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ibrickedmypsp

1 Contribution
1 Person Helped
Not too sure what to do. Please help.
Hi everybody - I'm in this situation and not sure what i should do to improve my score/reduce bills.

First off I'm 21 years old with 4 Credit cards and 1 auto loan. My goal is to just pay everything off and not be so swamped with all these bills.

I'm in the process of paying off all Credit Cards in large portions first but not sure if Debt Consolidation is a better choice for me. Here are my credit card details:

Card 1: $2067 Balance 14.15% APR
Card 2: $1982 Balance 24.9% APR
Card 3: $1007 Balance 22.9% APR
Card 4: $0 Balance (first to pay off).

I recently went on an applying spree looking for Dept Consolidation loans but backed down a few times because i told myself that it wasn't worth it. The thing is - I still applied to these companies and I'm for sure that will hurt my score in the long run.

Does anybody have some kind of advice at all?

Should i just stop thinking about dept consolidation and just continue to pay big chunks at a time to pay off each card?

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Top Contributor
1884 Contributions
3675 People Helped

Stop appling....

Your hurting your score by over appling.  

Rule of thumb, Don't apply for credit more than once every 4 months.  Normally,  That would allow time for older inquiries to fall off before new ones are added. Try to keep applications for loans/credit card below 6 per 2 year period.

Your best bet is to pay off the debts you have, A consolidation loan will probably not help with the interest rate, Just make it one payment.

If i were you, I would make double minimum payments on each and pay as much as possible on the card with the highest interest rate untill all the cards are paid off.  

In the future, try not to put anything on a card that you can't pay off in a couple of payments.

Good Luck

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