topic Re: Need some advice. in Credit Cards

Need some advice.

Interestedincredit — Thu, 09 Apr 2015 00:04:38 GMT

Good evening my fellow my fico members:

I am 19, have had credit since I was 16 due to AU, on my 18th b day I opened my own account

My accounts:

NASA FCU 10k/0 balance
NFCU flagship 5k/0 balance
Nfcu cash/5k/ 0 balance
Nfcu nav check/ 15k/ 1174
Chase 1200/0 balance
Discover 850/0 balance
Amex platinum NPSL
Citi forward 2k/ 0 balance
Lowes 17k/ 0 balance (yay credit solutions)
Walmart 10k / 0 balance
Us air 3k/ 0 balance

My question is, I have a personal loan with NFCU for 2650, loan was opened in January of this year. Original balance 4580. (I have been paying way more than the minimum)

My current debt strategy will leave me debt free July 1st, my loan is at 18%

My question is, my NASA card the rate is 10.9, should I tAke a cash advance from a NFCU card to pay off the loan, than do a BT to nasa to get a 10.9% rate? Or just keep the loan.

Thank you!

Re: Need some advice.

Anonymous — Thu, 09 Apr 2015 00:11:29 GMT

You can do a BT from the credit card directly into your checking account and not have to pay the cash advance fee

However, depending how much your bank charges for BTs (usually 3-4%) this might not make financial sense. If you can afford to pay off the loan in three months the difference in interest may not be that high anyway

Re: Need some advice.

Interestedincredit — Thu, 09 Apr 2015 00:13:23 GMT

That's why I am weighing my options, I never knew you could BT to a checking account.

Re: Need some advice.

jamesdwi — Thu, 09 Apr 2015 00:16:40 GMT

Congrats you are doing a great, job wish I had 1/10th those cards when I was 19...

I would just ride it out as is, having the loan on your report shows more divisity in your credit profile, and the difference is only 3 months, and only 1-2% interest over a year, and you state you would pay it off in July, you can get about the same savings, by working harder and paying it off a month sooner. Why bother with cash advances and Balance transfers. Not worth it in my book.

Re: Need some advice.

Interestedincredit — Thu, 09 Apr 2015 00:22:54 GMT

Thank you for the input!

Re: Need some advice.

Anonymous — Thu, 09 Apr 2015 00:24:36 GMT

I would be worried about a balance transfer to your account being billed at the cash advance rate, which is usually higher than the credit APR. If it is only a matter of a couple months, I think I would just ride it out.

BTW, congrats on your lineup. You've clearly done very well for yourself, credit-wise.

Re: Need some advice.

Interestedincredit — Thu, 09 Apr 2015 00:26:29 GMT

Thank you very much. I think I may just keep the loan than

Re: Need some advice.

Anonymous — Thu, 09 Apr 2015 00:43:45 GMT

@Anonymous wrote:
You can do a BT from the credit card directly into your checking account and not have to pay the cash advance fee

However, depending how much your bank charges for BTs (usually 3-4%) this might not make financial sense. If you can afford to pay off the loan in three months the difference in interest may not be that high anyway

I agree.