OurCommunityPower.org >  Credit Forums   Debt Forums  Mortgage Forums  Insurance Forums
CreditMagic logo
Close

    LOG IN
Don't have an account? Sign up

*Email:
*Password:
*Display Name:
* denotes required field
*Email:
*Password:
Forgot password?
*E-mail:
  
HomeCredit ForumLoan Management

Use convenience checks to pay off sutdent loan....

 Post reply  Start a topic
Author Message
Options
Print this topic
Invite a friend
Email this topic
  Bookmark online
Add to del.icio.us
Add to YahooMyWeb
 
Ron
Guest
Subject: Use convenience checks to pay off sutdent loan....
 
 Posted on Thu Mar 27, 2008 3:59 am  
Hi,

Very often I am getting these "convenience checks" some offer 0%APR for6 months others 3.99%PAR for the lifetime of the balance, my question is can the credit card co. change the APR at any time? Or do we have a contract if the letter says "3.99 for the lifetime of the balance"?

I'd like to use one of these checks and payoff my student loan ($21K) at 9%APR. Seems I'd save a bunch in interest, right?

I want to do these so I can remove my cosigner from my private student loan.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2538



3764 Magic Points
 
 Posted on Sat Mar 29, 2008 11:46 am  
Ron
you should do your research on the companies and make sure that it is not a rip off, do you have the names of the companies that are offering these loans to you, maybe somebody else here would have some insight if they knew the company name.

If it is a legitamate offer and you will save the intrest, I would do it, but do your homework first to make sure that they are going to stick with what they promise in the beginning through out the life of the loan.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Sat Mar 29, 2008 12:43 pm  
Even a quick phone call to one person in the card dept. can save you a big headache letter. If they asure you it is for the life of the balance then get something in writing. Better to be safe than sorry. I have a hard time believing a company would throw money out there for more than a year with no interest. How would they make out. It could very well be but please be sure to check first.
 
Morningstar

Morningstar

Joined: 17 Apr 2007
Morningstar's page
Posts: 608



15 Magic Points
 
 Posted on Sat Mar 29, 2008 9:13 pm  
Sounds like a good idea, as long as you don't go late; the rate would then shoot up to whatever your card's default rate is--which is sure to be well above nine percent.
_________________
I don't dream since I quit sleeping
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 1926



9601 Magic Points
 
 Posted on Sun Mar 30, 2008 1:46 am  
Good thinking Morningstar. I've heard about it being done but wouldn't have thought to mention it here on this post.
 
goodnatured



Joined: 03 Nov 2007
goodnatured's page
Posts: 2538



3764 Magic Points
 
 Posted on Mon Mar 31, 2008 10:53 am  
Ron,
What is the name of the company that you are thinking about doing this with, maybe we can do a little background and help you out with information that will let you make a more informed decision. Let us know please?
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
Quick Reply
Your Name
Subject
Message body
Page 1 of 1

 


All the works we publish comply with the Creative Commons Attribution License.
This work is licensed under cc by 2.0

Home Knowledge bank Forums Blog About us

Members Area
  • Log in
  • Sign up
  • Bookmark us
Ask the Community
Join credit magic community
Search
  • Forum Search

Financial Tools
  • Credit Repair Tool

Financial blog reader.
Quick poll
Do you think credit repair companies are always a scam?
Yes 
No 
Somewhat