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Would it benefit me to pay down my auto loan or credit card faster? Which will raise my credit score
I am looking to pay extra on one of my loans to pay it off quicker. I want to know which one will benefit me more....my auto loan or my credit card?
Asked by
grlhvn2muchfun
1 year ago
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My debt to income ratio is poor. I only have one financial obligation so I don't understand this.
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The best way I have learned to pay things off is to pay the smallest one off first, then once it's paid off take the money you were paying on that and start paying off the next smallest line of credit and so on. Once all that is paid off and your use to not having that money take the money and put it into retirement account and savings account that you don't touch unless you have too!!!!!!!
mthacker 1 year ago
which loan has a higher interest rate? It will be cheaper in the long run to pay off the debt with the higher interest rate first.
Kensington22 1 year ago
Both answers are why I am confused...The smaller loan has the lowest interest rate but higher payment amount. The highest is the credit card with the higher interest rate and larger amount. Doesn't the credit card look worse on my credit report...it's about max'd out?
grlhvn2muchfun 1 year ago