Upstart personal loan $7500 outstanding 33% APR - worth getting a balance transfer?

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@leo187um wrote:

It's not like I'm struggling with debt or anything.. 

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ah okay that makes anything rational...

so you're going to spend 33% on $7500 to keep $7500 "capital" in a deposit account where it earns <1% or more likely nothing? heck why not invest the capital in bitcoin or stonks.

[leo187um]

I was an expat and left the us when I was 21 (closed the credit card I had at the time since I didn't know any better).

Came back last year so had to start building credit from scratch. The personal loan was taken so I can boost my credit score. That takes precedence over the monthly payments I make which is not significant to me. 

I feel that cash is better spent depositing into my chase, usbank, and Amex checkings/savings accounts to position myself better for higher limits. 

[Jnbmom]

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@leo187um wrote:

I was an expat and left the us when I was 21 (closed the credit card I had at the time since I didn't know any better).

Came back last year so had to start building credit from scratch. The personal loan was taken so I can boost my credit score. That takes precedence over the monthly payments I make which is not significant to me. 

I feel that cash is better spent depositing into my chase, usbank, and Amex checkings/savings accounts to position myself better for higher limits. 

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Pay that off now 33% to have a loan report 😳 You could get a SSL to satisfy a loan reporting 

[leo187um]

What is a SSL? 
I am also not trying to get any more inquiries until I apply in 6-9 months time..

Will it be ok if my utilization on the boa card jumps for a month or two as long as I bring it back to 1-4pct in 6-9 months? 

[RSX]

points lost by high utilization are gained back when the utilization drops

they are a snapshot in time

so yes, you can max the one card - lose a bunch of points - then as you pay it down, they will come back

you seem set on keeping that 33% loan, so i wont mention that one again

[RSX]

SSL = 

https://www.bankrate.com/loans/personal-loans/what-is-a-shared-secured-loan/

[leo187um]

No just trying to understand the credit game better, if one time high utilization does not impact my application negatively 6-9 months done the road, then putting the max on my BoA card makes sense..

I am not as knowledgeable a you guys btw so just want to understand how these credit algorithms grade certain actions (one time I laid off my credit card balance off and my score tanked 100 pts which didn't make sense to me).

[Remedios]

In this thread  you started you had two Opportun loans. Those loans would have had same or higher APR than this one 

In fact, their website joyfully announces "no Apr higher than 35%"

Given your extremely short history, you would have been at the tail end of their range. 

You got this one to pay off those other ones, meaning your interest was higher than 33% on those. 

In that same thread, and multiple times in this thread you've mentioned having money to pay them off, but you'd rather "deposit" money so you can get credit card from Chase/Amex. 

Are you really willing to pay thousands in interest to get puny credit card, because no credit card is worth what you're doing. 

Why even bother with paying BT fee (in top of interest you already bleed, and 33% is bleeding money) if you can pay it off and be done? 

I know you think you're building credit, my opinion is you're heading for financial ruin. 

I don't need to be told how much money you got in the bank, with the moves you've been making - it won't be there.  

You're literally two years into credit and already ...well, this. 

[SouthJamaica]

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@leo187um wrote:

I have the money to pay it back now but wanted to see whether it makes sense to use the Bank of America card as i can transfer the balance without a hard inquiry. Using the full balance would kill my utilization and my credit score will drop.

I want business cards as they have high limits and don't affect your personal credit score (unless I default). 

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If you have the money to pay it back now you should pay it back now. Period.

[SlideOrInsert]

skimming through the other threads, OP has "133K of student loans outstanding (new installment loans report every 3 months or so)..." so the 33% upstart loan seems really unnecessarily expensive to inflate credit score via credit mix.

OP seems determined to follow their original decision contrary to the advice given in this and other threads. they were told there and here by multiple advisors that that 33% was an expensive loan.

many of us have made the credit mistakes and OP seems to want to repeat them despite the advice otherwise.

in any case, it is OP's money so the decision is theirs.

OP wants to build credit which is not a bad thing, but probably is not going about it in a practical way. I guess it is because:

@leo187um wrote:

It's not like I'm struggling with debt or anything..

only $140k at the moment.