Credit Card debt down nearly $20k

[Anonymous]

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@baller4life wrote:

Check out below thread. Captool lists multiple sites that will sp your report for a rate pre-approval.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Need-personal-loan/m-p/4448494#U4448494

ETA: like Tortoise said, wait till balances update on reports before you shop around.

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Thanks for the link baller. I've positioned us to have low interest revolving options to transfer some 0% when it ends, but I've been thinking about an installment loan instead. 

[msbia]

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@baller4life wrote:
Oh wait....28%??? I think you should shop around for a better rate if possible.

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+100 Avant....smh. That's the reason I asked. 

[elim]

I would buckle down and just pay off the cards.  The savings with an instalment loan usually isn't great unless you get some super APR.  Just use your cards for a pack of gum to keep them active and pay your bleep off until you have knocked enough out to breath again. Pay off the smallest first to free up the minimums for the next.

[tcbofade]

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@Anonymous wrote:

Wait until things report. You can do better. Check with Sofi and others after the dust settles. Patience grasshopper. 

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LOL!  Thank you, Tortoise. 

I'm in no race, and frankly, didn't expect the approval. 

[tcbofade]

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@baller4life wrote:

Check out below thread. Captool lists multiple sites that will sp your report for a rate pre-approval.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Need-personal-loan/m-p/4448494#U4448494

ETA: like Tortoise said, wait till balances update on reports before you shop around.

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Thanks baller, I will check that out next month... 

[noobody]

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@tcbofade wrote:

Thanks both.

No, the CC balances are not at zero percent.  I'm doing the math right now, and if I took a $10k loan and paid off 13 CC accounts, it would save me nearly $100 per month.

It is also a four year fixed loan, instead of a never ending revolving line.

Hmmmm.

I do not think it saves you any money, just $100 less towards principle and interest

[Anonymous]

I would touch a loan with 28% interest. As I recall, your balances were run up with home renovations. Any chance of looking into a second mortgage once things clear up a bit?

[Anonymous]

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@Kidcat wrote:

It depends on whether or not it makes financial sense.  

Be careful about moving revolving debt to installment and then running back up the balances on the credit cards.  I've done that before and it wasn't pretty.  So that time I figured if it "hurt" more to dig myself out the less likely I would do it again.   And it has held true.  Something to keep in mind.

Just my 2cents

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I totally agree. It will be tempting to run up those credit card bills again. Be sure you have the discipline to not do that. Good luck with your plan, whatever you decide to do.

[tcbofade]

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@noobody wrote:

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@tcbofade wrote:

Thanks both.

No, the CC balances are not at zero percent.  I'm doing the math right now, and if I took a $10k loan and paid off 13 CC accounts, it would save me nearly $100 per month.

It is also a four year fixed loan, instead of a never ending revolving line.

Hmmmm.

I do not think it saves you any money, just $100 less towards principle and interest

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I confess that I haven't done the math... yet. 

It would save us 90 odd dollars a month in cash flow...over the life of a four year loan vs open ended credit cards?  I'll bet it will save us quite a bit, but as I said, I haven't done the math yet.

[tcbofade]

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@Anonymous wrote:
I would touch a loan with 28% interest. As I recall, your balances were run up with home renovations. Any chance of looking into a second mortgage once things clear up a bit?

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Just did that. 

Reread the first post.  I just paid off nearly $20k in credit card debt, and $15kish in installment loan debt with a HELOC.  (Which I know is not exactly a second mortgage, but it's close enough for this situation...)

Now we're up to 80% LTV and are working on getting our PMI removed because I don't want to pay that anymore EITHER.