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Are you sure you can even pay off your student loans via credit card? I could have sworn I had to do actual bank transfers. The reason being that student loans and not dischargeable in bankruptcy but credit card debt is. In theory, anybody with a huge amount of loans could just swap it into CC debt and declare bankruptcy, poof loan free.
I wouldn't be paying them with the cc, I'd use the checks, write them to myself, then pay from my checking account.
Even if you tried to go bankrupt, there'd have to be quite a bit of time between the payment and the bankruptcy bc you'd be likely to be prosecuted for fraud.
The checks I have are 1-3%, with 3% being the most common.
0% & 0 fee balance transfer deals do come around. i got one last year from discover. they limited me to $35k though. i think you may have trouble getting all of that debt on these cards. the fee is a substantial hit also.
i dont think i like the plan. if you intended to pay it off during the 0% period and got a 0 fee, then i would like it better. you dont want to be stuck with that intro period ending and you cant move that money somewhere.
id either be looking for another consolidation option or just try to pay off the student loans as quickly as possible.
0% & 0 fee balance transfer deals do come around. i got one last year from discover. they limited me to $35k though. i think you may have trouble getting all of that debt on these cards. the fee is a substantial hit also.
i dont think i like the plan. if you intended to pay it off during the 0% period and got a 0 fee, then i would like it better. you dont want to be stuck with that intro period ending and you cant move that money somewhere.
id either be looking for another consolidation option or just try to pay off the student loans as quickly as possible.
I can move it around. I have a dozen blank credit cards with limits from 7.5k to 19k.
I guess I can look into a consolidation loan.
I can't really pay it off too quickly bc like I explained in another post, excess payments would kick me off the lower interest rate program and it'd be more money.
I wish I had the stomach for a strategic default.
I can move it around. I have a dozen blank credit cards with limits from 7.5k to 19k.
do they have 0% interest rates? if not, what are the interest rates? i thought the plan was to try to move it to somewhere that you can get another 0% deal. if you move it to somewhere that you pay a typical CC interest %, that seems really bad.
do they have 0% interest rates? if not, what are the interest rates? i thought the plan was to try to move it to somewhere that you can get another 0% deal. if you move it to somewhere that you pay a typical CC interest %, that seems really bad.
No, it's 0% bc they all are always sending me the promo checks. They range from 12-18 months depending on the card. My plan was to spread the 30k across 3-4, make at least the payment I was making to the student loan (hopefully, more) then roll whatever is left at the end of the promo period onto other free cards, rinse and repeat. I figured I could have it done in 3-5 years.
No, it's 0% bc they all are always sending me the promo checks. They range from 12-18 months depending on the card. My plan was to spread the 30k across 3-4, make at least the payment I was making to the student loan (hopefully, more) then roll whatever is left at the end of the promo period onto other free cards, rinse and repeat. I figured I could have it done in 3-5 years.
i didnt know you were getting 0% offers from cards you already have, i thought that was for new accounts. however, the possibility of those offers not coming through when your utilization becomes significantly greater seems pretty real to me. the worst thing would be for you to be stuck paying cc interest on a large balance. utilization is a very substantial part of your credit score.
i didnt know you were getting 0% offers from cards you already have, i thought that was for new accounts. however, the possibility of those offers not coming through when your utilization becomes significantly greater seems pretty real to me. the worst thing would be for you to be stuck paying cc interest on a large balance. utilization is a very substantial part of your credit score.
It's doubtful that I wouldn't keep getting checks. I've received them regularly since opening these accounts years ago and it didn't matter how much credit I was using. I know what you're saying though, I could have a Murphy's law situation.
From what you're saying, it's a win-win situation for you, you get reasonably low cash advances to replace your student loans, pay more down over the next couple years, plan to pay it off within a few years, if sh*t happens despite you trying your best (like unexpected sickness that won't happen knock on wood), at least you won't have non dischargeable debt.
Plus it's a possibility you get more 0% offers with a reasonable fee in a couple years, repeat the process, work hard, get raises, live frugally and pay it all off and get rid of that debt burden.
Forget the temporary hit to your credit score. Once you pay everything off according to plan in a few years, your credit score will be around 800. Then pretend you still have those debt payments but instead put them into Schwab and buy and hold their low cost Schwab branded stock index ETFs like SCHB and SCHK for the next 20 years.
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