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Pay off credit card or car

Valued Contributor

Re: Pay off credit card or car

Ideally you would zero your credit card before the 0% expires. Extra money would go towards the car to minimize interest from the relatively high 6.9%, sooner than later. As for your score, an installment loan may help you past the halfway point, but hurt you if not yet at it. With one of each reporting a balance, I can well imagine that a ~90% installment util is worse than ~30% on a card.

Established Member

Re: Pay off credit card or car

Thanks everyone. The car can essentially be paid off by the end of next year but I think it is smarter for me to try to bring down that credit card. That's where it will end up costing me more. You guys are awesomeness! Have a great day.

Established Contributor

Re: Pay off credit card or car

Agree.. Pay off Credit Card.. The Installment loan on car helps- adding another form of credit mixture for your score.


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Valued Contributor

Re: Pay off credit card or car

Pay off the credit card debt.