UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: TheDynamo One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308435  
Subject: Should I even try this? Date: 4/19/2001 1:38 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
After becoming a new member of ING Direct bank (the current holder of my E-fund), I noticed a deal that looked very difficult to pass up. The question is whether or not it would damage my credit report to see if I can do it. I've just unleased a plethora of Foolish budget busting consolidating.

1) Consolidating my student loans down to 1 8.25% APR Loan (Down 1%). Approximately $24,000 in debt ($8000 in my name, $16,000 in my moms). I'm paying on both of em since it was my education.

2) BT my now closed Keybank credit card to my fleet card for a 9.99% APR till the debt is gone. Approximately $3100 in debt here

3) Took a loan out at my credit union for $3400 to pay off a higher interest loan, the APR is now 13.5%.

ING offers a nice low 8.95% Variable APR loan that I should be able to get. My problem is that I have done all that debt moving within the last month and a half. My intuition tells me that it would be damaging to my credit report to plop both those loans into the ING loan, but that APR sure is tempting... Any suggestions?

Thanks in advance! :)

-Dynamo
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Value Hounds

Mylan Transitioning from Generics
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement