Advice on using convinience checks to payoff mortgage

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

Arya

Joined: 19 Aug 2009
Arya's page
Posts: 46

1190 Magic Points

Subject: Advice on using convinience checks to payoff mortgage

Fri Nov 13, 2009 1:54 pm

I have always had good credit and recently recieved an intriguing offer from a credit card company. They sent some convenience checks with no transaction fees, and 3.9% APR for the life of the balance. I have a credit limit of $35K on this account. I owe about $39K on my home mortgage which is financed at 6.5% and I have about 11 years left to pay. I am considering using the convenience check plus a little savings to pay off my mortgage. I have used various mortgage / credit card calculators and they all show that if I make the same monthly payment I could pay off my house 5 years earlier if I go with the convenience check at 3.9% APR. Nevertheless, I am concerned that having $35K on revolving credit will negatively impact my credit score. However, I don't plan on making any major purchases in the next year or so. What is your advice?

warghade

Joined: 14 Jul 2009
warghade's page
Posts: 35

629 Magic Points

Sat Nov 14, 2009 6:23 pm

In my opinion if you are having your health insurance policy and if you are not planning to purchase any new home in coming future then you should go ahead with the deal as it will save lot more money for you in long term.as you will be able to enjoy your retirements with more funds in 401k.

keep us informed.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.