Need advice on this loan interets rate and cc's

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BeeVee
 
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Need advice on this loan interets rate and cc's

Postby BeeVee » Sat Dec 05, 2015 4:45 pm

Hi All:

I really need some advice, suggestions, any help will be appreciated.

Okay, I have a total of four credit cards, from 19.80 lowest interest to 24.99 highest interest. All have balances around 1600 average. I have been making all my payments on time but am struggling to stay afloat.

I went ahead and got on Prosper website and got approved for a 7,000 dollar loan at 17.38 per cent interest rate...around 250 a month in payments for three years.

Question: Should I take it? I pay in cc payments a month around $200.00..always more than the minimum, but when I have lower income coming in, of course I just pay less but with the Prosper loan it will be a set payment.

Question #2: I got the approval but I haven't sent my documents yet to Prosper..having second thoughts on this fixed amount. Can I still back out or let it just fizzle out since I won't take it if not worth it.

Any advice or suggestions?
Thanks in advance..
Thanks way in advance.


ingramjuan
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Re: Need advice on this loan interets rate and cc's

Postby ingramjuan » Sat Dec 05, 2015 9:35 pm

BeeVee wrote:Hi All:

I really need some advice, suggestions, any help will be appreciated.

Okay, I have a total of four credit cards, from 19.80 lowest interest to 24.99 highest interest. All have balances around 1600 average.


If put into your shoes I would have to take the loan and pay all the cards off. By doing that you will save some money on interest. Also since the loan company already pulled your credit file (Hard Pull I Assume) I would just follow thru. The key to savings is not run up your cards again and or until you pay off the loan.
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takeshi
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Re: Need advice on this loan interets rate and cc's

Postby takeshi » Mon Dec 07, 2015 8:49 am

BeeVee wrote:Should I take it?

Your call to make. Can you avoid running up even more credit card debt if you use it to pay off your cards?

BeeVee wrote:I got the approval but I haven't sent my documents yet to Prosper..having second thoughts on this fixed amount. Can I still back out or let it just fizzle out since I won't take it if not worth it.

It will probably report either way so you've already taken the hard pull, hit to AAoA, etc.

BeeVee wrote:always more than the minimum

The minimums don't really matter aside from being the requirements to keep your accounts current. What really matters is the impact your payments have on your revolving utilization.

BeeVee
 
Posts: 2
Joined: Sat Dec 05, 2015 4:36 pm

Re: Need advice on this loan interets rate and cc's

Postby BeeVee » Mon Dec 07, 2015 10:48 am

Thank you both for your responses...I still will look at my budget and see if 250 a month is doable..I do appreciate you both taking your time to answer me..



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