With the school year starting up again, one thing a lot of college students ask is “Should I transfer my student loans to a credit card?” The simple answer? No.
The truth is, there are many Get more details here lenders out there who specialize in working with borrowers with a full range of credit scores, from good to bad. You just have to know how to prepare yourself for finding them and then applying.
Additionally, the amount owed on a charge card changes month to month and the choice is yours to run it up to the max (which is awful for your credit). Credit card loan s are riskier to the lenders who issue them due to the fact that people default on them more often than they do a mortgage or car loan.
Lenders will conduct a credit check. As there is little or no historic data available to measure the risk in loaning the individual money they will not meet their credit score criteria. More and more often, such consumers have to take out a bad credit loan to finance any large ticket purchases like cars as their credit score limits their financing options.
Make sure you do your research before deciding to go with a particular credit counselor. Many may have ulterior motives, so make sure you are not being duped. There are many scams out there. Be a wise consumer by checking whether or not the credit counselor you are going to deal with is legitimate.
A vehicle is no more a luxury but a necessity. A survey says that the sales figure of the private and commercial vehicles has risen from 60 to 75 percent in last couple of years. It is every ones’ dream to own a vehicle. It is not always possible to buy a vehicle with cash and there is hype in the market that people with poor credit ratings cannot apply for a loan. Your credit rating may go down for various reasons. It may be a default in earlier repayments; late payments; a CCJ or it may be a declaration of bankruptcy.
There are some situations where these loans will work for you but I would proceed with caution. 11% is a lot to pay for a loan and if you have any other option I would take it. That said, these loans may be just what you need and are very useful in a lot of situations.