 Will my credit be affected? |
| I have a Credit One credit card with a $200 credit limit on it. The bill is due tomorrow (Wednesday, July 19) but I just mailed out the payment today. Will my credit be affected by them receiving it ... |
|
 Closed hospital on credit report item item paid looking for removal? |
| My husband has two negative items on his credit report and they are medical bills from a now closed hospital. He had a staff infection and without insurance at the time. The hospital is now closed ... |
|
 If I tell bill collectors that I'm dead would they stop calling? |
| I was thinking about saying "he died a couple of days ago..." when they call so they stop calling me so much!... |
|
 If today is the 1st time a collection agency calls me, can they begin steps to garnish my wages by tomorrow? |
| They were very aggressive and told me that I had to come up with $1400 by this Friday. When I told them I would need more time or propsed a payment plan they furiously told me that they would call ... |
|
 Can I get a loan for a small business without credit? |
| I have no credit, I still live with my parents and I have a business plan. It seems hopeless.... |
|
 I Have a repo on my credit. I am now with a collection agency and owe them $4,000 Do i need to pay this? |
| I just want to know if its worth it to pay alot of money to this collection agency. I ve been told that its not going to help me in improving my credit. In my credit it shows as a charge off.... |
|
 Whats the best way to build your credit back up? |
| I have $1,000 worth of credit card debt, which I plan to pay off in full tomorrow. I'm in my early twenties and don't have much credit - what I do have is riddled with late payments because ... |
|
 Credit Card Applications? |
| What is the easiest credit card to get? I want to find a card with no application fee.... |
|
 Is 480 a decent credit score? |
| can i get a loan for debt consolidation and from ... |
|
| If you have reaaaly bad credit and you are buying a house on a lease option? |
| we have paid a big down payment we are worried about getting financed is there any way at closing on the house the realtor if he agrees pay off our debt can we get financed we have made all of our ... |
|
 I received a collections letter for $6500 for a Sprint account I never had? |
| They only had my name and former address. I called them and they hung up on me when I refused to give them part of my SS#. Sprint confirmed that the account did not exist but wouldn't do ... |
|
 Check marked "paid in full"? |
| If I cash a check marked paid in full made out for an amount that is less than the amount due, will I be able to bill for the remaining balance?... |
|
|  |
sou m | Which would help better my credit scores, pay off my credit cards or my car loan? |
|
 |
 
Kelley
|
Probably the credit cards ... Depending on how many of them you have & the interest rate on each.
You may also want to consider the interest rate on the car loan and the balance owed.
You can always refinance the car and transfer the balances on the credit cards to one that has a lower rate. |
|
patsypoo1985
|
well im sure some people would say both. But coming from somone who dealt with this, I would absolutley say that you should pay off the credit cards because in some states, you credit scores only take a few months to get back to normal. :) |
|
Mike E
|
Credit cards. Loan officers want to see that you can make scheduled payments but not live above your means. If you have alot of credit card debt that shows that you live above your means. |
|
gearnofear
 |
CC. Number one your auto loan is a long term loan. CC are considered short term and will often count against you as too much debt. a lot of company's will check to see how many of the cards are maxed out. This helps them gage your debt to income ratio better. There are some places now that will just look at the maximum limit on the card and not even bother to look at the balance. again it shows your debt to income. If you have 3 credit cards that have a 10,000 dollar limit and you only make 30,000 a year, most lenders will deny you credit because CC wise you are already way over you debt to income ratio. now keep in mind that this does vary from lender to lender. but CC do reflect a more negative look when trying to get bigger loans. Home loans most often. |
|
nlkb_82
 |
The credit cards for sure! |
|
beauty s
|
credit cards because the have higher rates.. |
|
Me M
 |
I think pay off your credit card is better since everybody have car loans and that is typical. For credit cards, they will noted that you have late payment on your credit report and that probably will hurt your credit score. |
|
JEDI MASTER YODA
 |
Pay yourself FIRST by paying off those high rate Credit Cards.
The auto loan shows financial responsibllity and its a good credit repayment loan history.
Revolving Credit being too high affects your credit score.
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Get a FREE Credit Report here:
www.annualcreditreport.com
www.freecreditreport.com
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
Have a great day! GOOD LUCK! :-) |
|
$m¤¤v¥ £¤¢¤
 |
I'm going to break down what makes up your credit score:
1. Payment history 35%
2. Total debt owed vs. available credit 30%
3. Length of time establishing credit 15%
4. Types of credit established 10%
5. Inquiries and New Accounts 10%
The credit scoring system is quirky at times. While it would seem that it would improve your score to pay the car loan off, that's not quite the case. I'll explain. First of all, a car note is an installment credit while credit cards are considered revolving credit. Both are scored differently with the main reason being that revolving credit is open-ended, meaning that as long as you owe a balance you will continue to pay with not time limit as long as the minimum payment's paid. This type of credit is re-usable which means that it shouldn't be used quite as much becuase that very reason. Installment loans are a completely different animal. Usually they're for larger purchases for items that's finanaced for a cretain amount of time for a certain amount. Well, that's called a closed-end loan. The scoring system has taken that into account and has scored it differently as well. The debt from installment loans are scored differently from credit cards becuase it's expected that installment loans will take longer to pay than credit cards because there's a term to repay the loan.
Now having said that, my advice to you would be this. Pay your credit cards down to 30% or less of the combined available credit of all your cards. From there, I would pay down the principle of the car note. The scoring system as quirky as it is, likes to see that around 30% of your total available credit is being used on your credit cards. That way, you're able to kill 2 birds with one stone. |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
8 | 9 minutes(s) ago
| | | |
9 | 33 minutes(s) ago
| | | |
9 | 35 minutes(s) ago
| | | |
9 | 2 hour(s) ago
| | | |
4 | 7 hour(s) ago
| | | |
9 | 8 hour(s) ago
| | | |
9 | 9 hour(s) ago
| | | |
3 | 2 day(s) ago
| | | |
8 | 4 day(s) ago
| | | |
9 | 5 day(s) ago
| |
|
Homepage 
Financial
Forum 
Credit 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
