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Posted in Credit Cards
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Question By
jerrycurl5

1 Contribution
0 People Helped
Auto Refinancing, Credit Card debt transfer
I have a good credit score rating, with a current Auto loan of 16,000 at an interest rate of 8.7. Within the next year I might be trading that vehicle in for a newer one, is it worth it for me to refinance at this point?

My 2nd question has to do with my credit card. I have an 11k limit, with 10k used. I would like to transfer that balance, because that would help me pay off that balance much quicker. Has anybody been able to secure such a large initial credit amount on a new card?

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Top Contributor
36 Contributions
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Possibly

1 - There are some credit unions and other companies giving very low rates on refinances. However, if the likelihood is high you'll be trading it in soon; you should only refinance if the fees for the refinance are low; or else you wouldn't actually be saving money.

2 - Your income versus your current debt would have to support a relatively large limit. It is possible; but maybe not likely considering your high utilzation rate.

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