Hello everyone,
I currently have some debt with one credit company and have been paying off on a monthly basis. However, I'd like to try to speed up the process or reduce the interest rate.
When I looked into the possibility of transferring the balance from one credit company to another, this is what I was told:
"Your interest rate will be determined upon approval, which is based on the information provided on your application as well as your credit history."
They got me thinking "How would I know in advance that the rate that will be agreed upon will be lower than the one I have with the current credit company?".
I also looked into the possibility of borrowing from a lending company. However, my application was not accepted cause the debt / income ratio wasn't lower than a certain %. Although when I did the math, I did not think I was that far off the mark. And did ask them if there was a way I could get info on how much debt would I have to pay in order to make the debt / income ratio go lower than a certain %? They said it was based on an automated system.
Anyone, have any advice on what I could do with the current dilemma?
My current credit company charges 15.24 % interest rate.
I'd appreciate it. Thanks in advance!
I currently have some debt with one credit company and have been paying off on a monthly basis. However, I'd like to try to speed up the process or reduce the interest rate.
When I looked into the possibility of transferring the balance from one credit company to another, this is what I was told:
"Your interest rate will be determined upon approval, which is based on the information provided on your application as well as your credit history."
They got me thinking "How would I know in advance that the rate that will be agreed upon will be lower than the one I have with the current credit company?".
I also looked into the possibility of borrowing from a lending company. However, my application was not accepted cause the debt / income ratio wasn't lower than a certain %. Although when I did the math, I did not think I was that far off the mark. And did ask them if there was a way I could get info on how much debt would I have to pay in order to make the debt / income ratio go lower than a certain %? They said it was based on an automated system.
Anyone, have any advice on what I could do with the current dilemma?
My current credit company charges 15.24 % interest rate.
I'd appreciate it. Thanks in advance!
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