I have a line of credit at a bank at about 16% APR. Can I transfer that balance to a credit card to get a lower APR, or even a 0% APR using a balance transfer offer? I have a credit score of 650 (which I have read on the internet is considered "very good").
2007-09-03 10:10:29 · 8 answers · asked by Ryan H 1 in Business & Finance ➔ Credit
Well, maybe. Is your line of credit on a card, or is it an open line, or is it based on ownership of something (most lines of credit at banks are open lines based on a mortgage or ownership of a vehicle). I would say call the credit card you're considering using for the transfer and ask them. If they don't know, go and talk to the bank. Tell them the interest rate is too high, and you would like them to lower it because you have decent credit, you've been making regular payments, you have a job, etc. If they refuse to lower it, tell them you are considering taking out a cash advance on the credit card (another option you have) to pay off the entire balance, so they won't be earning ANY interest at all. If they still won't change the interest rate, take out the cash advance off the credit card (it should also have a low or 0% interest rate) and pay it off. There will be a fee to do it from the credit card company, but then you don't have to deal with the bank.
2007-09-03 10:23:44 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Do you have a 0% or low APR offer in hand? You want to read thru all the fine print very carefully. These offers have more gottchas. It's usually a limited time offer, probably a 3% transfer fee. The limit might not be enough to cover your bank line of credit. Might only apply to credit card balances. Might require a certain number of purchases per month at regular interest rates.
2007-09-03 11:58:28 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
in case you ever took precalculus or another math class which covers residences of purposes, you how you are able to ascertain the area of the function. between the purple flags to look out for is once you divide via 0. on your expression, whilst x = 3, the denominator is 0. subsequently, the area is each quantity beside 3. regrettably, the quantity you attempt to plug in (x = 3) is the only quantity that doesn't artwork in this function. to ascertain this widespread hand, you0 can graph this function on a TI-80 3. in case you zoom in near to the graph at x = 3, you will see that there is a sparkling spot there! this is by the fact, as stated above, there in basic terms isn't a value of the expression at x = 3. you are able to say, nicely it feels like the respond could desire to be 6, finding on the graph. this thought of what the respond "could desire to be" is what limits are all approximately. The values of the function on the left and proper of x = 3 all circulate in the direction of 6 as you get closer and closer. So we are saying the decrease as x is going to 3 is 6. So notwithstanding this is not technically the respond, 6 is your ultimate determination. 0 heavily isn't maximum suitable in any experience. the very ultimate answer is to declare that the expression is undefined at x = 3. This difficulty illustrates why 0/0 is stated as indeterminate. in this difficulty, 0/0 in a manner equals 6. the thought that 0/0 can equivalent something is honestly the essence of calculus.
2016-11-14 02:36:09 · answer #3 · answered by ? 4 · 0⤊ 0⤋
If the credit card gave you a check that you can use for anything, then you can transfer your balance from your line of credit. Most credit card companies mail checks to their card holders to encourage you to use to transfer balances from anything to make purchase.
By the way, a 650 is not very good. It is below average. The average credit score is 705.
2007-09-03 10:21:17 · answer #4 · answered by atl_ace1 4 · 1⤊ 1⤋
350-850 are the score ranges. 650 is not that good. In today's market if you get a 0% credit card on a 650 score, then take it, that is a good rate.
2007-09-03 10:45:50 · answer #5 · answered by Etta P 4 · 1⤊ 0⤋
650 is an average score...and because of it, yes you will be able to transfer to a 0% card...i have been doing this for years afnd as a result pay no interest on any of my loans...except morgage of course
2007-09-03 13:31:46 · answer #6 · answered by zioncanyon 3 · 1⤊ 0⤋
It takes seven seconds for Yahoo Answers question to open for me to be able to click on [add your answer] button. thus, is my laptop slow??
2016-08-24 14:30:05 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Yes, you should have no problem in doing so.
polrbear@ntl.sympatico.ca
2007-09-03 10:19:00 · answer #8 · answered by Anonymous · 0⤊ 0⤋