Low Interest Line Of Credit

Interest rates for consumer loans are generally determined by your FICO score aka "credit rating". Also, spending some time doing research and shopping around for the lowest rates is plain common sense. You can find some good information about how to get low interest rates on a variety of loans and credit accounts here:

http://lowertheinterest.blogspot.com/

You can also find information and resources about how to raise your FICO score here:

http://fixingyourcredit.blogspot.com


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2008-06-24 01:17:27 by UCmeCU

Some Ways to Lower Your Home Equity Line of Credit Rates Owning a home must be the most precious property that someone can possess in most peoples ...

HI I have about $20000 in credit card debt that I have been conscientiously willowing down for a bit now. I plan to have it down to 0 in about 1 year and a half. Presently it is spread amongst 3 credit cards..two have 3.99% and one of them is at 1.99%...all until about August or so..then I imagine I can transfer them around again. My question is ..I have enough equity in my coop to be qualify for up to a $60,000 equity line of credit...at prime plus "0" ---I'm not sure if it is to my advantage to use this equity line of credit to pay off my credit card debts...provided I apply for it. I've heard that the interest is deductible..would this make the decision a slam dunk obvious one??or are there other factors to consider.. I think prime is at 7%? now? Thanks for your help.

George

I have been reading so much about credit. On many documents that I have read it's good that you have the balance spread out on all your credit cards. The Equity Loan that you would get will be at a higher interest rate, so the best thing that I would probably suggest is to possibly find a way to increase your credit score to possibly 720 or higher and then refi your home loan, because you will be able to get a better interest rate than consider paying off those balances with a lower interest rate.
P.S if you need more info on credit, I can defenitely give you some info..

2006-05-05 15:57:10 by Pepibom

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I searched for bad credit credit cards and it came up with a list of prepaid cards, but I called one of them and they said theirs didn't build credit......I could apply for one of the rediculously high interest, low credit line cards, but they all have these "no up front cost" claims, and then the fine print says "one time fee of $195" or something to that effect. Bottom line, I'm poor and don't want to pay $195 for a one time fee and get a $55 credit line.....Pre paid card sounds good and all, but I want one that builds credit.....

Pre paid credit cards are simply ATM cards...you've created a bank account, and the card allows you to draw on the funds you've deposited. They do not affect your credit at all.

The only way to build a good credit profile is to use credit, and use it wisely.

I'd start with a couple of department store credit cards (Sears, JC Penny, like that...) make small purchases, and make your payments on time. Don't just pay them off at once; the creditors are watching to see your PATTERN of payments. A couple of years of that, and you'll be well on your way to great credit.

Good luck.

2007-04-04 19:01:55 by flowerchildofthecorn

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I just did a balance transfer from one credit card to the other, to save on the interest. The one credit card company is raising my APR. So I transferred it to the lower interest card. But they lowered my available line of credit. Is this going to lower my credit score? I am at 793 right now and I would hate to loose all that great score!

To keep your score up you must not have used more than 30% of the credit limit on any of your cards.

This seems to be the latest trick of the credit card companies:
To lower the credit limit which, if you carry a balance,brings you closer to the maximum credit limit on your cards.

When you are past the 30% of your credit limit on your cards you will lose points on your credit score. As soon as your score drops, because they lowered your limits, they then turn around and hike up your APR because you no longer have the high FICO score.

Not until 2010 will there be any restrictions on the Credit Card Companies and they are hard at work to raise APR's and lower limits before the deadline...

Only way to fight back: Pay off the balances and only use 10% of a card's limit per billing cycle.

2009-04-08 19:21:22 by BettyC

I would like to take out a line of credit at the bank to get lower interest rates on some credit card debt. I make $24,000 a year and my credit rating is 670. So, how much of a line of credit can I get? If I request too much I will get denied.

The first 2 posters made some valid points. Your score is 5 points lower than the average, which isn't bad, but don't expect an instant approval or the line that you were looking for. Also what makes up your score has a lot to do with it. I have some basic questions that may help you understand a little bit better.

1. Have you been late on ANYTHING? If so, a late payment can be toxic to your score. Payment history counts as 35% of your score so that's why it's important to pay on time.

2. Are you maxed on your credit cards? How close are they to their limits. The scoring system is set up to where 30% usage of your available credit is acceptable. Although it may sound crazy, it may help to pay your cards down a little to get it as close to 30% of your combined available credit as possible.

3. Another factor would be how long have you had these accounts? 3 years seem to be the magic number when it comes to scoring accounts. If you've had them older they'll tend to have a heavier weight because of the age. If they're less than 3 years, they still may be considered a "new account" under the scoring system and won't hold as much weight than one that's been around for some time. Keep in mind that 15% factors into your score as well.

4. Types of credit established- Although it's not mandatory, the scoring system suggests that you have 3 revolving (credit cards, line of credit) and at least 1 paid or currently paying installment loan (car,furniture,applicance, personal loan, mortgage) in order to provide a balanced mixture of credit usage. Your score may be viewed differently if you have all credit cards rather than credit cards and a car loan, or a mortgage, furniture loan and a credit card, or various combinations. This makes up 10% of your score.

Lastly, have you applied and been approved for new credit? Each time that you apply for new credit, an inquiry is created, which can drop your score up to 5 points regardless if you're approved or not. Although the inquiry no longer affects your score after about a year, it still remains 2 years. Also it takes time for the new account to establish and be properly calculated. The ratio of new vs. established accounts can be affected if you apply and get approved for too much credit. This makes up 10% of your score.

Hopefully my explanation may give you an idea what to look out for when you applying for your loan

Good luck!

2007-06-03 08:19:47 by Ryan D