2006-11-25 07:21:11 · 7 answers · asked by Anonymous in Business & Finance ➔ Investing
Yes, but only if it's an unsecured loan.
If secured by an asset, then it's a bit high and I would start asking questions.
2006-11-25 08:47:26 · answer #1 · answered by jenay672001 3 · 0⤊ 0⤋
Half of Americans half credit scores under 620, and 680 is basically considered where you need to be to get a 100% mortgage. 720 will get you a 100% car loan.
So at 690, you're doing pretty well. It doesn't sound like you got a credit card, since you got a fixed $5,000 up front. If it is a credit card and you're using a cash advance, then the rate isn't bad. If it's a HELOC (home equity line of credit), the rate is a few points too high. Since the amount is rather small, any loan you got (2nd mortgage, even that's very low; used car) carries higher rates. Not way too much, but probably a little high.
2006-11-25 17:26:30 · answer #2 · answered by AJH 2 · 0⤊ 0⤋
No it is not a good rate. You should be able to go below 10%. Plus I would improve my credit and get scores over 720. Then you are in a different credit category. For information how to do it, respond to me via e-mail because I don't want to discuss your personal credit over the web. I also have access to free credit scoring for the next couple of days cause I help people improve their credit and can tell you ways to raise your credit score. But I would go to a credit union or do what's know as a balance transfer, where you have other credit card companines compete for your business and if you do it right you can get zero interest, that's right zero interest for a year.
Good luck
2006-11-25 17:30:47 · answer #3 · answered by teenriodoll 3 · 0⤊ 1⤋
It is very poor if you ask me. You will never get ahead with your money with deals like this. Good for Citibank, bad for you. The ONLY thing you should be bumming money from the bank for is your primary house and possibly for deals so good they offset the cost of the interest you pay. Unless you wish to stay in the poorhouse.
2006-11-25 17:55:30 · answer #4 · answered by pre86 2 · 0⤊ 0⤋
Your question needs more information but I can answer it generally. This doesn't sound like a good deal. Is it a credit card? Is it a personal loan? Car loan? Is there any collateral? Are you able to prove income?
John
2006-11-25 15:45:17 · answer #5 · answered by jharris352 1 · 0⤊ 0⤋
It depends. I would consider it very good interest for Citibank.
2006-11-25 15:49:59 · answer #6 · answered by Italian girl 4 · 0⤊ 0⤋
14% is high and 5 years for low amount is going to cost a ton.
2006-11-25 15:56:36 · answer #7 · answered by cork 7 · 0⤊ 0⤋