[Credit] Personal loan question...

O

outtyS4

Veteran-4
Do you guys think getting a personal loan of roughly $6000 to pay off an old credit card from when I was young would hurt my credit and if so for how long? I'm tired of getting killed in interest.

Last inquery a month ago showed my fico at ~740. Plenty of income and low debt load.

THOUGHTS???
 
Do what i did. Use one of those 0%-2% deals you get from another credit card. Use that check to pay off all your other credit card debts, then work on paying that card off slowly since it only has 2% interest.
 
krustyy said:
Do what i did. Use one of those 0%-2% deals you get from another credit card. Use that check to pay off all your other credit card debts, then work on paying that card off slowly since it only has 2% interest.
Click to expand...

Yup. For the small amount of debt you're talking about, you'll get a much better deal (who can argue with zero percent) even with the transfer fees. Just make sure you get it paid off within the introductory period.
 
you guys know of what companys have offers like that right now? And that wont effect my credit in a negative way?
 
outtyS4 said:
Do you guys think getting a personal loan of roughly $6000 to pay off an old credit card from when I was young would hurt my credit and if so for how long? I'm tired of getting killed in interest.

Last inquery a month ago showed my fico at ~740. Plenty of income and low debt load.

THOUGHTS???
Click to expand...

A chocolate eggcream for the win.
 
i wouldn't take out another credit card since those 0% deals don't usually apply if you carry a balance.. nobody is going to let you have a 2% cc with a $6k balance carrying from month to month

taking out a loan from a bank would probably give you a lower rate than the one you're paying right now.. shop around for interest rates. your credit should not be affected as long as you make the payments (although you should try to get the debt settled asap)
 
Last edited:
cyclozine said:
i wouldn't take out another credit card since those 0% deals don't usually apply if you carry a balance.. nobody is going to let you have a 2% cc with a $6k balance carrying from month to month
Click to expand...

Wrong. They want you to carry a balance, especially larger ones. They typically get about 3% in transfer fees when you move your balance to them, and they're betting you won't get it paid off in the 6-12 months of the introductory rate, thus scoring a typical 18+ percent rate off of people too lazy or stupid to transfer out after the intro is up.
 
You must log in or register to reply here.
Back
Top