Experience with citifinancial?

Discussion in 'Credit Talk' started by tboy74, Oct 2, 2003.

  1. tboy74

    tboy74 Well-Known Member

    Hey everyone ...

    I have about $4,400 in revolving credit ...

    discover has a 20 percent APR almost at max
    gateway has a 28 percent APR about 50 percent util
    wells fargo (to finance a mattress) no APR if paid by next july

    citifinacial approved me for a $5,000 loan at an APR of 26 percent. i was trying to get a loan so that i could get my cards down to like a 10 percent utiliazation to improve my scores so i can get a car loan in the next few months. also though i hoped a loan would help with the APRs being so high on my cards. with an APR of 26 though, is that really helpiong me? that doesn't seem that it is. they said there's no penalty for paying early (60 month loan).

    my credit scores are about 650. would having the loan (and good payments) look better than having the high revolving credit?

  2. Hedwig

    Hedwig Well-Known Member

    It would cost you in the end. The interest rate is way too high. You would be moving most of your balances to a HIGHER rate, not a lower one. And many people say that having a finance company loan on your reports is not a good thing, although I don't know if that's true or not.

    You could get a car loan at a rate lower than this, I think. So, overall, I'd say shred that offer.
  3. tboy74

    tboy74 Well-Known Member

    Hey do you think with FICO scores of about 650 that i would be able to get a loan with a better interest rate from somewhere else?

    and is it possible to refinance personal loans from finance companies?

  4. jrjr37

    jrjr37 Well-Known Member

    Quick question, does citifinancial require home ownership to get the loan?
  5. Hedwig

    Hedwig Well-Known Member

    Yes, with that score I think you could. Start with your credit union. Go in with a copy of your report and sit down and talk to them.

    They may give you a personal loan that you could use to pay off anything else.
  6. iambroke

    iambroke Well-Known Member

    I have a citifinancial retail account. (rooms to go).

    We were approved for 5k at the store and purchased our daughter's bedroom set at 0% interest for like 18 months. We paid if off within the 18 months as they charge really HIGH interest rates (I believe ours is 23.99%).

    I didn't see it hurt my score at all having that account. I don't carry a balance but it's still there along with my Wood You Furniture account too.

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