Consolidation Loan vs. Credit Card with 0% Interest

Author: diggity
Joined: 13 Dec 2004
Posts: 1
Posted: Mon Dec 13, 2004 3:08 pm
Post subject: Patelco Cosolidation Loan VS Credit Card

I am looking to to get rid of some of my higher intrest credit cards. i am fairly sure that I will get approved by patelco. I have about 8000 on the other CC. My question is should i try to get a credit card and transfer teh balance or should I get a consolidation loan? Do you think they would be more likely to give a higher loan for consolidation since teh interest rate is higher? my experian fico is 648 and probably higher since I just had a collection account deleted. thanks

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Author: sage
Joined: 13 Nov 2004
Posts: 17
Posted: Thu Dec 16, 2004 4:28 pm

If you're disciplined enough in controlling credit card use, the 0% for life balance transfer offers are tough to match. There's a separate thread on this forum that discusses these -

http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=4079&sid=3263792f3ae2001c0bb603b41a954b65

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 502
Posted: Fri Dec 17, 2004 9:28 am

diggity, Thanks for your post and welcome to the board! It will be hard for you to get a good 0% offer with your FICO. I would focus on getting your score up to around 700.

Best Regards,
Curtis Arnold
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH 501-301-8474 FX

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