Reply
New Visitor
vegas588
Posts: 1
Registered: ‎04-16-2007

Student Loan Question

I have a student loan with a 7.25% rate. I constantly get offers from my credit card, as most of us probably do. The latest offer is giving me a 4.82% fixed rate for the life of the loan. So, should I use this offer from my credit card to reduce my interest rate or will that adversely affect my credit rating. I have literally zero credit card debt and as far as I know, my credit is strong. I do not have an actual number because I haven't checked it in over a year. The basic issue is whether or not transferring this student loan to a credit card is a good idea or a bad idea. Thanks.
Moderator Emeritus
Brammy
Posts: 5,436
Registered: ‎03-10-2007

Re: Student Loan Question

Do whats going to save you mney.  Is your loan federal?  If so it may not be such a good idea.  In hard times, the Feds give you a way out, the credit card companies don't.  I like that little safety net myself.  If my business suddenly goes down the tubes a deferment or forebearance is just a phone call away.

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+