Bank Loans

[Mitcheh]

Re: Bank Loans

I've never personally heard anything about that, I don't think it's true.

[Mefro]

Re: Bank Loans

Thats not true, but you do want to have more then one tradeline, but at the same time nothing excessive, and if its only one tradeline you have, it should be revolving credit, ei: Visa, Mastercard, Line of credit.

[Mitcheh]

Re: Bank Loans

Bank jargon ftw!

[94gti]

Re: Bank Loans

Wow thanks for the replies guys, I was going to consolidate a gov. student loan, and student line of credit and a car Loan. Can any one elaborate on the benifit of keeping the gov. student loan?

The reason for consolidating is that my car loan is at 12.25% and thats a raping. I figured I might be able to get a better rate from a different bank with a higher loan amount. Then it would make my life easier with one monthly payment.

[Mefro]

Re: Bank Loans

Bank jargon ftw!

My bad, by tradeline I mean a running history for one account.

For Student loan interest, you can claim it as a non refundable tax credit. Ei: You paid $500 in interest to student loans. You can claim 15.25% of $500 as a tax credit, which directly reduces your tax payable.

As for car loans, what year is your car? The older it is, the less chance you have of getting a decent rate. You may be better off to apply for a Line of Credit to pay off your car loan. It is much harder to ge a Line of Credit though, they look for income in most cases over $40K a year, and a decent net worth(investments). A car is not an investment. I know it is much easier at RBC or CIBC.

[Mitcheh]

Re: Bank Loans

Oh you, you're so smart
How's the FA position treatin ya? You better become manager of personal banking soon and then hire me

[Mefro]

Re: Bank Loans

Its going pretty good, have some tough goals!

[Mitcheh]

Re: Bank Loans

My job's goals are so easy it's sad :(
How are your goals done? Dollar amounts or something?

[Mefro]

Re: Bank Loans

Dollar as well as specific items.

[Mitcheh]

Re: Bank Loans

What does a PBO have to do in a month?

[Mefro]

Re: Bank Loans

Probably $150K or more

[Mitcheh]

Re: Bank Loans

Heh our goals are by individual sales, a total of 169 per month

[94gti]

Re: Bank Loans

Thanks again guys, looks like I will be staying at the status quo for right now, but I will be looking into writing off the intrest of the student loan.