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Lynne43

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Trying to be smart with my money
I have 4 credit cards, a fair credit score, no student loans, a good amount of money in savings but I need to buy a car and pay for $5,000 tuition....I also have about $2,300 of credit card bills to pay off which I have the money to do that but I'm worried about taking out a loan for school and a car. What is my smartest option? Either 1. pay off all of my bills and hope that I can get a fair loan through a bank or 2. pay for my tuition, continue to pay interest on my credit card bills, and take out a car loan....help!!!

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Pay off your credit cards to about 5% of the total credit limits. This will immediately boost your credit score. The higher credit score will ne a more favorable interest rate for your auto loan.

If money is tight, then pay your credit cards down to just below 20% and you will still get the credit score boost. Pay your tuition and use the rest for a down payment on the auto loan.

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