Question by JD: Using a Capital One loan for Debt Consolidation?
I just recieved a letter in the mail saying that Im eligible for a loan of 5k, 10k, and 15k through Capital One. The 10k loan for 36 months would be a little higher of a payment that Im paying now for all my credit cardsm but the 36 month one would be slightly less. I didnt know if this would be better to get in a way to “hide” my credit card debt in the form of a loan? And in a way that I wouldnt have 3 credit cards against me, just one loan.
Best answer:
Answer by Robin C
It is better for you to cut up your credit cards and pay each one off, making the payments on time. Then when you are out of debt, you can use a card when you can pay the balance off each month.
What do you think? Answer below!
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Capital One is mean and dirty. Lots of hidden charges and flexible interest rates (in their favor). If you don’t tear that letter up, and you take their deal, expect all kinds of credit card offers with different names, but with a little Capital One logo on the back. If you can’t float it all, later on, they sell the paper on you to a collector, and Capital One works their books with the income tax angle to make sweet profit.
Thats just another form of debt consolidation. And very pointless.
When you close out your 3 credit cards your score will drop. So just keep the cards open and continue to pay whatever you can towards.
Trust me on this one, debt consolidation is pointless.
Don’t close any of your accounts, it will drop your FICO scores.
Capital One is the worst credit card company out there. The way they report your information to the credit bureaus are you take you in the subprime market.
Make the min. on 2 of the cards and pay as much as you can on the 3th one. Once it payoff do the other 2 the same way….