APR is much too high and paying high fees looks like Im stuck in debt forever?

I have an offer for a credit card with an APR of 0% on transfer balances. I only have 1 credit card as of to date 19%, and a high Apr on a retail account 21%. Is it advisable to take advantage of the 0% transfer balance? I am considering purchasing a condo and have been pre-approved. Will opening this new line of credit affect my credit rating negatively and possibly hurt my chances of securing property? Please advise

APR is much too high and paying high fees looks like Im stuck in debt forever?honda finance

I would wait until AFTER your condo purchase is complete before doing ANYTHING that affects your credit. Even if you are pre-approved, the exact terms of your mortgage-to-be will not be finalized until just before closing. One of the factors lenders look at is your debt-to-income ratio. Any change in this ratio potentially changes the interest rate and fees of your loan.

My husband is a mortgage broker and sadly has had to turn people down for home loans because they assumed that pre-approval meant that everything was finalized. He%26#039;s seen people open new lines of credit, purchase cars, etc. and this changes their profile so much that they don%26#039;t qualify for the type of loan they want anymore.

Wait until after you close on your condo, and then transfer those credit cards to a lower APR.

APR is much too high and paying high fees looks like Im stuck in debt forever?

loan

Possibly. Please consult with a mortgage lender first, before you do anything that would cause a delay in your purchase!

Good luck to you!!|||If you have been pre-approved your loan originator should have told you not to buy anything new on payment plans, not to change anything that affects you credit.

Opening a new credit card account most likely will change your credit rating. It is best to change things after you buy.

You might want to change your credit situation if you are pre-approved for a loan that gets you into a home but doesn%26#039;t keep you there. Do you know the loan program you were approved for?

I am a financial mortgage consultant. If you would like a free consultation send me an email.

We finance your future|||Eliminating high interest credit cards by transferring to a card with a lower rate can help you save a great deal of money, allowing you to regain control of your finances. However, it is important that you understand all of the terms and conditions of your new credit card before committing enrollment. You want to make certain that the card offer is fair and that you are truly going to benefit from it. Featured are tips that will help you choose and use the right credit card for transferring balances.

Pre-determining interest rates

Most balance transfer offers are good for only the first 6-9 months of enrollment. At the conclusion of the introductory rate, the card will convert to a more standard rate, typically between 14-20%. It is important that you determine what the interest rate is going to be once the intro rate is over. If you are not sure what interest rate the card is going to be charging at the conclusion of the intro offer, call the issuer and find out. Read more about it at: http://www.credit-card-gallery.com/artic...|||You can switch to a low interest card without hurting your credit. As a matter of fact, reducing your debt by reducing your payment actually helps as it lowers your payment and monthly liability. Just let your lender who pre-approved you know what you are doing, and if they tell you it will give you a higher rate, run and get another lender. I have access to lenders who won%26#039;t try to get more money out of you, email me at thenderson@acgmoney.com if you need any help. Good Luck!!