@Mekitcat wrote:Ok here is a question you may not even dream of asking.
Would transfering a title loan to a credit card be a bad idea? (That's if I'm even able to do it.)
It has a loan number and that is all that is asked along with address, name, phone number, and of course the amount to transfer.
Would the CCC freak out and see me as high risk of defaulting? Even though I'm in good standing with them?
I would love to take advantage of the 0% balance transfer but I'm worried that they (CCC) would see it as a red flag that I even need to take that kind of loan out to begin with. (I did it to help my sister move out of state. She's paying me back slowly)
I think I already know the answer but I would love feed back, thoughts, comments?
I know it was one of the most stupid thing I could have ever done (Please don't judge me lol)
After all the mistakes I've made in my life concerning credit and non-credit issues I'm pretty much out of the judging business. 
One option for BT's that I always use is have the money deposited in your checking account via direct deposit and then use the funds anyway you please. Hopefully your CCC has that same option for you.
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
@MarineVietVet wrote:
@Mekitcat wrote:Ok here is a question you may not even dream of asking.
Would transfering a title loan to a credit card be a bad idea? (That's if I'm even able to do it.)
It has a loan number and that is all that is asked along with address, name, phone number, and of course the amount to transfer.
Would the CCC freak out and see me as high risk of defaulting? Even though I'm in good standing with them?
I would love to take advantage of the 0% balance transfer but I'm worried that they (CCC) would see it as a red flag that I even need to take that kind of loan out to begin with. (I did it to help my sister move out of state. She's paying me back slowly)
I think I already know the answer but I would love feed back, thoughts, comments?
I know it was one of the most stupid thing I could have ever done (Please don't judge me lol)
After all the mistakes I've made in my life concerning credit and non-credit issues I'm pretty much out of the judging business.
One option for BT's that I always use is have the money deposited in your checking account via direct deposit and then use the funds anyway you please. Hopefully your CCC has that same option for you. I don't know if they do that or not I didn't go past the 1st screen of the transfer
From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782
"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".
Okay, here is my 2cents, and I promise, not judging in any way because we have all been there.
You have to think about a few things, or questions to ask yourself:
1. What is the interest rate on the title loan and does it have a balloon payment?
2. What is the balance transfer fee for the credit card?
3. How long is the 0% interest on the credit card?
4. What will the interest rate be on the balance transfer after the 0% term is over?
5. Will you need to make any other purchases prior to paying off that balance that will require you to apply for credit?
If this is a true title loan company that normally has outrageous rates, then I think you would be better off doing the tranfer if you can transfer the entire balance. You have to be prepared to take a hit to your score though if this is going to cause your utilization to increase above about 9% or so. I wouldn't worry too much about that if you will not be in the market to shop for other credit until this loan is paid off. Quite frankly, I would say don't shop for other credit until this is paid off because I know what type of sharks these title loan places can be.
Likely the ability to get out from under the title loan will outweigh the negatives of having to pay a balance transfer fee, but you still want to work it up to make sure.
And last piece of advice... And I know you know this, as you already mentioned it, but if you are like me, I always need to hear it from others. Don't loan out money that is not "free and clear". 
Oh, and I wouldn't not worry about what the credit card company will "think" about the balance transfer. If they decide to drop you, then so be it. At least you would have been able to get from under the title loan with the outrageous rate.
Current Score: Eq: 823 Tu: 830
@Tazman81 wrote:Okay, here is my 2cents, and I promise, not judging in any way because we have all been there.
You have to think about a few things, or questions to ask yourself:
1. What is the interest rate on the title loan and does it have a balloon payment? 204.66% yearly rate
no balloon
2. What is the balance transfer fee for the credit card? 3%
3. How long is the 0% interest on the credit card? 21 months
4. What will the interest rate be on the balance transfer after the 0% term is over? 20.99%
5. Will you need to make any other purchases prior to paying off that balance that will require you to apply for credit? NO
If this is a true title loan company that normally has outrageous rates, then I think you would be better off doing the tranfer if you can transfer the entire balance. You have to be prepared to take a hit to your score though if this is going to cause your utilization to increase above about 9% or so. I wouldn't worry too much about that if you will not be in the market to shop for other credit until this loan is paid off. Quite frankly, I would say don't shop for other credit until this is paid off because I know what type of sharks these title loan places can be.
Likely the ability to get out from under the title loan will outweigh the negatives of having to pay a balance transfer fee, but you still want to work it up to make sure.
And last piece of advice... And I know you know this, as you already mentioned it, but if you are like me, I always need to hear it from others. Don't loan out money that is not "free and clear".
Oh, and I wouldn't not worry about what the credit card company will "think" about the balance transfer. If they decide to drop you, then so be it. At least you would have been able to get from under the title loan with the outrageous rate.
The card has a $4000cl $0 balance right now. I wanted to transfer 3 other cards to it. It would be about $1200ish put on the card putting all of them on there. I'm not worried about util right now as I'm not planning of buying anything needing credit right now. My main concern was what the CCC might think about it.
