I have a line of credit at a bank at about 16% APR. Can I transfer that balance to a credit card to get a lower APR, or even a 0% APR using a balance transfer offer? I have a credit score of 650 (which I have read on the internet is considered “very good”).
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Well, maybe. Is your line of credit on a card, or is it an open line, or is it based on ownership of something (most lines of credit at banks are open lines based on a mortgage or ownership of a vehicle). I would say call the credit card you’re considering using for the transfer and ask them. If they don’t know, go and talk to the bank. Tell them the interest rate is too high, and you would like them to lower it because you have decent credit, you’ve been making regular payments, you have a job, etc. If they refuse to lower it, tell them you are considering taking out a cash advance on the credit card (another option you have) to pay off the entire balance, so they won’t be earning ANY interest at all. If they still won’t change the interest rate, take out the cash advance off the credit card (it should also have a low or 0% interest rate) and pay it off. There will be a fee to do it from the credit card company, but then you don’t have to deal with the bank.
If the credit card gave you a check that you can use for anything, then you can transfer your balance from your line of credit. Most credit card companies mail checks to their card holders to encourage you to use to transfer balances from anything to make purchase.
By the way, a 650 is not very good. It is below average. The average credit score is 705.
Yes, you should have no problem in doing so.
polrbear@ntl.sympatico.ca
Do you have a 0% or low APR offer in hand? You want to read thru all the fine print very carefully. These offers have more gottchas. It’s usually a limited time offer, probably a 3% transfer fee. The limit might not be enough to cover your bank line of credit. Might only apply to credit card balances. Might require a certain number of purchases per month at regular interest rates.
650 is an average score…and because of it, yes you will be able to transfer to a 0% card…i have been doing this for years afnd as a result pay no interest on any of my loans…except morgage of course
350-850 are the score ranges. 650 is not that good. In today’s market if you get a 0% credit card on a 650 score, then take it, that is a good rate.