We are going to try and refinance our home (no cash out, just want to secure a lower interest rate) and have worked very hard to pay off most of our credit cards. We want our credit rating to stay as high as possible..so, our refinance will secure the beat rate we can muster.
My question is…will it help our credit score if we consolidate the remaining cc debt onto one card? The offer we have been presented by one credit card company is that there will be NO interest until November…and we should have the debt paid off by then.
Thank you for any insight you may have.
I just got an e-mail about free government grants for debt relief. Anyone ever heard of this or is it just another scam? Does it sound to good to be true? Then it more than likely it is….
Someone correct me if I am wrong about this…I’m sure you will…
If the account is open and has available credit on it it will still count against you, even if it is 0 balanced, it also depends on how long you have had a card, the longer the better. This is very similar to new cash loans in the UK. If this is a new card that you are opening yet another account, that will detract from you credit score. Because it depends when is the last time you have applied for credit.. or even who else has looked at your credit report.
0% interest is great but for 7 months how much interest would you really pay if you did nothing but continue to pay off the cards you have? How much is that compared to what the company is charging you (ie a % of the transfer) does it off set. What happens if in 7 months something happens and you can’t pay it? You are so close…keep going!!!
Your mortgage, get a fixed rate, no adjustable, 15 yrs or less if you can do it.
– hope that helped.