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In anyones opinion, does it make sense to combine my two personal loans? These are the specifics:
1st loan balance $23078 (14 day pay off) $495 mo 15.65% exacatly 72 mo remaining for both
2nd loan balance $18648 (14 day pay off) $398 mo 15.69%
combined @ about $41678 or roughly 42k
total payment now is $893 between the two according to FICO report
current credit scores across the board (FICO) above 775.
USAA could possibly be as low as 9.49% with excellent credit also.
these loans are between NFCU & USAA with whom I've done all my business with. I would apply with NFCU.
Thanks!
current DTI is 25% and would drop to about 24%.
sorry for the long post but probably answered the question myself, thanks anyway!
If it was me and I could get a significantly lower rate and payment, I’d do it.
sometimes I get jitters in being declined and wasting an inquiry.
I did go for it and ended up getting 9.74% for 72 mo @$767 mo, saving 5.95% per month in interest which equals saving $124 per month.
I guess I would take two or three hits for this on my credit files; one for the inquiry, one for the consolidation, and one for the old accounts being closed out?
Congrats on your consolidation loan approval!
@babbles wrote:sometimes I get jitters in being declined and wasting an inquiry.
I did go for it and ended up getting 9.74% for 72 mo @$767 mo, saving 5.95% per month in interest which equals saving $124 per month.
I guess I would take two or three hits for this on my credit files; one for the inquiry, one for the consolidation, and one for the old accounts being closed out?
Congrats on improving your loan terms!
You should only take a "hit" for the inquiry and the new account. You might get a temporary hit as the new account might report the balance of $42K before the old loans report $0, but that should fix itself within a month or two. You shouldn't see any hit from the other loans being closed out.
NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC: $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K
Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814
I did a consolidation and I think my credit mix may not be too good at this point:
rolled up two loans within the last week and both were only open 1 year even
have two credit cards reporting with 0% utilization, one with a high of 24k and one @ $500
one auto loan only been open 6 months (refinanced) 72% utilization
oldest account 15yr 8 mo average 8yr 9 mo
one of the consolidated loans paid off on experian this morning and got an amazing 10 point drop
Is that a weak credit mix?
No, it’s not bad by any means. You have credit cards and an installment loan, so you’re doing well. I suppose you could add another card for the “ideal” number of credit cards, but don’t feel like you absolutely have to if you don’t need one.