Should I entertain the idea of transferring my balance?

[Anonymous]

Haha yes i just see them, see that its some promo bs, tear it in half and throw it out. Now I realize I should maybe save them...

Oh well, disco pre qualify online gives me 30k at 11.99% for 60 months. Its like 600 a month for min payment. Seems good. Amex only goes to 20k at 10.98% for 36 months $655 a month min. When I went to check cap one offer, some website marcus (backed by goldman sachs apparently) offers 30k at 10.98% for $682 a month for 60 months. Citi only does a flex loan up to whatever my cc balance is with them so theyre out. 53 just pulled my credit! I got an alert they hp'd me...and they only offer up to 25k for 60 months and I can't see the apr until I meet with a banker. Wow.

If I go for the loan from marcus (I read about that company, legit) will the inquiry combine with the one from 53? I'm going to get a loan from someone regardless so that inq wont matter at all if fico merges it with another bank inq in 30 days.

[Kforce]

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@Anonymous wrote:

Haha yes i just see them, see that its some promo bs, tear it in half and throw it out. Now I realize I should maybe save them...

Oh well, disco pre qualify online gives me 30k at 11.99% for 60 months. Its like 600 a month for min payment. Seems good. Amex only goes to 20k at 10.98% for 36 months $655 a month min. When I went to check cap one offer, some website marcus (backed by goldman sachs apparently) offers 30k at 10.98% for $682 a month for 60 months. Citi only does a flex loan up to whatever my cc balance is with them so theyre out. 53 just pulled my credit! I got an alert they hp'd me...and they only offer up to 25k for 60 months and I can't see the apr until I meet with a banker. Wow.

If I go for the loan from marcus (I read about that company, legit) will the inquiry combine with the one from 53? I'm going to get a loan from someone regardless so that inq wont matter at all if fico merges it with another bank inq in 30 days.

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Just ran the numbers for you:

(Disco)       $30,000 @ 11.99% for 60/mo = $668/mo   =  $10,013 interest.

(Marcus)  $30,000 @  10.99% for 60/mo = $652/mo    = $9,118 in interest.

(Marcus) with Discos payment amount of $668 /mo   =  $8.812 in interest

All of the above will save you a good chunk compared to not taking a loan

Congrats on some pre qualify offers

[Anonymous]

Thank you! So about the inquiry, any idea if they will merge? Otherwise, I'm going to have 2 inquiries, because it definitely makes the most sense to get a loan. Unless when I go to the local 53 branch tomorrow the 25k they offer is at a very low apr. I will see.

Also I got the numbers slightly wrong. Marcus is 10.99% for 48 months at 697 a month for a 27k loan (thats the final number for sure, I will pay other small balances out of pocket right away). So that would mean a bit more savings. My disco payment thus far has been at least 400-500 so the extra 200-300 seems well worth it, considering that alone is 20.24%.

Thank you for your help, I really appreciate it.

Edit: i pulled the trigger on marcus. 27k @ 10.99% for 48 months. Auto pay made it 10.74%. $697 a month. They used my tu VANTAGESCORE. It showed 710. I hope the inqs merge. 

[GatorGuy]

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@Anonymous wrote:

Thank you! So about the inquiry, any idea if they will merge? Otherwise, I'm going to have 2 inquiries, because it definitely makes the most sense to get a loan. Unless when I go to the local 53 branch tomorrow the 25k they offer is at a very low apr. I will see.

Also I got the numbers slightly wrong. Marcus is 10.99% for 48 months at 697 a month for a 27k loan (thats the final number for sure, I will pay other small balances out of pocket right away). So that would mean a bit more savings. My disco payment thus far has been at least 400-500 so the extra 200-300 seems well worth it, considering that alone is 20.24%.

Thank you for your help, I really appreciate it.

Edit: i pulled the trigger on marcus. 27k @ 10.99% for 48 months. Auto pay made it 10.74%. $697 a month. They used my tu VANTAGESCORE. It showed 710. I hope the inqs merge. 

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I'm not sure what you mean by the inquiry "merging" or "combining" but if you are referring to multiple inquiries within a timeframe counting as one inquiry that is only for auto, mortgage and student loans I believe. Also, the multiple inquiries still show on your report, however just for scoring purposes they only count as one. 

[Anonymous]

Yes, sorry, that is what I meant.

So, am I screwed now, basically? Is it still a bad idea to dispute inqs with the cra?

And 53 came back this morning and said best I could get is 15k at 10.99%. So I wouldn't have gone that way, anyway.

[House1204]

Yes it  is still a bad idea to dispute inquiries.

[Anonymous]

Ok. Well, not the end of the world. I have no inqs on any bureau before these two.

[dragontears]

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@Anonymous wrote:

Yes, sorry, that is what I meant.

So, am I screwed now, basically? Is it still a bad idea to dispute inqs with the cra?

And 53 came back this morning and said best I could get is 15k at 10.99%. So I wouldn't have gone that way, anyway.

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Inquiries from different lenders will NOT be "combined" either by the scoring algorithm or physically on your reports for personal loan (or credit cards).

Disputing inquires is a really bad idea, the only legitimate reason to dispute them is if it is fraud/ID theft and you didn't actually apply. 

[Anonymous]

Got it. Hopefully these two don't matter really at all. I did basically erase that awful util i had and granted the loan is essentially maxed for now, it's an installment, so that means i should see some bumps in scores no?