If the rate for the consolidation loan is lower than your current rate, then of course. Assume you have a 18% apr on one card and a 20% on the other. If the consolidation apr is lower, of course. If your balance is low enough that you can pay it of in a few months anyway, don't bother. What you have to be aware of, is that debt consolidation companies negatively affect your credit rating while you hold a balance. If you were 90 days late already, then it wouldn't matter. If your are in good standing as you say, it's not a good idea. I would suggest getting a personal line of credit at a credit union. This wouldn't affect your score negatively and the rates are very low. Keep in mind your minimum payment will be a bit higher because they expect you to pay it of over a shorter period of time.
Hey, if you currently carry a balance and can play the 0%/12mo balance transfer game and consolidate, why not? It doesn't get any better than paying zero interest. On the downside, having a good payment history on more than one card is a very good thing for the purpose of establishing credit. Obviously, I am not advocating running up large balances you can't afford to pay off. However, once established, should there ever be a justifiable emergency, you might just be damn glad you have a sizable unused credit line on several cards. If you meant a consolidation service or loan, pass.
no DO NOT DO THAT.
if need be, like said - transfer to 0% card. or even call your current cards and TELL them that you want a lower rate. say you like their card but they have the highest rate. kind of like "you know helo me out here" it ALWAYS worked for me.
__________________
08 G37 6MT | PlatGraph | Nav | 15% | TEIN H Tech
04 Cpe 6MT | DG | Nav | 20% | TEIN S Tech | Volk GT7
I haven't had a credit card this century...nasty, evil things...er, maybe I am the nasty, evil thing. If you consolidate just remember to cut up the cards you are getting rid of, right?
I haven't had a credit card this century...nasty, evil things...er, maybe I am the nasty, evil thing. If you consolidate just remember to cut up the cards you are getting rid of, right?
but it's also not to your advantage to have ZERO credit cards. maybe not in your case - you are older and i'm sure have established credit. but at super's age - he needs credit cards to build his credit.
that's how i built mine - my credit score was 780 by the time i was 20. not bad...
you should always have at least one for emergency use tho. plus now, i only use AMX gold --- i already have 30,000 points. free stuff for spending money i was already spending? can't argue that!!
__________________
08 G37 6MT | PlatGraph | Nav | 15% | TEIN H Tech
04 Cpe 6MT | DG | Nav | 20% | TEIN S Tech | Volk GT7
Ah but Mike my theory is this...he is not using those cards to establish credit hence this question he has for us about consolidation of high interest monthly balances.
Credit card companies are not the terribly known for disclosure...the average human cannot seem these days to get out from under them. It is rather a social epidemic. One emergency use of such a high interest rate could be the beginning of having a miserable debt hanging over your head for 12-25 years. Not you, and that is good...points and prizes for the smart user - also good. I think if one has a nice savings and is 100% sure of not carrying a monthly balance.................
But there are many ways to establish credit. How about save a few bones and put it in a credit union or other financial institution and then take out low interest loans for a few nice items and in a couple of years you have great credit with basically no risk? I put a little bit in a federal cu savings and then asked to borrow 2K for a laptop and then 2K for my mountain bike. The first loan was almost paid off over 1.5 years (still a bit to go) and I hadn't even asked for the mountain bike yet...next thing you know they OK almost the entire G35 at 5.25% no fees. The argument that you need credit cards to establish credit does not hold true.
Ah but Mike my theory is this...he is not using those cards to establish credit hence this question he has for us about consolidation of high interest monthly balances.
Credit card companies are not the terribly known for disclosure...the average human cannot seem these days to get out from under them. It is rather a social epidemic. One emergency use of such a high interest rate could be the beginning of having a miserable debt hanging over your head for 12-25 years. Not you, and that is good...points and prizes for the smart user - also good. I think if one has a nice savings and is 100% sure of not carrying a monthly balance.................
But there are many ways to establish credit. How about save a few bones and put it in a credit union or other financial institution and then take out low interest loans for a few nice items and in a couple of years you have great credit with basically no risk? I put a little bit in a federal cu savings and then asked to borrow 2K for a laptop and then 2K for my mountain bike. The first loan was almost paid off over 1.5 years (still a bit to go) and I hadn't even asked for the mountain bike yet...next thing you know they OK almost the entire G35 at 5.25% no fees. The argument that you need credit cards to establish credit does not hold true.
ok, fine. then i'll argue emergencies
plus, when you make purchases - you have more security as opposed to putting out your own cash. (ebay, etc.)
__________________
08 G37 6MT | PlatGraph | Nav | 15% | TEIN H Tech
04 Cpe 6MT | DG | Nav | 20% | TEIN S Tech | Volk GT7
But there are many ways to establish credit. How about save a few bones and put it in a credit union or other financial institution and then take out low interest loans for a few nice items and in a couple of years you have great credit with basically no risk? I put a little bit in a federal cu savings and then asked to borrow 2K for a laptop and then 2K for my mountain bike. The first loan was almost paid off over 1.5 years (still a bit to go) and I hadn't even asked for the mountain bike yet...next thing you know they OK almost the entire G35 at 5.25% no fees. The argument that you need credit cards to establish credit does not hold true.
My car loan was approved within a few minutes - almost 40K with no real credit history, small downpayment asked. My personal loans were approved in 30 seconds. I could have had the check cut for 2K within the hour.
What kind of emergency are you talking about, Mike? Four hundred bucks worth of beer on a Sunday Night after the liquor store has closed? Western Fucking Union at that point, bud.
its all about being responsible with your credit cards.....just make sure to pay off all the balance each month and you'll be fine......there are many advantages to credit cards, such as thier 12month 0% interest checks.....they may charge you 1.9% transaction fee, but you can write the check out for $10k and put it in a money market account or savings account with a higher yield interest rate and make a couple bucks....just make sure you don't use that credit card for any purchases.....Credit card rewards are also great.....my next hotel stay in Hawaii will be from my credit card rewards, which will be in early 07.
so in conclusion, if you are going to get credit cards, just be responsible for them....I never colsolidated, so i have no advice for you there......but i did use my cc checks to pay off my taxes.....
anyone here consolidate credit cards?
