Should I use Prosper.com to consolidate debt?

[Mayfriday0529]

I have two Bank Of America credit cards that I would like to get rid of. I wanted to do a balance transfer to them, but I was unable to get a new credit card with a high credit amount to cover both. So now I?m thinking about using Prosper.com

Here is the information on the Bank Of America Credit cards.

CC 1: balance $6553.95, 16.99%, minimum payment $161
CC 2: balance $5429.57, 17.74%, minimum payment $138
Total: 11983.52, Paying $299 a month.

Besides paying off this debt, I would just like to get away from Bank Of America.

If I use Prosper.com and went with a $12000 loan at a 17% rate (I hope lower), I would have to pay $427 a month for 36 months.

I?m not sure, what do you guys think?

 

[Gibson486]

why don't you pay $427 a month on both cards combined? It seems pointless to consolidate to save yourself ~.5% on interest.

 

[Mayfriday0529]

Originally posted by: Gibson486
why don't you pay $427 a month on both cards combined? It seems pointless to consolidate to save yourself ~.5% on interest.

I have considered that as an option. It would have to be two separate payments because one payment is earlier in the month and the other is almost at the end of the month.

I forgot to say also that I hate Bank of America.

 

[Gibson486]

Originally posted by: Jnetty99

Originally posted by: Gibson486
why don't you pay $427 a month on both cards combined? It seems pointless to consolidate to save yourself ~.5% on interest.

I have considered that as an option. It would have to be two separate payments because one payment is earlier in the month and the other is almost at the end of the month.

I forgot to say also that I hate Bank of America.

just pay them at the saem time. No one said you can't make payments early.

 

[Mayfriday0529]

Originally posted by: Gibson486

Originally posted by: Jnetty99

Originally posted by: Gibson486
why don't you pay $427 a month on both cards combined? It seems pointless to consolidate to save yourself ~.5% on interest.

I have considered that as an option. It would have to be two separate payments because one payment is earlier in the month and the other is almost at the end of the month.

I forgot to say also that I hate Bank of America.

just pay them at the saem time. No one said you can't make payments early.

good point.. duh!

 

[Gibson486]

Prosper says no deal anyways.....

 

[Demon-Xanth]

With those balances, you might look into a standard bank's personal or debt consolidation loans to get a better rate.

...and don't rack up that much on CCs again.

 

[ShotgunSteven]

Are you already signed up with Prosper? I thought they were in the middle of something and were not allowing new people to sign up and take out loans at this time. There was a thread about it a month or so ago, but I don't have time to find it right now.

 

[boomhower]

That would be pointless, just pay BOA and be done with it. And when you get them paid off don't close them unless they have annual fees, it will hurt your credit whenever you carry a balance elsewhere and do nothing good.

 

[Mayfriday0529]

Originally posted by: ShotgunSteven
Are you already signed up with Prosper? I thought they were in the middle of something and were not allowing new people to sign up and take out loans at this time. There was a thread about it a month or so ago, but I don't have time to find it right now.

I had not seen that, so i guess it doesnt matter then.

 

[Mayfriday0529]

Originally posted by: boomhower
That would be pointless, just pay BOA and be done with it. And when you get them paid off don't close them unless they have annual fees, it will hurt your credit whenever you carry a balance elsewhere and do nothing good.

I can't even use the BOA accounts. I got these letters back in February about increasing the interest rate to some ridiculous high amount. If I didn't agree with it to send a letter stating my position. But by doing that I was warned that I could no longer make any purchases on the accounts or the new rate would take over. So I just been paying it off.

Since the economic issues started this year the interest rate has dropped, it used to 20% on both and now down to 16% and 17%.

 

[Nutdotnet]

Originally posted by: Jnetty99

Originally posted by: boomhower
That would be pointless, just pay BOA and be done with it. And when you get them paid off don't close them unless they have annual fees, it will hurt your credit whenever you carry a balance elsewhere and do nothing good.

I can't even use the BOA accounts. I got these letters back in February about increasing the interest rate to some ridiculous high amount. If I didn't agree with it to send a letter stating my position. But by doing that I was warned that I could no longer make any purchases on the accounts or the new rate would take over. So I just been paying it off.

Since the economic issues started this year the interest rate has dropped, it used to 20% on both and now down to 16% and 17%.

Wow...do you have lousy credit? 17% is really high.

 

[Mayfriday0529]

Originally posted by: Nutdotnet

Originally posted by: Jnetty99

Originally posted by: boomhower
That would be pointless, just pay BOA and be done with it. And when you get them paid off don't close them unless they have annual fees, it will hurt your credit whenever you carry a balance elsewhere and do nothing good.

I can't even use the BOA accounts. I got these letters back in February about increasing the interest rate to some ridiculous high amount. If I didn't agree with it to send a letter stating my position. But by doing that I was warned that I could no longer make any purchases on the accounts or the new rate would take over. So I just been paying it off.

Since the economic issues started this year the interest rate has dropped, it used to 20% on both and now down to 16% and 17%.

Wow...do you have lousy credit? 17% is really high.

my debt-to-income ratio is over 50%. I had two other CC's that have 10% or less, no balance on those. I have had these BoA CC's for a long time. I never negotiated a lower rate.

 

[ShotgunSteven]

This is the thread I was referring to.

 

[Dulanic]

Originally posted by: Jnetty99

Originally posted by: Nutdotnet

Originally posted by: Jnetty99

Originally posted by: boomhower
That would be pointless, just pay BOA and be done with it. And when you get them paid off don't close them unless they have annual fees, it will hurt your credit whenever you carry a balance elsewhere and do nothing good.

I can't even use the BOA accounts. I got these letters back in February about increasing the interest rate to some ridiculous high amount. If I didn't agree with it to send a letter stating my position. But by doing that I was warned that I could no longer make any purchases on the accounts or the new rate would take over. So I just been paying it off.

Since the economic issues started this year the interest rate has dropped, it used to 20% on both and now down to 16% and 17%.

Wow...do you have lousy credit? 17% is really high.

my debt-to-income ratio is over 50%. I had two other CC's that have 10% or less, no balance on those. I have had these BoA CC's for a long time. I never negotiated a lower rate.

Don't feel too bad. Chase did that to me and wouldn't even tell me why. My rate with them is 29% and I've NEVER missed a payment ever, infact I don't think my balance has ever toped $900 and I usually pay most of it off every month.

BofA is my lowest card at under 5% currently. Citibank I think is second at 7%.