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.
Hi all, just wanted to run something by you that will probably seem like an obvious no-brainer but would like to get some feedback anyway. A little history, I was recently able to get a 5.9% interest rate for the life of the loan on about 17k of my debt…hooray!! I still have about 8k that is at varying interest rates, none over 9.9%. So here’s my dilemna, I just got offered a 4.9% for the life on my other card (recently cleared in the earlier lower interest consolidation).
Seems like a great deal, no balance transfer fees, etc. But a couple of things to think about (1) it’s with Citibank who checks your credit and if you’re late to anyone, the interest rate skyrockets (I am proud to say I’m on the straight and narrow though…no late payments!) (2) I have been a victim of this rate hike by Citibank in the past, so I’m a little hesitant, but it’s a great deal and I’m finally seeing that light at the end of the tunnel. My one concern is I do have a Corp credit card and sometimes my company does not reimbursement before the due date…I’m not sure how this ties into my personal credit though. Thoughts anyone?
Also, if I call up Citibank and tell them how much I plan to transfer, will they tell me my estimated monthly payment first? I believe they’re one of the companies that recently spiked their minimum payments.
Figure up your payments on the other cards. Is this monthly payment close to the new one you will get? If your rate did go up , would the payment still be close to what you have now? Also, you should consider annual fees,ect on all of your other cards combined. Take the time to call citibank regarding your payment amt. , they should be able to tell you what your new payment will be. Take all of your other card statements and figure up the interest portion of your bill. Compare it to what citibank tells you. If you do the transfer, cut up the other cards!!!:)