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Need a credit card with a high limit and decent APR

geno

geno

Lifer
Well, I've been looking around at taking loans for paying off my tax debt ($7000) but most personal loan rates are crazy compared to a credit card's. So I was wondering if I should get 1 or 2 credit cards and pay the debt off that way. Does anyone know any cards that are more lenient with their limits? I have decent credit (I'm 21) and have had no problems getting cards before. I just needed to find a card with a limit that can help me pay off my debt.
 
That sounds like a terrible idea. Why not ask for their (IRS) repayment plan. IIRC they charge "only" 9% which beats any CC rates.
 
If you have decent credit now and want to max out your "brand new" credit cards you are looking at getting, your credit won't look so good anymore. You'll have way too high credit limit/debt ratio on them.
 
Yeah, also I just thought about the worse APR on cash advances... I guess the credit card idea is out
 
Well I can get cash out on my cards at about 11.5%, which isn't hideous, but there is a 3% surcharge on top of that too.

I'd recommend against buying that car 😉
 
Originally posted by: geno
Yeah, also I just thought about the worse APR on cash advances... I guess the credit card idea is out
Click to expand...

I wouldn't be so worried about the APR as most CC companies will give you debt-consolidation cheques/offers at even a better rate that your standard APR. It's just the debt ratio on the new cards that I think will do the most damage to your rating.
 
Originally posted by: AnyMal
That sounds like a terrible idea. Why not ask for their (IRS) repayment plan. IIRC they charge "only" 9% which beats any CC rates.
Click to expand...

I've been trying to figure out the term of their payment plan, I'll need to give them a call and find out, I need to stretch this out over more than the 3 years I've been seeing for personal loans, I just can't afford $250-300 a month 🙁
 
Originally posted by: spherrod
weird - I always thought personal loans had much better rates (5-7%) than a credit card?
Click to expand...

That seems really low, remember personal loans are UNSECURED there is no collateral.
 
Rossman, you were an answer to one of the questions in my FAQ thread, but since you're difficult to get a hold of I didn't put it in 😱
 
Originally posted by: geno
Originally posted by: AnyMal
That sounds like a terrible idea. Why not ask for their (IRS) repayment plan. IIRC they charge "only" 9% which beats any CC rates.
Click to expand...

I've been trying to figure out the term of their payment plan, I'll need to give them a call and find out, I need to stretch this out over more than the 3 years I've been seeing for personal loans, I just can't afford $250-300 a month 🙁
Click to expand...

On your application you indicate how much you're willing to pay per month, AFAIK there is no deadset amount. If there is a balance when you file next year, it will be deducted from your refund if there is one owed to you.
 
Here's what you can do. If you have decent credit, you can apply for a CC that has a 0% balance transfer promo going on, preferably for 12 months. Can you pay it all off in that time? If not, at the end of the 12 months, transfer that balance over to another card that has a 0% promo
 
Originally posted by: Skoorb
Rossman, you were an answer to one of the questions in my FAQ thread, but since you're difficult to get a hold of I didn't put it in 😱
Click to expand...

Get on MSN Messenger tonight and contact me 🙂
 
Originally posted by: AnyMal
Originally posted by: geno
Originally posted by: AnyMal
That sounds like a terrible idea. Why not ask for their (IRS) repayment plan. IIRC they charge "only" 9% which beats any CC rates.
Click to expand...

I've been trying to figure out the term of their payment plan, I'll need to give them a call and find out, I need to stretch this out over more than the 3 years I've been seeing for personal loans, I just can't afford $250-300 a month 🙁
Click to expand...

On your application you indicate how much you're willing to pay per month, AFAIK there is no deadset amount. If there is a balance when you file next year, it will be deducted from your refund if there is one owed to you.
Click to expand...


Application? The only way I saw to apply for their payment plan was to call it in...
 
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