If I want to take all of my small loans and pay them off with a credit card is ther a credit card I can get ?

Question

that will give me a 13,000.00 limit? My credit is good, it's just that i have a lot of small things open, and I want to transfer everything to this one card and just have this one payment. Is there anyway to do that?

Answer 1

I doubt any card will give you that much credit.

More to the point, the interest rate will be high - far better to get a bank loan - I'm sure that is the cheapest way of consolidating debts.

Answer 2

I will lend you the money in exchange for a small down payment.

Answer 3

Not a good idea to pay off loans with a credit card.

Answer 4

A better move might be to get one bank loan to cover all your smaller loans.  

The interest on credit cards will eat you up- plus with a bank loan, you know exactly when the debt will paid off and you'll have a set payment amount.

Just a thought.

Answer 5

for £13k you should be able to get a preferential loan rate -prob 8% ish

must more cost effective way of reducing the debt and no temptation to spend unlike on credit card

Answer 6

Keep in mind, when you pay off all your loans your score will drop 20-30 per line.  This means if you pay off 5 loans your score can drop 150 points.  By opening a new account your score will drop about 30 points and remain low until you can paid off 25% of the balance.

Your score is based on how much you can owe vs. how much you do owe, and how many people you owe it to.  Instead of a 13000 dollar card, you may want to get a 5000 dollar card.  Use only $2500 of the limit and pay down the highest payment.   After the new card is paid down to 10% of the limit go to the next highest. Then tackle another.

The problem with this system is not only are you paying a term loan with a fixed rate with a revolving credit at an adjustable rate, you are also paying debt with debt.  All you are doing is getting deeper in dept.  

Answer 7

no and that is insane anyway - a credit card's int rate will be much higher than any loan and the monthly minimum payment will be higher also - you'll be in worse shape than before - forget credit - get 2 more jobs to pay off the debt. if you already have 13k in debt, no one is going to give you 13k more or even 1k more

Answer 8

Chase is pretty prompt about responding to requests for an increase in limit, and they do offer limits in that range.  Call their customer service, and tell them what you want to do, and if you qualify, they will assist you in doing it.

An installment loan from your local bank may have a more attractive interest rate along with set terms, so check that out before you make a move.

Answer 9

Credit cards have become a necessity in society nowadays, you can't go anywhere without having to use one. That's why it's imperative to maintain a good credit rating and use your credit card smart. Lots of credit card related question been asked here and yours just another one. Check out this website and it may answer your question,

http://credit-cards.awardspace.com/

After all, without a credit card, it's harder to live, and especially hard to shop online. Lots of credit card related questions are often being asked and yours is just another one. Credit cards are great to use as long as you control them They are useful, helpful, and make buying things a whole lot easier. But it's important to remember that people go into thousands of dollars of debt because of them, and the same thing could happen to you

Answer 10

Having one payment really doesn't do you any good, other than the convenience.

As a rule, you get one balance transfer when you open a new credit card.  After that, balance transfers are treated as "cash advances" and there's a fee.

The reason I used to want as few individual payments as possible was because I had a bunch of checks to write at the end of the month.  However, now that CCs can be paid online it just takes a few minutes.  I only have a few cards, so it's really quick, but in your case if you can set up your card payments to be done electronically it'll be a lot more convenient.

AND - if you're carrying $13,000 in debt that's not "a lot of small things" that's a BIG debt load and you're paying interest out the nose!  Stop using credit cards entirely until you get these paid off!!