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carol
Joined: 27 Jun 2006
carol's page
Posts: 1362
Location: Los Angeles, California
29592 Magic Points
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Fri Sep 12, 2008 12:43 pm
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| What I think is that, most of the credit card companies offer balance transfer card at low rates only to build up their customer base. However, these low interest rates are only introductory and are valid for a period of six months to one year. These cards are also have no annual charges. |
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goodnatured
Joined: 03 Nov 2007
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Posts: 4007
1224 Magic Points
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Sat Sep 13, 2008 1:00 am
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You should not transfer over high amounts unless you can afford to pay them off before the grace period or the six month period is up.
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Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Sat Sep 13, 2008 2:01 pm
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| Thats what I am trying to figure out and want to make a new post on so I can get everyones advice. I am debating on rolling a higher debt that will lose its zero percent interest here shortly or just go to the bank and get a loan. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Sat Sep 13, 2008 10:15 pm
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I would go back in to the bank and get the loan and pay it off to keep the good rate on your card.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 621
-55 Magic Points
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Sat Sep 13, 2008 10:18 pm
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| That would be the smart thing to do, but hopefully you will hear something on your money before you have to do anything like that. |
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erb1953
Joined: 31 Dec 2007
erb1953's page
Posts: 621
-55 Magic Points
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Sat Sep 13, 2008 11:04 pm
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| just hope you get an answer soon |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 4007
1224 Magic Points
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Sun Sep 14, 2008 5:46 pm
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Fireyone, things will be better soon, hopefully you will hear something real soon and you can get all this off your shoulders and get rid of some of this stress.
_________________
Goodnatured,
http://cashinpocket.synthasite.com/
for all the ways I make $$ online |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Mon Sep 15, 2008 1:05 am
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I am counting down the days. The expect first response in 45-60 days but that will put me in late October and it will be too close. I am thinking I will go to the bank. It rained here all day friday and I was home alone so I sat down with the trusty pen and paper and tried to figure some things out. It didn't look to good and that was without including emergencies or breakdowns, repairs, you name it.
So I am thinking a payment on that amount would probaly be roughly $150-200. I can not fold this in anywhere with taxes, fuel, holiday pays, holidays so here is what I came up with.
the loan processing fee would be abput $100 or so. Thats not too bad so if I took the loan out for $6000 and the totla on the cards is $5700..that would total $5800 with fees. I already pay $50 monthly so if I continue to do that and only use $100 of the extra loan money each month that would carry me for a couple more months.
Surely sonce I am at no fault with extensive injuries it shouldn't drag out much longer than end of year. Tell me what you think of my idea. |
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Kathy
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Subject: closed credit card
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Sun Oct 05, 2008 2:44 pm
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| one of my credit cards will be closed due to non use, Home depot did same thing how will this effect credit score |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Tue Oct 07, 2008 10:31 pm
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| Depends on how long you had the card. the older the account and if you made your payments on time (account was always in good standing) then it could have quite an effect. |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 550
13573 Magic Points
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Fri Oct 10, 2008 4:53 am
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Hi Kathy
Since you have not used this credit card for long and for that very reason the card is being closed, it will not affect your credit score much because the card do not have a good credit history which plays a major role in your credit score. There may be a small drop in your credit score because of the "length of the credit history" factor. The only thing you need to do is to ask the bureaus to change the listing to "closed by grantor" if it is listed as "closed by customer" in your credit report.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Guest
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Subject: Interest rates
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Sun Oct 26, 2008 11:59 pm
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I closed a credit card account, which had an original credit limit of $3,500 - it is now paid down to around $1,000.
I have been making the regular payments on this credit card since it's inception on or before the due - in other words - I've never been late on it.
Keep in mind - this is a closed credit card account and it had a 14.29% interest rate. My most recent statement I received shows the interest rate went up to 20.99% interest.
Can a credit card company raise the interest rate on a closed credit card ? |
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fireyone
Joined: 26 Feb 2008
fireyone's page
Posts: 4500
8812 Magic Points
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Mon Oct 27, 2008 12:05 am
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| They can do this at any time. I just posted a topic on this today. A lot of credit card companies are doing this now. Some see their rates go up trple what they were before. My advice is to pay it off as soon as possible or go to the bank and take out a small personal loan. It will have a lot lower interest rate and have one that will not change. Since it is a closed account you can not roll it over to another card or I would have suggested that. |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1498
111 Magic Points
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Subject: cc
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Mon Oct 27, 2008 12:51 am
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| I know someone is has 'ok' credit. They had a CC ( don't know which one it was..) and the % rate changed, to a higher % rate. She 'rolled it over' to another CC she had. The question I have is ..if she has 'ok' credit, will this 'transaction' look 'bad' on her credit? Wouldn't this 'transaction' tell lenders that she couldn't afford the FIRST CC when she transfered her balance to another? |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1298
28935 Magic Points
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Mon Oct 27, 2008 9:00 am
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No, if you transfer the balance from the existing credit card to the new balance transfer credit card, it will not effect your credit score because you are not defaulting yourself, instead you are paying it off on time. Now if you close the first credit card after transferring all the outstanding debt to the new credit card, it will lower your credit score because all your payment history on your old card would be lost. Since the payment history constitutes about 35% in your credit score, it would affect your score.
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All the Best 
Justin |
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