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My husband and I both received "you're super special" type invitations from Discover to consolidate CC debt with a set payment over a specific number of months. I am very tempted to put all the little card balances together, plus a few of the bigger and split this over the 2 loans we were both separately offered. I did some math and the payments seem to be in line with what we're paying already to each card.
The only acct I would not do this with is my Nordstrom as I've got a 20+ years good acct and would not want to lose that history on the fico.
I would love to hear opinions on this plan. I have googled and couldn't find anything negative about Discover personal loans, except one "rip off report" of a woman who said no matter when she mailed her payment it was late, but I don't use snail mail and have had no issues with my Discover acct thus far.
I am low 700's, hubby mid 700 on all 3. Is this a good move? I sure would like to see an 'end in sight' on the pay off that seems to be going very, very slow.
Cheezy wrote:
... The only acct I would not do this with is my Nordstrom as I've got a 20+ years good acct and would not want to lose that history on the fico.
@creditwherecreditisdue wrote:
What is the APR on the Discover offer and is this from Discover Financial Services and running separatly from any CC you may have with them?
They said I wouldn't know the APR until I apply; based on credit worthiness. It is from Discover Financial and separate from our CCs (both DH and I have a discover card).
@Anonymous wrote:
@creditwherecreditisdue wrote:
What is the APR on the Discover offer and is this from Discover Financial Services and running separatly from any CC you may have with them?They said I wouldn't know the APR until I apply; based on credit worthiness. It is from Discover Financial and separate from our CCs (both DH and I have a discover card).
Interesting. When I got this offer last year I think it stated a rate of 7.99%. I ignored the offer and a little while later they offered me a More card. When I accepted that offer I got a good CL ($8.1K) and a decent rate (11.0%V). Since then my APR has been lowered to 9.9%V.
They said I wouldn't know the APR until I apply; based on credit worthiness. It is from Discover Financial and separate from our CCs (both DH and I have a discover card).
That's the kicker. You won't know your rate until you apply. I've gotten several of these. For some people it might make sense. You just need to run the numbers very carefully.
7/09 (myfico)
TU-742
EQ-779
CC interest free as of 8/09
Time can heal all wounds and a low FICO.
"Hello my name is Sandy and I'm a recovering crediholic".
Hi, I dont know about DiscoverCard's debt consolidation loans, but I recently last week just got one from UPBC web: http://www.upbcusa.com/personal-finance/consolidation-loans
They approved me for a fixed rate 9.5% APR $ 28,400 debt consolidation loan for 36 months. They also approved me for a $10,000 personal line of credit which is like a credit card because it comes with a MasterCard. From their website it does not look like they offer credit cards but the line of credit they offered me is cool because it is just like a credit card, but with better interest rates.
So far I'm very pleased with them and there quick credit approvals, for me I applied for the debt consolidation loan and when they called me to tell me I was approved they tried to cross-sell me the line of credit by telling me I'm already approved for that product as well. I have a credit score of 688 and they only pull and report to EquiFax. As a quick note for some reason or another my personal line of credit reports under two different account numbers to EFX one is the line of credit account number and the other account is the MasterCard that is linked to my line of credit so this really helped out my UTL ratio.
Interesting. Unfortunately not appropriate for many, but if it is it could be great:
To apply, you must be:
This application is not intended for joint applicants, sole proprietors, other businesses or trusts. All information received by UPBC will be kept confidential.