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My credit score is a 715 as per my credit report and am curious-can i take out a personal loan from my bank to pay off credit card debt.I'm sure their rates would be a lot lower than my credit card percentage rates.Just curious.
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1980 XS1100 SG
Inline fuel filters
New wires in old coils-outer spark plugs
160 mph speedometer mod
Kerker Exhaust
xschop K & N air filter setup
Dynojet Recalibration kit
1999 Kawasaki ZRX1100
1997 Jeep Cherokee 4.5"lift installed -
Nowdays
Not only do the banks require collateral but they want it in Real Estate that is worth several times the loan. Won't hurt to try.'81 1100 MNS - "Midnight XSpress"
Original except:
120 mains outer cylinders - 125 mains inner cylinders - Ceramic headers - Powder coated pipes, covers calipers, and MC's
4 pods - Air box gutted--E3 Plugs - High Back seat - Grooved out swing arm - SS brake lines
Fork brace - 160 speedo - Auto CCT
All gold paint and chrome replaced with GOLD plate
"STUPID is Forever" Ron White.
Contact me by PM -I don't deal with stupid anymore.
Big John -
The answer is "It depends." I worked for MBNA for 16 years and Bank of America for 1 year, mostly as a credit analyst. If you have major credit cards (MC/Visa/Amex) with good rates, you might not be able to beat them with an unsecured personal loan. If you have a combination of store credit cards with higher interest rates and major cards, you might be able to do better. Your total amount of debt and debt to income ratios also play a part. Lending criteria have tightened up seriously due to the recession. A few years ago, you could almost certainly have done it. Now, it may only be possible to move a portion of your debt because banks are not willing to lend as much as they used to. If that is the case, you could at least move the higher interest balances. Your lowest rate would come from a secured home equity loan but you would have to jump through lots of hoops (plus have enough equity in your home to do so). I would suggest that you go to bankrate.com and start looking at rates and calculators to start. Hope that helps.79 XS1100 SF - name TBD - possibly "Divorce Maker" Kerker 4 into 1, K&N filter in stock air box
79 XS1100 SF - parts (for now) - "Divorce Maker II"
79 XS1100 SF "The one that got away" sold in 1993.Comment
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Hi oldyam,Originally posted by oldyam80sg View Post
Least cost is a home equity line of credit, usually prime + ~3%.
Or there's credit card companies that'll take up your card debt and charge ~6%.
In either case, cut up your charge cards. If you can't pay those cards down to zero every month you are overspending.
If you can't get a home equity loan but can get a lower interest card, set up an automatic payment with your new lender.
If you are as little as 2 days late twice in a year they'll bump your rate an additional 18%.Last edited by fredintoon; 08-20-2010, 08:47 AM.Fred Hill, S'toon
XS11SG with Spirit of America sidecar
"The Flying Pumpkin"Comment
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