No. of Recommendations: 0
The checks definitely say they are fixed until they are paid off. I would use the checks and then not use that card anymore at all. I'm not sure we'd do it yet, at this point. What I wanted to find out was whether or not they had and legal right to change the interest rate arbitrarily. I know that if you miss a payment they can really rake you over the coals, but I'd probably have an automatic payment sent from my checking account to guard against that possibility.

We already LBYM as much as we feel comfortable. The improvement we want to make to our house would definitely add value, and cannot be done incrementally. We'd take out a HEL to do it, but the hoops involved in that wouldn't be that cost effective and the terms would be similar to the credit card.

The real drawback is that having revolving credit card debt negatively effects your FICO score, right?
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.