Question

[Anonymous]

Alright SOO I was browsing the forum a bit and saw that people had similar questions to mine. My question is, should I pay off my car loan with a credit card? (I haven't applied for one yet, so I don't know how high I can get so this might all be pointless )

The details are. I'm 20 years old, full time job yet not making the greatest hrly rate. I decided that I needed a car and that i'd get something a little flashy (big mistake). I bought a Mistubishi Eclipse 2001, Spyder V6....you can tell me how stupid I was lol.

Alright so this car was in extremely good condition, only thing about it was it was $9000 after licensing and taxes

Now little did I think about the dreaded i word. INSURANCE!! My loan required that I have extremely good insurance, full boat to say the least. I bank through a credit uniion, so I got a 3 year 6.9% loan at $237/month. Now here's the worst part. My insurance is $207/month. I was doing the math on it and i'm **bleep** near paying double what I originally was loaned for.

Now I don't even know if I can get approved a high enough credit card. But with the figures i've given, can I get opinions on this? 

[llecs]

I wouldn't do it. Assuming you have terrific scores, getting a high enough CL under 6.9% would be a challenge. Do you have any CCs now you can do a BT?

Assuming you did get the card, your utilization would very likely increase (depends on your other CCs & new CL). If that happens, your scores could very easily tank. They would recover once you pay down the balances.

And if you had the CC, depending on the loan amount being transferred, your minimum payments may exceed your loan payment. If you do get a new CC, check w/ them on minimum requirements.