Reply
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: looking for a low-interest card

Addison Avenue CU has a rate of 5.24%, and currently a 3.9% BT through end of 2010.  No fees.

 

PenFed has a 4.99% BT for 24 months.

 

PSECU has a 9.9% standard rate, but a 3,9% BT through end of 2010, no fees.

 

As posted above, you may want to consider an installment loan for your deficient amount.  You probably need to include the amount of 12 payments in the loan so that you can cover the payments during your time.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
New Contributor
cantex
Posts: 70
Registered: ‎10-07-2008
0

Re: looking for a low-interest card

Check the thread on here regarding Nationwide bank.  If you qualify, 7.24% rate tier after 6mth 0% promo rate.  People seem to be getting generous CL's of 10K or more.  I'm still waiting on a decision on my app.  They pull TU immediately after you press the button but take a while for the manual review.  It is not instant online approval.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: looking for a low-interest card

Nationwide thread initially said they were pulling EQ.  Do they vary by your location?

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
New Contributor
cantex
Posts: 70
Registered: ‎10-07-2008
0

Re: looking for a low-interest card

I guess it probably depends on location then.  I'm in TX as well and they pulled TU for me.  I had no inqs on TU and it was my highest.  Alliant and PenFed pulled EQ so I didn't want another EQ pull. 
Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
0

Re: looking for a low-interest card

The answer is that I have no revolving balance on my cards.

 

What do you think of this strategy to create a loan -- get the cash advances and immediately do balance transfers to 0% (or whatever the best offer is at the time.) I know that immediately I will have a fee to get the cash advance, as well as for the BT.

 

I am curious about the credit union loan thing - I have been a member of a credit union for about 17 years, so I have somewhere with some history, even though I have only carried the minimum in my accounts just to keep them active in case I want to use them again. Can you tell me more?

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: looking for a low-interest card

[ Edited ]

ace9848 wrote:

The answer is that I have no revolving balance on my cards.

 

What do you think of this strategy to create a loan -- get the cash advances and immediately do balance transfers to 0% (or whatever the best offer is at the time.) I know that immediately I will have a fee to get the cash advance, as well as for the BT.

 

I am curious about the credit union loan thing - I have been a member of a credit union for about 17 years, so I have somewhere with some history, even though I have only carried the minimum in my accounts just to keep them active in case I want to use them again. Can you tell me more?


 

It really depends on how much of a cash loan you want and how long you want to pay it back.  The promo card offers usually range from 6 to 12 months.  PenFed currently has a 4.99% 24 month promo and they did have a 2.99% life of transfer a couple months back.

 

If you have good credit and income, and your accounts are not too new, then I suggest Addison Avenue CU for your purposes.  They have a 5.24% regular rate and a 3.9% BT rate and no fees.

 

So, yes you could charge or cash advance against one card then BT to Addison.  But since you said "less than 10%" then Addison fits well even at the 5.24% (I think cash might be 1% higher unless doing the BT, then 3.9% till 12/2009).

 

They are not as conservative as PenFed, but not as lenient as NFCU.  More lenient than Alliant.  But they will require income verification with paystubs and W-2.

 

Also, Addison can be joined easily if you join Financial Fitness Association for $5....so membership not a problem.

 

But, you can also look into the signature loans.

 

 

Message Edited by txjohn on 12-05-2009 11:46 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
0

Re: looking for a low-interest card

Thank you all - can you tell me more about signature loans? Is that the same as a personal loan? As soon as I take out a signature loan, do the payments begin right away - since it is not a student loan, I assume I cannot defer it - right? How much does somebody with pretty good credit get offered? Do you have to tell them what it is for -- in other words, if I tell them to finance a sabattical they are going to know that I have little income during that time. Thanks to all for all of your help.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: looking for a low-interest card

Yes, a signature loan is a personal loan

 

Yes, your payments will begin immediately, no deferment.

 

Size of loans depends on credit, but also on current debt and income (DTI).  Usually, personal loan sizes are more conservative since they represent a fixed payment and cash for the entire amount of the loan and are unsecured.  But it depends on the lender and circumstances.  My point:  you may obtain $25,000, $50,000, $100,000 or more in unsecured CC lines.  But you would never get this amount in signature loans.  Revolving debt is not expected to be maxed out and paid over long periods, whereas signature loans are.

 

Yes, they usually ask you what it is for or at least to indicate a category indicating use?

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009
0

Re: looking for a low-interest card


ace9848 wrote:
Thank you all - can you tell me more about signature loans? Is that the same as a personal loan? As soon as I take out a signature loan, do the payments begin right away - since it is not a student loan, I assume I cannot defer it - right? How much does somebody with pretty good credit get offered? Do you have to tell them what it is for -- in other words, if I tell them to finance a sabattical they are going to know that I have little income during that time. Thanks to all for all of your help.

Hi ace...I've read this thread along the way, and your situation is somewhat similar to ours. I gave up a good paycheck to finish my last year of grad school. The clinical requirements of my last year made full-time work impossible. I pick up a few hours a week, but that's more to keep my toe in the professional door. My husband is self-employed, and his income has stayed stable (we've been lucky...he's a real estate appraiser, and we didn't know what was going to happen there). But, as with most Americans, our lifestyle was based on two incomes.

 

I believe we're a generation older than you, so we came into this with some resources behind us. My husband and I would have lived Dave Ramsey's famous "beans and rice, rice and beans" lifestyle to get through this (and, of course we've done some of that...), but we have our youngest of five children still at home. She's 16, and we didn't want life as she knew it to come crashing down because of my decision to get an advanced degree. This was a temporary change for us...and we have handled it with temporary fixes. We have investments, but with this past year's investment climate, it was not the time to sell those.

 

I get some regular school loans, but not enough to replace an income. We looked into private school loans, but the interest rates would have been high. What we did that was cheaper was a HELOC on our home. We didn't have an underlying mortgage. The rate on the HELOC is currently around 3.5%. On the HELOC, we pay monthly interest, and whether or not we pay anything on principle is up to us. I assume you don't own a home with equity, or you would have looked that direction. We were careful to put financing in place for this year before I quit my job.

 

Another avenue for us was paid-for vehicles. PenFed, for example, gave 3.99% as an online interest rate on new and used vehicles. We haven't had a car payment in years but thought it might give us some peace of mind in the bank, so we took out a loan on one of our present vehicles. Those payments also start while I'm still in school, but it's a much better rate than most credit cards, and there were no upfront fees or percentages to pay.

 

We also have a zero interest for purchases offer for about 6 mos. on my new Discover with a pretty decent credit line. The timeframe would get us through graduation. We are using the Discover, but we still paid it in full this month. Until I have to, I don't like showing utilization.

 

Another avenue that would be available to us is a margin loan on equity investments. I think that would be about 8%, so haven't wanted to do that. We also have rental property with equity, but we didn't touch that. And, again...not a good time to try to sell long-held equities or real estate.

 

I didn't know whether to bring any of these options forward because I know we're in a different place in our lives. Our goal was to get through this year while still fully funding retirement (Roths, 401ks, etc.). We've been able to do that. We knew it was a good year to keep investing, and we were able to work that into the budget.

 

It's been interesting to learn what you can easily give up in life if you can't or don't want to afford it anymore. We'll take my first year's paychecks to get everything paid down again. It's been an interesting journey. I don't know if anything I've said can help. We've had a lot of years to build up to this point. But, it makes you think....this was a choice for us. What if it hadn't been a choice? It could have been an illness or death that caused this. It could have been the sudden loss of a job. You never know when you have to be ready to live on half of what you're used to.

 

Good luck in your journey. It will be worth it.

Frequent Contributor
ace9848
Posts: 285
Registered: ‎03-29-2008
0

Re: looking for a low-interest card

Thank you for all of your responses. This last one was very detailed and very appreciated, as were all.

 

Can I bring down the interest level of a personal or signature loan buy using my car as collateral. It is paid off and lien-free, but it really is only worth about $2,500 because it's a Cavalier. What do you think?

 

Thanks!


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+