Credit Cards

[gladiator_jai 10+ year member]

Wow, I went for dinner and so many responses, thanks guys.

Well the situation is I applied and received(my first application) a citi cc in december with a 4k limit and 0% for 6 months.

Now I want to apply for a different one with 0% on balance trasnfers to pay citi off and have some time on my hands. I was just wondering whether I should apply for 2-3 at the same time. I just got a denial from discover...so I am kind of concerned..

I really need a card...

 

[squeak9798 5,000+ posts]

It's a Roth...so tax and penalty free...Just curious from a banker's perspective on a client's resorting to doing this to finance the down payment.

You're young, so you have ample time to replenish those funds for retirement savings. It's tax/penalty free, and in all likelihood you'd be paying higher interest on the mortgage than what the IRA is yielding for you. So interest wise you'd be money ahead to use those funds to reduce your borrowings. Plus you're investing it into a long-term asset that should appreciate in value over time, so that money isn't really "gone"....you still have it via the equity in the home. It's just not as liquid.

Overall, I think it's a good idea.

Also curious on the appraisal...does someone actually go out and look at the property? Or do they do it from a computer?

For a purchase, they'll do a full in-home appraisal w/ comps. So they will go out and physically inspect the home, taking pictures inside and out. And you have a right to the appraisal....so at closing you should be furnished with a copy.

 

[gladiator_jai 10+ year member]

Wow, I went for dinner and so many responses, thanks guys.Well the situation is I applied and received(my first application) a citi cc in december with a 4k limit and 0% for 6 months.

Now I want to apply for a different one with 0% on balance trasnfers to pay citi off and have some time on my hands. I was just wondering whether I should apply for 2-3 at the same time. I just got a denial from discover...so I am kind of concerned..

I really need a card...

Anyone with advice??

Thanks