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Question By
FrankCastle89

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Payoff Loan or CC's first?
I have funds to pay a large Chunk of these debts off, just wondering if I'm better off paying the loan off in full first incase I need to consolidate the other debts later, or do the credit cards affect my credit more?

Personal loan with balance of $5716 with monthly interest of $102.00 (min payment $282.95)

Or credit card with balance of $4932 with monthly interest of $82.58 (min payment of $139.46
Or other credit card with balance of $4442.51 with monthly interest of $80.77 (min payment of $130.00)

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From credit scores prospective, paying down credit card balances. Bring the utilization percentages down across all the cards equally, would yield better scores. Of course from Financial prospective would be which ever has higher interest rate.

Reply by
FrankCastle89

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Just wondering if I'd be better suited to pay off the loan, in case I need another one to consolidate the CC Debt. Goal is to eliminate all of it soon, but if I can cut it in half for now, then hit it with large monthly payments later. Would a loan company let me borrow again that quickly if I paid them in full early you think?

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