How to avoid Conn's furniture interest

PrinceCorwin · ‎07-02-2017

While my credit was still in the 500s, I financed some furniture from Conn's. APR is 21%. Pay out balance is 2200. Balance with interest $2900. Scores now around 670 and I have a few decent cards. How should I go about refinacing the loan? Can I do a BT from Conn's to a new card or does that just work card to card? Maybe a personal loan from NFCU? Need advice.

PrinceCorwin · ‎07-03-2017

bump

StartingOver10 · ‎07-03-2017

Have you tried Citi's Double Cash card? You can get a balance transfer for zero interest for 12 or 18 months IIRC. I just googled and the zero interest is on two of Citi's other cards: citi simplicity or citi diamond preferred. I don't see the zero interest on the double cash at this time (it was there when I got it last Sept). Check it out

PrinceCorwin · ‎07-03-2017

@StartingOver10 wrote:
Have you tried Citi's Double Cash card? You can get a balance transfer for zero interest for 12 or 18 months IIRC. Check them out.

Two things...

1. As asked in OP, do cards allow balance transfers from a source like Conn's or does that just work card to card?

2. Applying for a card is hit or miss. In order for it to work, I MUST get a CL equal or greater than the balance I need ($2300). No guarantee there.

StartingOver10 · ‎07-03-2017

I was able to get a cash transfer to my checking account and pay off whatever I wanted to pay off.

BTW, oddly enough it wasn't considered a cash advance

PrinceCorwin · ‎07-03-2017

@StartingOver10 wrote:
I was able to get a cash transfer to my checking account and pay off whatever I wanted to pay off.

Not exactly sure what you mean by that. My cards have cash allowances that are significanly less than the CL. Could you be more specific about the process.

Anonymous · ‎07-03-2017

StartingOver wasn't referring to a cash advance that's something different. Frequently a BT can be used to direct deposit funds into a checking account. Works like any other BT. Once in your checking you can use it at your discretion...church offering or lap dance its yours to do as you please.

RobertEG · ‎07-03-2017

Many creditors place restrictions on how a BT is used, while others do not.

It is kinda standard, for example, for a given creditor not to do a BT for payment of another account with them.

Some BTs disperse directly to the named party, and thus there is full control over the recipient.

However, as stated in a prior response, some BTs simply write you a check or deposit in your bank account, so there are no restrictions on how you then use.

StartingOver10 · ‎07-03-2017

@RobertEG wrote:
Many creditors place restrictions on how a BT is used, while others do not.
It is kinda standard, for example, for a given creditor not to do a BT for payment of another account with them.
Some BTs disperse directly to the named party, and thus there is full control over the recipient.
However, as stated in a prior response, some BTs simply write you a check or deposit in your bank account, so there are no restrictions on how you then use.

Exactly^^^ - both of the above posters are right.

As to the amount - when you get the card it will tell you the max credit line and also the max credit line for BT's and the method.

PrinceCorwin · ‎07-03-2017

@StartingOver10 wrote:
@RobertEG wrote:
Many creditors place restrictions on how a BT is used, while others do not.
It is kinda standard, for example, for a given creditor not to do a BT for payment of another account with them.
Some BTs disperse directly to the named party, and thus there is full control over the recipient.
However, as stated in a prior response, some BTs simply write you a check or deposit in your bank account, so there are no restrictions on how you then use.

Exactly^^^ - both of the above posters are right.
As to the amount - when you get the card it will tell you the max credit line and also the max credit line for BT's and the method.

Thanks for the info. That answers a lot of questions about BT. I've never done one. But it doesn't seem like an option for me being that I don't know what the SL of a new card will be and if it isn't enough to cover the $2300 I need, the app will have been pointless