into BOTH options and see which one works for you. Trying to 'catch' up on things is hard to do. Please let me know what you decide. Thanks.
I am going to the bank this week or next and inquiring about it. I am also in the meen time looking at other creditr cards. As long as they haven't any fees for early pay off I would do this. I just didn't want to open another card and only have it for a few months because as I said I am paying this bill in its entirety as soon as I get my settlement.
The more I think of it I will probaly go with the bank as long as it isn;t high interest. Hopefully it will just settle before Oct. end and I don't have to do either the bank loan or ccard. Thanks for responding.
Hi fireyone
You can go for another balance transfer credit cards with introductory zero % APR. Alternatively, if your debt on the existing credit card is high, you can also go for a debt consolidation loan which comes with a very low rate of interest. But I too think that going for another balance transfer credit cards will be helpful because you can not only get 0% APR, but also a zero annual fees and zero balance transfer fees with most of these cards.
bank loan
Hey, ATHONY...I REALLY like your saying...............' A positive attitude...". Sometimes it's difficult to have one, but, sometimes it's MORE difficult NOT to have one. Hope th comment makes sense. The only thing I can say, with certain situations, is do what 'works for you.' Not everything works for everyone.
Anthony do you have any card suggestions? We already have a discover and all are account are in excellent standing. The last time we checked my hubby had a credit score of 680. So I am wondering which would be a good card?
I don't have any special credit card suggestions, but I feel that one should go for cards with good record like Bank of America credit cards or the Citi Bank balance transfer credit cards. But whatever credit cards you choose, make sure that you pay back the debt on time on any new purchases you make on these cards. You should also check and compare the balance transfer credit cards available in the market. Although most of these balance transfer cards come with zero annual fees, the introductory 0% APR may vary from one card to another. Some balance transfer cards offer a introductory APR of 0% for 6 months while others offer it for one year.
I want the one for a year just to be sure. I still have a little time left so I am just gonna research it all. I hear it is hard to get credit or a bank loan with the market the way it is.
credit card
I did have a CC at one time. It was just a limit of $300.00. Since the limit was small, I thought I could handle it. Gosh....I'll tell ya!.....payments were increasing ( because of the economic mess..) and if I missed a payment ( or late with one) the fees were very high. I just had to cancel the card. Even if I STILL had it, the way everything was going up, it seems to me I would be making payments and not be 'getting anywhere.' Hope this makes sense.
You should not have closed the credit cards, instead, you should have gone for a zero APR balance transfer credit cards. Most of these balance transfer credit cards come with zero annual fees and the introductory zero APR is valid for a period of 12 months. Closing the card would mean the length of the credit history will be affected and since the length of the credit history constitutes 15% in our credit score, your credit score will decrease.
That is true. Closing it wasn't the best idea but I know what you mean about the skyrocketing monthly due payments. That is why the more i think about it I am considering on going to the bank to get my debt put into the form of a small loan. The zero percent interest you get from a cc is nice but the payment would be pretty high. I could not handle another high payment at this time so the bank idea looks better every day.
Okay went to the bank today and put an applicaion on file just in case. Wewere approved with in minutes so I am happy about that. The loan fee is only $35 basis the $75 a card transfer would charge so I thought this is gonna be the best route. Payments are very reasonable..under $150 and we don't have to take the loan if we don't want it...just in case I ehar something from my settlement before hand. It will be there when we are ready we can just call and go get the check. Now the stress is starting to go down.
im disabled have a great credit score but im in 37000 dollars in credit card debt should i get a bank loan ?
would it be a good idea to get a bank loan to payoff crdit card debt?
Hi glynn broks
Since you have a good credit score, you should immediately go for debt consolidation loan to pay off the credit card debt. With a debt of $37000, your credit score is still high because it has not yet been listed in the credit bureaus. If you go for debt consolidation loan, you can avoid the high interest rates on the credit cards and you can also come to a repayment plan to pay off the debt consolidation loan.
Can you tell me whether it is a business credit cards or you have spend on several general credit cards. If it is on several general credit cards, you can go for zero APR balance transfer cards to pay off the debts. However, if it was a business card, I think you can go either for debt consolidation loan or a bank loan to pay it off. You can also come to a repayment agreement with the credit card company to pay off the debt.
Thanks for the information SAm12. I myself was looking to do this some time ago. I had a Lowes bill that was about ready to lose its zero percent for one year offer. I thought about rolling it over to another credit card but opted for a lowere rate bank loan instead. It was a personal account to finish setting my home up after an accident took away from my income and I had no other choice.
Yes, you can move from one credit card to another zero APR balance transfer credit cards, but once you move the debt to the new balance transfer credit card, you should start repaying off the debt slowly. Now, after the one year time frame of zero APR, you can take a debt consolidation loan to repay back the debt because it is very difficult to get a new balance transfer card for repaying this loan. But for debt consolidation loan you need to have a good credit score.
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TYDkKw Enjoyed every bit of your post.Really thank you!