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jennicoleo

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Loan to pay off debt? Or secured credit card?
We are trying to raise our scores to buy a house. I have some old debt I need to pay. Is it better for my score to get a loan and pay off all the debt at once? Or get a secured credit card first?

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what is the old debt? if it's monthly installment or credit card debt that isn't in default, why not just keep paying it? if it's collections, paying it off doesn't necessarily boost your scores unless the collections are removed. you need to have established credit that you pay on every month in order to increase your scroes, so if you have NONE, yes get a secured card. better yet is a regular credit card. cap one is known to approve cards with less than perfect credit, give them a shot. 

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