nycitaliano9
Senior Member
- Location
- North Babylon exit 51 lie
Looking for personal loan to pay off credit cards if you know some one that can help me or some where i can go please let me know thanks.
Looking for personal loan
- Thread starter nycitaliano9
- Start date
jenniebutterfly
Senior Member
- Location
- Greenpoint, Brooklyn
my advice is that if you don't have much debt and can pay it off fairly quicly is to look into some 0% cards and do balance transfers. look for the ones with no fees though. then start paying them off. if you don't get it paid off by the time the offer expires, do it all over again. this is what i am doing, and it is working very well. oh and don't cancel your cards, that can hurt you in the long run.
nycitaliano9
Senior Member
- Location
- North Babylon exit 51 lie
thanks will look into that what cards are 0 intrest and where can i get it.
bad coffee
Inept at life.
- Location
- Location: Location:
Good idea. However, don't keep all your credit cards. It can hurt you in the long run. If you try to get a loan they look at how much available credit you have. If you have 5 credit cards which have a $5000 limit, you have $25000 available credit. if you make $100K a year, that's 25%. Which is a LOT. If you cancel 3 of those cards you only have 10%. And you still have $10k available credit.
So keep the 'good' cards and ditch the rest. I have an Airline Miles card. it's my only card. I use it for everything, and rack up the miles. Then I pay it off every month.
B
So keep the 'good' cards and ditch the rest. I have an Airline Miles card. it's my only card. I use it for everything, and rack up the miles. Then I pay it off every month.
B
B,
See this where credit reporting becomes a gray area. You see although what your saying is correct, they also look at it like this:
If you have a total of $25k credit and are a carrying a $9k balance than you are using 36% of your available credit. Now if you were to cut those three cards, go down to a $10k credit line and are still carrying a $9k balance, all of the sudden your at 90% of your credit. Try getting a loan with that kind of debt to credit ratio.
The goal is to get rid off the debt and eliminate the cards over a period of time. Also be careful because constant swapping of debt from one card to another can hurt you credit score also.
I keep two cards. The one for everyday purchase with a nominal limit and the emergency one with no limit.
See this where credit reporting becomes a gray area. You see although what your saying is correct, they also look at it like this:
If you have a total of $25k credit and are a carrying a $9k balance than you are using 36% of your available credit. Now if you were to cut those three cards, go down to a $10k credit line and are still carrying a $9k balance, all of the sudden your at 90% of your credit. Try getting a loan with that kind of debt to credit ratio.
The goal is to get rid off the debt and eliminate the cards over a period of time. Also be careful because constant swapping of debt from one card to another can hurt you credit score also.
I keep two cards. The one for everyday purchase with a nominal limit and the emergency one with no limit.
nycitaliano9
Senior Member
- Location
- North Babylon exit 51 lie
Thanks guys
- Location
- Ridgewood, Queens
Wait 7 years and theyll disappear.........
nycitaliano9
Senior Member
- Location
- North Babylon exit 51 lie
What you mean wait 7 years
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