Fed Financial
Private student loan ripping me off!?
My citibank private student loan has gone up to 9.25%!!! It makes me so mad. Would it be better to transfer it to a lower interest credit card? Will it affect my credit? I'm good about paying on time.
Public Comments
- You will save money if you have another account such as a credit card with a lower fixed interest rate. It is difficult to say how your credit will be affected. Higher balances on rotating credit accounts can negatively affect a credit score. Paying off a loan account usually reflects positively. Open installment accounts such as this bank loan show lenders that you have a history of making regular payments on time. Do the math and see what your savings would actually be. It is likely that the difference is minimal and may not be worth the higher credit card balance.
- You could transfer it to a lower interest credit card or you may can get another personal loan at a lower interest rate. Whether or not the transfer will affect your credit is another issue depending on your credit limit and your credit ratio. To keep your score about the same, you shouldn't have more than 35% of any credit card balance.
- If you can, transfer it to a lower interest solution (low apr credit card may be a good idea, depending on monthly payments you'll have to make) There you go : http://simple-credit-cards-and-loans.com?=yh070322 Also take a look there, it may help you : http://index-go.com/improve-credit-score-get-out-of-debts-fast.asp Good luck !
