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New Visitor
siriusalpha13
Posts: 2
Registered: ‎07-19-2007

thinking about getting a personal loan to pay off high interest rate CC

heres my bio:  more than 20k in CC bills, most of which the rates are above 20%, thinking of getting a personal loan from bank than apply for lower rates with new credit card, is this my best approach at this?  any other help would be really kosher.  ohyeah my fico score is 624
Regular Contributor
javi84
Posts: 171
Registered: ‎05-18-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

I would say so, you probably wont be able to match your credit card rate with the rate of a loan. Also consider a line of credit, it MIGHT have a lower interest rate than a personal loan and you can use it to pay off credit cards w/o fees. PS: At my credit union a 720+ score will get you the lowest interest rate for a line of credit (10.90%) and the lowest for a personal loan is 11.5. Check with your bank because it will vary by institution.
For age and want, save while you may; no morning sun lasts a whole day.
--Benjamin Franklin
New Member
Crouton
Posts: 9
Registered: ‎07-20-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

do you Own a home???  You can get a line of credit or refi totally and pay off debt that way.  Or you can refi totally into a line of credit and be able to pay off your mortgage in 1/2 the time of a normal fixed 30 year loan.
Established Member
ficohelp
Posts: 34
Registered: ‎05-10-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

I am in the same scenario and can't get help with scores of TU 660 and EQ 677...I am on the East Coast, my Credit Union wont help...I have no BK, no public records just high utilization and if I can consolidate it would help.  I don't want to keep shopping around and getting dinged with inquiries...how is B of A or Commerce Bank... any suggestions? 
Member
powerup
Posts: 47
Registered: ‎07-18-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

I would take out a personal loan and pay down the cards. But don't close the cards.
New Visitor
siriusalpha13
Posts: 2
Registered: ‎07-19-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

thanks for all the feedback, tried getting a personal loan from my bank and with my credit score and no collateral they said no, because of my debt to income ratio is not helping either.  So I'm going to try and get a personal loan thru the credit union, if that doesn't work I'll probably buy a house somewhere and then get a home equity loan of some sort.  I'm out of ideas anymore suggestions, help, tips would be kosher.  wish i could turn back time................
Established Contributor
myhearts07
Posts: 858
Registered: ‎06-26-2007

Re: thinking about getting a personal loan to pay off high interest rate CC

I have a question?  How are we supposed to qualify for personal loans, lines of credit, Helocs or any of that to consolidate debt if we are told that our DTI is too high and our cc utilization is too high, that is why I am asking for help through the loan?  And you are correct, we will take a ding for applying in the first place only to be told that there is nothing they can do.  I am confused on that one.  How can there be so many loan products out there and companies advertising them and even telling you about them and saying hey we have products for people with good, bad or worse credit and when you apply they can never seem to find a program to put you in?  What is up with that?  Sorry, I am kind of mad, here.  Not at you guys..  Pray for me.
 
 
 
 

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