Previously, I was trying to look into refinancing my one private student loan with Sallie Mae, which was sitting at ~7100 and 11%! However, nobody would refinance because it was less than $7500 and I had a bk two years ago. My partner and I were going to start paying off my car loan faster, mostly to get it paid down, but my loan is now only 4.79%. So I decided to try another route to save money while paying my loan down.
I was trying to see if I could BT the balance to a credit card and I have a Penfed Pathfinder w/ a 10k limit that was offering me a BT 0% for 12 months with a 3% BT fee. Turns out, it was something I could do and it was completed yesterday on the card, and the loan was paid off today! Now this loan will be paid off in a year rather than by 2028 and I'll save thousands in interest. I'm thrilled!
ETA: I do know this will increase my utilization on the card for a little while but I am not planning on applying to anything for the next year and will be paying $600 a month, if not more, to pay it down. Plus any extra income/bonus will go to the balance as well!
FICO 8 on 5/31/19 ~~ EQ: 608, TU: 545, EX: 585
BK 7 DC 7/9/19
FICO 8 on 01/31/2023 ~~ EQ: 693, TU: 677, EX: 678
NFCU CLOC $1,000
Apple Card 4,500
Williams Sonoma $1,250
NFCU CashRewards $2,500
NFCU Flagship $12,100
Navy Federal Platinum $25,000
PenFed Pathfinder $12,500
Kemba CU Platinum $3,500
Amazon Store Card (Synchrony) $1500
Paypal Credit $850
Capital One QS $2,000
Capital One Spark $2,000
Overstock Store Card $2,150
AAoA: EQ - 7y9mo, TU - 7y8mo, EX - 5yr7mo (as of 01/31/2023); INQ are 2 EQ, 6 TU, and 5 EX.
New Auto Loan with NFCU (May 2022): 32k for 3.49%/60 months
My DPs: as of January 2023, I am full-time employed, 55k/year, 2 federal consolidated loans plus 3 new student loans, had perfect payment history with 0 derogs until 90 day lates prior to filing BK in March 2019.
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