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Travel Advice Needed - Exchange Rates & Credit Cards : personalfinance
Main Post: Travel Advice Needed - Exchange Rates & Credit Cards : personalfinance
U.S. Credit Card Rates have soared to an all-time high 23.4%
Main Post: U.S. Credit Card Rates have soared to an all-time high 23.4%
Top Comment:
Lack of regulation on greed, spawns more greed.
Shocking.
what are my likely hood of being approved for a auto loan and what are the average rates for my credit score? (735)
Main Post:
i looking into auto loans with navy federal i’m wondering what are my likelihood of being approved? i’ve had credit for around 2 years.
Top Comment: Your score is only one part of the equation. Your debt to income ratio, credit utilization, and payment history will be considered. Without knowing those things, no one can really advise you.
Is a HELOC a good idea to pay down high interest rate credit cards?
Main Post:
I have about 20k in CC debt in high interest rates, I have about 200k in home equity. My mortgage is 2% rate so I don't want to touch it. Would a HELOC be a good idea? I have heard they can be dangerous.
Top Comment:
First, figure out where all your money is currently going and what's preventing you from being able to pay off the CC debt quickly (within a year or less). If you currently can't make any progress on the CC debt, then a HELOC isn't going to help too much.
The typical advice is to avoid swapping unsecured debt for secured debt, however that's based on an assumption that the financial situation is so dire that they might need to go bankrupt (in which case if you did this you'd risk losing your house).
If, however, you're in good shape otherwise and plan to pay off the debt either way, it's worth at least doing an investigation into how much the process will actually cost you. If you can reasonably swap CC debt in the 25% range for another loan that's in the 10% range, that will save you a lot of interest.
You just need to make sure that you're stable and not adding any more to the CC or any other kind of debt.
I have a high interest rate on my Bank of America credit card!
Main Post:
I live in Minnesota, and just noticed the interest rate on my BOA credit card is 29.49%. I have a credit rating that can go no higher, income that is in the mass affluent category, have noit carried a balance over month to month in the last ten years, and have no late payments on this credit card or any balances due. I attempted to get the rate reduced even though I do not use it, and was rejected by the CS person and her boss in the department I requested for such requests. Does anyone have.a lower rate with BOA that they are willing to share?
Top Comment: Why do you care? By your own admission you haven't carried a balance in a decade and therefore haven't paid any interest, so it doesn't matter if your interest rate is 29.49% or 19.99% or 99.99%. Your responsible revolving credit use renders your APR irrelevant. That's a great thing to be proud of, so there's no need to even think about your APR at all.
Would you take out a new credit card of $500 to pay off a $500 loan with a higher interest rate? Why or why not?
Main Post:
Say you were in a situation like this:
A $500 loan is taking $100 from you per month. You have a credit card offer where the credit limit is $500 and the monthly minimum payment would be $40 if the balance was $500. Would you accept the $500 credit card offer and pay the loan? Why or why not?
Top Comment: No. Maxing that card will nosedive your score due to utilization. Plus, if it's just $500, have a garage sale. If it's a bigger "hypothetical" amount, have 2 garage sales.
2 car loans at once, will it affect interest rates?
Main Post:
I unfortunately totalled my car. Im still waiting for the direct deposit from the insurance company. I would have about 7k left over to put on a down payment for a new car, which I found for 26k. I have a 750 credit score.
Would the new car loan have a higher interest rate than normal because I still am responsible for the totalled cars loan?
Any help would be appreciated. Luckily my insurance is covering the taxes on the new car as well.
Top Comment:
Depends on what rate your original loan was at and what rates have done since that initial loan was taken out. Applying for more credit will ding your credit score and thus your rate, but again it depends on how the rate environment has changed as well as other factors that play into your credit score.
What are the best banks/ credit unions for an auto loan in the area?
Main Post: What are the best banks/ credit unions for an auto loan in the area?
Top Comment: BECU
[deleted by user]
Main Post: [deleted by user]
Top Comment: Capital One is good. They are actually often used and opened by people wanting to start to build credit. I got one after not having a credit card for a very long time due to well, not using it correctly when I was your age. I guess I have two main uh, advices: The capital one card is a good start but it likely won't have the best reward program. You could get it but then shop around for a card with better rewards. I like my Venmo card, it splits rewards into 3%/2%/1% cash backed based on my top 3 "spending categories". It's OK I guess, I'm sure most are similar to each other. Oh that reminds me though so three points actually, beware of credit cards with yearly fees. Unless you are a business owner or take long flights they are almost always not worth it. Final point, make sure to pay off the balance every month. Everyone will tell you this but I want to illustrate it by a point: Just ONE month of carrying a balance could wipe out YEARS of credit card rewards in what you end up paying the credit card company. A lot of people rack up these bills and enjoy the rewards only to pay massively on the other end. Just pretend like it's your money, what you spend goes out from your bank account because you pay off your balance. It's NOT a "line of credit" despite that being what it is. The interest rate is far too high for that and it gets bad really quick.
RIP Skype
Main Post:
Microsoft has announced that Skype is being retired soon and that any Skype subscriptions are being transferred to Teams. Skype has decent rates for international calls, so that's what I used it for when I needed to call a business in another country.
The problem is I see no way to make a dial call in Teams Personal, or for that matter, see how much credit I have left.
Top Comment: This is the exact problem I discovered yesterday. I ready the announcement and thought, well that's inconvenient, but at least they said I can use up my already paid for credit by using Teams, so they aren't just taking my money. Then I went into Teams to check it out and... no dial pad anywhere. How are we supposed to use Teams to finish out our credit when skype dies in May if there is no dial pad?