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mera4321

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Which is better for my credit?
I have 17,000 in cash. Should I pay off most of my debt and get a car with a loan or go with no loan for a car and use the money? If I pay off my debt, how long would it take to show on my credit report to get a car loan?

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Always pay off debt first

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Never take a new loan if you have old debt.  Paying off the credit cards will save you money in the long run.

I'd pay off all old debts first, Wait about 30-45 days for those accounts to report a zero balances.   Then "Pre-Qualify" for an auto loan with your bank or credit union  before shopping for a car. Use whats left of your cash as a down payment and finance as little as possible on the car.  Auto loans tend to have lower interest rates than credit cards so there is your going to see savings in the long run. when you use your credit cards in the future, pay the entire balance each month so the debt doesn't build up in the future.

Good luck

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Which is Better?

Is it better for me to open a new account or to increase my paid off accounts for emergency and special needs?

Why are suggestions always given for more cards if I'm supposed to keep my credit low?

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List All your Debt.

Does the 17K cover All your Debt?  

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INTEREST RATES

The more accounts that you have, the better.  A good mix of credit cards / auto loans / mortgage, etc. is good to have.  

I'd avoid interest charges on credit cards.  Seems like you'd be able to get an auto loan at a WAY LOWER interest rate based on your available savings, etc.

In the end, that's what I'd look at.... interest on said loan vs. interest on credit cards.  

You could also pay SOME of your credit card debt, priotizing the highest interest rate cards over the lower ones.

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