Balance Transfer Card or Personal Loan/PLOC

Jazee — Thu, 26 Sep 2024 21:41:02 GMT

I've got a sizeable balance ($18k) on my NFCU signature which will be about 15% interest after recent fed cut. I think it will take 3-4 years for to pay off as I have done other debt to pay

I only have 4 cards. No mortgage (and won't be in the market to buy for at least another 3 years) and no personal loans or lines of credit. My FICO8 will be in the 730-770 range at time of application. I'm self employed and income can vary +/-25% month to month.

My NFCU Signature has great rewards so I don't care about rewards structure in a new card.

I've been banking with SoFi last 6 months, Ally is idle, USAA is idle but 20 year relationship, DCU us idle, NFCU idle checking but 4+ year relationship.

Trying to decide best strategy? BT card with 0% interest for 18 months then BT back to NFCU? Problem is I expect realistically I'm not going to get at most $7500 limit on new card maybe much less. Highly unpredictable.

Seems like the benefit of a personal loan is it will give me a better credit mix in my report and wouldnt I get a more firmer preview of my credit line amount via prequal before applying? SoFi the way to go on personal loan?

If the loan rate isnt much lower than my NFCU Signature 15% then that seems like a non starter. Would have to be at least 5% lower in my mind toaje it worth it versus being able to transfer $5k of the debt to a 0% interest card for 18 months.

Re: Balance Transfer Card or Personal Loan/PLOC

FicoMike0 — Thu, 26 Sep 2024 23:37:16 GMT

Why not do both? Here are some cards

https://www.doctorofcredit.com/list-of-0-apr-credit-card-offers/

I would think nfcu might be good for the loan.I

You need to work out a plan for paydown, otherwise you just kick the problem down the road.

topic Re: Balance Transfer Card or Personal Loan/PLOC in Personal Finance

Balance Transfer Card or Personal Loan/PLOC

Re: Balance Transfer Card or Personal Loan/PLOC