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personal loan to help with debt (and build credit)

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corgee

Joined: 24 Sep 2009
corgee's page
Posts: 8

183 Magic Points

Subject: personal loan to help with debt (and build credit)

Tue Oct 06, 2009 7:52 pm

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sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: persoanl loan

Sun Oct 11, 2009 12:31 pm

Thsi IS good advice. However........what people don't realize (or they MAY realize this..) is that if you ARE approved for a personal loan, your credit score automatically drops because you will have more debt. It's almost like a 'catch 22'...you need 'credit' to improve your credit scores: the more 'credit' you have, the more in debt you will be in.

robertsmith

Joined: 04 Oct 2009
robertsmith's page
Posts: 11

150 Magic Points

Sun Oct 11, 2009 4:08 pm

What are ther pros and cons of taking out a second loan to pay down credit card debts?

Zaylin
Guest

Subject: jmLPTKQqoWDehLRe

Sun May 22, 2011 11:37 am

That's not just the best anwser. It's the bestest answer!

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Sat May 28, 2011 10:25 pm

'Cons' of a personal loan: you would have MORE debt to pay on. 'Pros' of a personal loan: it's possible you will establish credit for yourself. Just becareful with personal loans. It's very easy to get 'caught up' in them and not have the money to pay them back.

SilverDollar

Joined: 02 Jun 2011
SilverDollar's page
Posts: 10

82 Magic Points

Thu Jun 02, 2011 3:35 am

I would say, I'll go for gov't loans as they have low interest rates and pay my debt, I have tried this and it worked for me. You see if you are to wait for your interest rates to pile up then you will suffer.
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sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Wed Jun 22, 2011 11:48 am

GOV loans are probably the best % rate you can get. I'm in the Military. I took out a GOV loan and the % rate was 3% (pretty low % rate!!). 'They' take the payments out of my monthly checks (I serve in the Reserves) and I don't have to worry whether I missed the payment or not. Smile

Heidi
Guest

Subject: kRMORmRjvA

Tue Jul 05, 2011 11:24 pm

Walking in the presence of giants here. Cool thinking all aorund!

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