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MoneyProblemsMommy

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Best way to work on my debt to better my credit.
Which way will be better effect on my credit. I want to pay off all debit when I file my taxes and use that money but my relatives says it won't help my credit. I thought about asking my bank for a loan to pay off my debt and use a credit card to pay them them back monthly. I message them this idea and their reply was to fill out a credit card application but if my credit is bad already, I'm not sure they would do it. Any advice? Thanks in advance.

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You have a good idea about using a tax refund to clear out debts.  If you have any accounts that are showing late payments, those may hold your credit down for a little while but the notice of the debts being paid in full will work in your favor.  You didn't say if any debts had gone to collections, but if so, you want to consider getting a pay for delete arrangement made, and do this in writing.  Please review other options in the most popular listing on this site and check Dave Ramsey's site for ideas on debt repayment.

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Read about PAY FOR DELETE AGREEMENTS

Don't apply for any credit if you don't think you can be approved

Don't expect to pay a bank loan with a credit card, odds are they don't accept credit card payments.

Start reading everything that you can about credit, spend an hour or two everyday until you know what you need to do

Any questions, feel free to ask, but do the necessary reading.

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