As of today, my credit score is 631. Now I don't really know if thats bad or good, but here are my questions: I have 4 debts. 2 are credit cards, one for $500, the other $450; and 2 loans for furniture, their balances are $1630 and $1135. Would getting a loan to pay them all off be bad or good for my credit so I only have 1 payment? Also, what popular loan place would do it with a credit score of 631? Since I need about $4000 would my payment a month be outrageous or it just depends on the interest? I want to build my credit obviously so I don't want to do anything to hurt the score I have built for myself already. Thank you for any help!
2007-09-21 04:32:41 · 7 answers · asked by Janessa 4 in Business & Finance ➔ Credit
I don't have a mortgage payment... so the only other loan I have besides these 4 is a car loan, but I don't care about getting that paid off, I just want the little ones paid off.
2007-09-21 04:42:04 · update #1
All the interests for them are high because my score was 530 last year... I just turned 23 so I have built it fast. I really want to pay them all off now.
2007-09-21 04:46:33 · update #2
Your credit score is okay. Above 660 is considered good...
You wont get a good rate on a personal loan unless you have collateral for it. Best advice. Pay down the debt that is closest to the max first. Then go after the one with the highest interest rate. Getting the debts below 80% of max will help your credit score the most. Then hit the one with the highets interest rate as hard as you can. That will save you the most money. The other option is kill off the smallest first and have less bills and stamps to worry about. One saves the most money, the second one saves the most time.
2007-09-21 04:41:11 · answer #1 · answered by Bob D 6 · 1⤊ 0⤋
People get into trouble shifting debt to new loans. With the credit cards paid off, they just charge them all back up. Forget teh new loan. Work on paying off your debts.
Set up a strict budget. Take every penny you can squeeze out of that budget and put it on the highest interest rate debt, while making minimum payments on the rest. When the highest interest rate debt is paid, move to the next till they are paid off.
Once the credit cards are paid off, only charge what you can pay in full at the end of the month. Don't carry balances on your credit cards. It does not improve your score.
It will take you 2 or 3 years to pay off this debt but not only will you be debt free, you'll learn a lot more about financial management.
2007-09-21 04:59:02 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Keep the loans you have unless they are really high interest. Pay them off as soon as you can so as each is finished your payment is reduced by that amount.
Your credit score is low but not rock bottom over 720 is considered good. It will improve as you age unless you are late or don't pay some bills.
2007-09-21 04:40:36 · answer #3 · answered by shipwreck 7 · 1⤊ 0⤋
I would take the consolidation loan and pay all of them off but leave a small balance of $50.00 on each one to keep them open and going. The reason I saY this is because you pull a good credit rating by paying your bill on time and a long standing dept with good payment history is a solid move, but if you pay them completely off your long standing payment history is gone. You will start all over again. So keep a small amount in each account to keep it going.
2007-09-21 04:42:20 · answer #4 · answered by terrywack 1 · 0⤊ 1⤋
credit restore agencies are notably plenty all scam. do not waste a while and money. they only won't be able to do away with valid negatives out of your credit. you in basic terms ought to look ahead to those to age off. additionally, do not subject lookingfor destructive credit loans. in case you have destructive credit, you at the instant are not likely to get a private loan from a valid lender, espeicailly an unsecured own loan. the only variety of "lender" you will locate will prefer up front costs and could probable in basic terms rip you off. the superb factor you're able to do is pass on your financial business enterprise and get a secured credit card. Use the cardboard for small purchases and pay the stability in complete each month. In a pair of year, you need to be waiting to transform to a conventional card. you will prefer a minimum of 24 months of continuous, on time charge historic previous to work out any progression on your score. there is not any shortcut. Paying off previous debt won't strengthen your score. the wear is carried out and could remian for the stability of the 7 year reporting era. you will possibly be able to to boot settle those bills for as low as you are able to. Get any contract agreemint in writing and don't supply creditors direct get entry to on your financial business enterprise account.
2016-11-06 01:11:16 · answer #5 · answered by ? 4 · 0⤊ 0⤋
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2007-09-21 08:43:09 · answer #6 · answered by Stanleyson K 1 · 0⤊ 1⤋
best bet is to refinance and consolidate all your debt into one loan. your credit score is ok to do a conventional 30 year fixed loan. This will get your credit higher and save you money a month. your mortgage payment wouldn't be too high since you don't have much debt. I've been doing mortgages for nine years so if you need any additional info- you can e-mail me and i can walk you through it
2007-09-21 04:38:09 · answer #7 · answered by mynxnyc 3 · 0⤊ 3⤋
You post your profile on this webiste and then lenders come to you. I recommend trying
http://www.creditloansonline.com
2007-09-22 22:05:15 · answer #8 · answered by Anonymous · 0⤊ 1⤋