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Need Some Credit Advice

Discussion in 'The Lounge' started by Resurrection_Joe, Dec 13, 2005.

  1. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    I need about a $7000 5 year loan at a max of 15% interest

    What's my best bet

    My mom's credit is....ehhhh alive I suppose

    I don't know how mine is but I have had two bank loans and a few small store cards along with a dell account which of I have payed of three and never missed a payment.

    My bank never got back when I asked

    MBNA gave me a credit line of $5000 at 16.5%

    If my bank doesn't go I'mma call them back unless something better comes along

    I wanna pay off my stupid credit card. Beacause it's under my mom's name it got kicked up to 21.5% interest. My payment is $160 - $200 on a minimum of $130 and the interest is clocking is at $120 per.

    I saved a bunch swtiching to godaddy for web so I have no recurring bills except music match, which I can live without.

    Pupurun

    Anyway, what the hell
     
  2. gauder

    gauder Banned

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    There's always a line of credit rather than a loan because I don't think a bank would loan such a small amount over 5 years.

    Call the credit card company and ask them to lower the interest rate. If they say no tell them that you will transfer the whole balance over to another card. I bet they'll bite.
     
  3. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    Thats what the MBNA thing was, a line of credit

    I'm shy, I can't yell at people, I go cry if they yell at me
     
  4. gauder

    gauder Banned

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    Sorry, been a long day and I didn't fully process everything I read in your first post.

    Seriously though, I know people who have continually transferred their credit card balance every couple of months to a different card because they offer 0% or extremely low % for the first 3 months on transferred balances. That is the cheapest way to go, it does require a bit more effort on your part though.
     
  5. nc87k5

    nc87k5 3/4 ton status

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    some small finance companies will help with that small amount and with that interest rate.
     
  6. beater_k20

    beater_k20 Banned

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    i would look into a card on your own, that would allow you to balance transfer. many of them go 12-18 mos interest free, which would allow you to pay more on principle, rather than interest. i just went and got an 18 mo loan for $3000, 15% interest. used it to pay off my SnapOn account, which was about $3100 w/ 29% interest over like the next 2 1/2 years. actually going to end up saving myself a boat load in the long run. with what little credit history you have, it may be tough though. i'm the guy dealer finance guys refer to as a "rock star". i could go down and drive a new Vette home if i wanted to. be careful with it man, you could actually end up screwing yourself.
     
  7. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    I've thought about card jumping, but I can't get cards on my own with high enough limits for some reason (poooooor)
     
  8. Corey 78K5

    Corey 78K5 1 ton status

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    After five years You would probably end up paying at least double the amount. 15% intrest would really suck ass for You. Try and get a lower intrest rate. The first couple years all You would do is pay on intrest with out ever touching the principle.
     
  9. Resurrection_Joe

    Resurrection_Joe 1 ton status

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    No, I mean a 15% over the total time of the loan. I dunno how it works all the time but my car loan was fixed interest over so long and they just plopped all the interest on at once and divided it by 48.

    I am at times socially inept..... gwar har har

    Oh, BTW, Corey, Can Can says you're a swett knowledgeable guy.... AWWWWWWWWWWW SO CUTE
     
  10. bigjbear

    bigjbear 1 ton status Staff Member Moderator

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    Be careful, most places are going to be giving you a rate as an APR. I would look at joining a credit union if you are elegable for one near by. Also, try Wal-Mart.
     
  11. cbbr

    cbbr 1 ton status GMOTM Winner

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    Banks/credit unions/finance companies use compounding interest (think Credit Card). Finance companies tend to have a large variety of "fees" built in to their loand that can significantly increase the effective interest rate.

    Your best bet is to work with a local bank/credit union and establish yourself as a good risk. They may not loan you everything you need at once, but it is worth dealing with them to establish a long term relationship. This will not really work as well with big banks, go to a local bank or credit union.
     
  12. Seventy4Blazer

    Seventy4Blazer 3/4 ton status

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    MBNA is a crappy deal, they always have been always will be. what you need to do is get a credit report. your bank may have said no, if so they are required to get you a free credit report up to 45 days after they said no.

    debt to income ratio and past credit history are obviously huge keys in your credit score. one thing people almost always overlook that hurts your credit score is available credit. if you still have any of the store cards with a zero balance then they are hurting your credit score and ability to get a loan or line of credit.

    what to do? start using one of the cards but never spend more than you can pay off the following billing cycle. use it as offten as possible. let it ride a month or two once in a while and make min payment, then make an early payment the following month.

    as for the rest of the cards close them out as soon as you can. it can take a while to get it through the thick skulled folk on the other end of the phone, but its worth it.

    thats all for now, and im sure i will think of more later.
    Grant
     
  13. beater_k20

    beater_k20 Banned

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    you dont want to do this too often, as it will hurt your credit in the long run.
     
  14. Jagged

    Jagged 1 ton status

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    And if possible, try to speak with the manager. They have greater flexability than the loan officers. I was able to get a lower interest rate on an unsecured loan (10% instead of 17%) by saying someone else offered me 10% with a cosign. She said "Well, I can get you 10% without a cosign, how's that?"
     

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