 Credit Card Question??? How to get one????? |
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Stan J | Which should I pay off? my car loan or credit card debt? |
I recently got my tax refund in the amount of $3,000. we have a car loan with about $5,400 remaining and $5,400 in credit card debt. we want to pay everything off so that we can purchase a house next year and want to improve our credit score. which should I pay off? |
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Kellie
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go with the one with the higher interest rate. |
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jbone907
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Pay off whichever has the highest interest rate first. That will save you the most money. It's almost always a credit card anyway; plus its better to have a vehicle loan than it is to have a credit card balance (secured vs. unsecured loan). |
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my2fuzzyslippers
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I would suggest paying off the one with the higher interest rate first (Probably the credit card). The higher the interest, the more you have to pay out each month to the credit company. |
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hello
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Your credit card debt probably has the highest interest rate, so pay that off first. |
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Jim
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Ditch the credit card debt, it's probably at about 10% higher interest than the car loan. |
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Sue
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Look at the amount of the balance on the credit card, compared to the limit. If the balance (what you owe) is more than 40% of the limit (how much they will allow you to charge) -- pay the credit card first.
Part of your credit score is your "balance to limit" ratio -- if you regularly are close to the limit (you max out your cards), your overall credit score will be lowered. If you have lots of credit available, and are not using it all, you are a better risk (you look responsible).
Keep both accounts up to date, but concentrate on getting the credit card balance down. The score has less emphasis on car loans, since you can't 'go crazy' with a car loan, like you can with credit cards. |
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wizjp
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Highest interest rate is the CC?
Start there; then cancel it. |
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SPIFIMAN1
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Pay off the credit cards but do not cancel them.
Continue to use them for everyday things like gas and groceries, make sure never to exceed 40% of your limit in any given month and pay them off in full every month before the due date. Needless to say, continue to make your car payments as agreed.
This will increase your score, show that you are responsible with your spending and increase your payment history which accounts for a full 35% of your score.
This way when you go to apply for your home loan, your credit will look steller as far as pay history and debt to income are concerned. These two item together account for 65% of your totla credit score. |
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Ken
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You probably should pay off the credit card debt. Most likely, the interest on the car loan is all paid up front. That means if you are halfway into your car loan you have already paid most of the interest. Anything you pay now will simply reduce the principal balance but will not save you money.
Credit card debt accrues interest monthly at the rate of 1-2% per month. That means you are paying $54-$108 in interest on your credit card debt PER MONTH. You could cut that down by $30-$60 per month by paying the $3,000 on the balance. The important thing is to not use the card after you pay it down. After you pay the $3,000 on the card, determine how much you can afford to pay and how soon you can get it paid off. For instance, you will have a balance of $2400 with $24-$48 per month in interest. If you can afford to pay $148 per month, you could get it paid off in under two years.
Best of luck to you. |
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ASH
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I agree, go with the one that has the highest intersest rate, you will be doing the most good and be able to make payments that are more effective in reducing the balance if you put the money there. ussually I would say whichever has the smallest balance, but since they are the same, defiently knock out high interest rate stuff! |
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beauty s
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my car off first |
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Jo Blo
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credit card dept for home loan.. the credit card companies will report payoff soon,, car loan may take awhile.
and the credit card probably has the highest interest
some lenders figure in a car payment to figure what you can afford on a house, they figure if you don't have an auto loan right then, you will have in future |
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Jill knows best
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I would pay the car off, and then pay what i was paying in car payments towards my credit card. If you pay your credit card monthly it's way better for your credit then just paying it off in one lump some. This way you dont have to pay anything monthly towards are car loan and you can choose what you want to apply to the credit card, as long as you are paying above the min each month. |
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bwj1963
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the car |
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maestro
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I am working out the math for this situation. CC debt of $5,575 at 7.5% fixed. Car loan of $12,155 at 3.75%. CC payment is $115/mo. Car is $306/mo. If I make $50/mo extra payments to car loan, payoff is aprox 36mo's. Then $306 is freed up to send to CC. Bigger bang for smaller extra payment amount I think. Any comments, suggests, thoughts? |
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