To BT or not to BT...that is the question

[NRB525]

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@Anonymous wrote:

great offers like 2.99% with no BT fee !

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Your SO is saving money. 17% APR is actually 18.5% when you compound it daily.

2.99% with no BT Fee is going to amount to a lot less than 2.99% when paid as fast as your SO is planning to do so.

FICO can go sit in the corner and cry if it wants to when I see those kinds of numbers. Oh, but wait, FICO isn't a real thing, it's just a concept of how we measure credit, so FICO won't care in the long run. The real cash that remains in your SO bank account by not paying a compounded 18.5% though, that is most definitely a real thing.

[Anonymous]

There's only one reason why you shouldn't do this - If you'd done it already!

Total no brainer here - PUSH THE BUTTON!

[Anonymous]

@ smc4getnot thanks for weighing in, I really appreciate it!

[Anonymous]

@NRB525, thanks for the explanation. It's all about keeping as much cash in pocket as possible. I think her only resistance was if there was a long term negative effect for using that much a credit line (even for a short period of time). Your perspective really spelled it out.

Have a great weekend and thanks again!

[Anonymous]

@ TygerHawke Thanks for the encouragement!

Enjoy your weekend!

[Anonymous]

UPDATE:

SO submitted the BT this morning and is very happy to be saving the extra cash.

She wanted me to make sure to thank you all. So, donny10, Chris678, AJC, smc4getnot, NRB525 and TygerHawke, thanks a bunch.

Hopefully one day when I've got the experience you all have I might be able to return the favor. Judging by your profiles though, it may take me the next 20 years to catch up lol!!

Have a great week ahead everybody!

[Anonymous]

im just wondering how at 200k avialable credit she was given that APR

[Anonymous]

@85066 I'm not sure how they go about structuring rates on their offers. What I can share however, is that my SO has aquired about 25% of her profile since she took out that loan, but I'm not convinced that her available credit line would have made a difference, as it's only one factor.  Maybe someone with more experience can weigh in here to give you a better explanation on how it actually works.  I recall several people in the My Fico community that have rockin' profiles compared to hers and they were offered some pretty rough rates on personal loans as well.  If I remember correctly, SO received another offer at 28% +/- when she was originally shopping.

I think the rates can be all over the place, so that's why it's  probably important to shop several options when considering a personal loan.