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Contributor
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Registered: ‎10-19-2012
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Re: Large Purchase: Credit Cards vs. Personal Loans?

[ Edited ]

bs6054 wrote:

RonDawg wrote

Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.


Is that fixed rate?  The Northwestern site posted earlier has LOC at 7% but that is a variable rate.


I am not sure if you will find a LOC that has a fixed rate.  Mine is 9.25% that is as low as they go with US Bank but on their PLOC they only have 9.25 and 13.25 from what I can see they don't even review my account so it may be fair to say it is going to stay at 9.25% but one never knows. 

 

If your looking for a fixed rate loan its better to just get a closed end Personal loan that has a fixed rate besides they tend to be a lower interest rate then a LOC anyways.

 

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
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Re: Large Purchase: Credit Cards vs. Personal Loans?


tennisfan78 wrote:

RonDawg wrote:

tennisfan78 wrote:



Speaking of LOC, did you happen to apply for the USBank LOC?  I have been thinking about applying for it too.

 


Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.


Thats awesome. That is a pretty good LOC. Do you happen to remember if you applied online or at the local branch?

 

I have an expense of about $10,000 coming up, and I am thinking about my options between a personal loan and LOC. Even though the interest rate may be a bit higher, I am leaning more towards LOC. Hoping that I would get approved when i do apply!


Bump, incase Ron missed my post! Thanks


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Re: Large Purchase: Credit Cards vs. Personal Loans?

Also check out Northrop Grumman Federal Credit Union.

 

They currently have a great BT offer:

  • 4.99% fixed APR for life!
  • No balance transfer fee.

They also have a good cashback rewards credit card:

  • 1.5% cashback on everything.
  • No foreign transaction fee.
  • It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

 

 

NGFCU.png

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Re: Large Purchase: Credit Cards vs. Personal Loans?

[ Edited ]

bs6054 wrote:

Is that fixed rate?  The Northwestern site posted earlier has LOC at 7% but that is a variable rate.


The 7% from Northwest Federal Credit Union is actually an unsecured loan, not a line of credit.

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Re: Large Purchase: Credit Cards vs. Personal Loans?


kevinjjc wrote:

Also check out Northrop Grumman Federal Credit Union.

 

They currently have a great BT offer:

  • 4.99% fixed APR for life!
  • No balance transfer fee.

They also have a good cashback rewards credit card:

  • 1.5% cashback on everything.
  • No foreign transaction fee.
  • It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

 

 

NGFCU.png


Only a Credit Union lol

 

Actually I have a credit card that offered me -0- balance transfer for the life of the balance.  They only sent it out one time, now we only get 15 or 18 months on that -0- balance transfer.  I think they figured out they made a mistake the first time lol

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
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Posts: 869
Registered: ‎07-04-2012
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Re: Large Purchase: Credit Cards vs. Personal Loans?


kevinjjc wrote:

Also check out Northrop Grumman Federal Credit Union.

 

They currently have a great BT offer:

  • 4.99% fixed APR for life!
  • No balance transfer fee.

They also have a good cashback rewards credit card:

  • 1.5% cashback on everything.
  • No foreign transaction fee.
  • It's a MasterCard!

https://www.ngfcu.us/loans/mastercard.aspx

 

 

NGFCU.png


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Re: Large Purchase: Credit Cards vs. Personal Loans?

[ Edited ]

tennisfan78 wrote:

tennisfan78 wrote:

RonDawg wrote:

tennisfan78 wrote:



Speaking of LOC, did you happen to apply for the USBank LOC?  I have been thinking about applying for it too.

 


Actually I did last year when I thought I was going to have to use it.. I had surgery and I was not sure how high the bill was going to run so I selected it and applied took about 20 seconds for them to come back and say I was approved with 14.5k and 9.25% interest rate.  I really do like US Bank they tend to take care of their customers.


Thats awesome. That is a pretty good LOC. Do you happen to remember if you applied online or at the local branch?

 

I have an expense of about $10,000 coming up, and I am thinking about my options between a personal loan and LOC. Even though the interest rate may be a bit higher, I am leaning more towards LOC. Hoping that I would get approved when i do apply!


Bump, incase Ron missed my post! Thanks


Thanks

 

I did apply online.

 

I never have time to visit a branch I am way to busy.  I have found though that their personal bankers are very friendly and tend to go the extra mile for you.

 

Oh and I should also tell you that you do have a banking relationship with US Bank (checking) to get any of their LOCs.  You can open that up online as well.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
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Re: Large Purchase: Credit Cards vs. Personal Loans?

 

Thanks for the info Ron!


Starting Score: EQ=665,TU=618 on Oct 9,2010
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Re: Large Purchase: Credit Cards vs. Personal Loans?


tennisfan78 wrote:

 

Thanks for the info Ron!


No problem

 

https://www.usbank.com/loans-lines/unsecured/index.html

 

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
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Re: Large Purchase: Credit Cards vs. Personal Loans?


RonDawg wrote:

tennisfan78 wrote:

 

Thanks for the info Ron!


No problem

 

https://www.usbank.com/loans-lines/unsecured/index.html

 


Thank you. I am waiting for an inquiry to fall off on EQ in a week and then go for it.


Starting Score: EQ=665,TU=618 on Oct 9,2010
EQ=702,TU=725 on Apr 11, 2012 EQ=705 on Oct 31, 2012 Current Score: EQ=702, TU=714 on Dec 8, 2012
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