Yeah I'd do the same.
Honestly though I had no idea predatory student loans existed. I had some a while back for a small amount with a ridiculously low interest rate... I was literally paying a few dollars a month in interest on $3k in loans.
@jmcmillan wrote:
@TRC_WA wrote:
Honestly though I had no idea predatory student loans existed. I had some a while back for a small amount with a ridiculously low interest rate... I was literally paying a few dollars a month in interest on $3k in loans.
This is a private student loan that I got as a freshman in 2003, when banks were passing these things out like candy. I've been paying between $250 and $289/month for about 13 years, and I still owe $19,000 out of $20,000 from the original loan. Unfortunatley, I was under employeed for a long time after college, and I'm just now getting my head above water. This loan will end up costing me over $50,000 when I'm done.
OMG. I had no idea. I've heard of payday and title pawn loans like that but had no clue SLs did the same.
It should be illegal IMO.
Since you've told me this I would say absolutely do the BT... and honestly I'd still do it even if they told me they'd AA my account because it looks like you are in a SL that you will never get out from under.
Best of luck.
@jmcmillan wrote:Would I be at risk if I did a BT to my Discover card if I used 90% of my credit line? I really want to take advantage of the 0% balance transfer offer, but I don’t want to be balanced chased, or any other adverse action. I would not actively be applying for credit during this time. I calculated my overall util would be about 30%.
I've had the opposite experience with Discover. It's been times when I was at a high utilization using BT offers from them, that I was able to obtain CLIs. Obviously, the entire credit profile it taken into account, but that's the only time I've been able to get CLIs from them.
