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MtnTopIslandGirl

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6 People Helped
Best use of $ gift to increase score
My in laws have offered to pay off five small high interest loans for us. That frees up over $1000 a month. We have credit cards that we maxed out during a total home renovation and a car payment. We also have an HVAC loan but it's at 0.5% interest and nearly paid off so I'm not worried about that.

How should we use the extra money each month? Throw it at the new car loan we've had for about six months or at the maxed out credit cards? We are hoping to get the score high enough to refinance our home in the next three to six months but our score has plummeted to the high 500s, low 600s. We have about six figures in equity in the house and would like to cash it out in the refi to pay off the car loan and finish the home renovation. It would still leave us about $50k of equity based on figures we have. Current mortgage balance right at $60k and realtor valued house at $165k.

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