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Hello forum,
Here I am... I have worked so hard to get my scores up, got them there and now it's my debt to credit ratio. I just need advice on what to do. My car is what taking my ratio through the roof. My debt is as follows:
Car Loan: bal $14,000.00 - $440.00 monthly payments
Loan#1: bal $2,000.00 - $145.00 monthly payments
Loan#2: bal $3,000.00 - $200.00 monthly payments
Loan#3: bal $700.00 - $72.00 monthly payments
CC #1: bal $3,100.00 - $25.00 monthly payments
CC#2: bal $1000.00 - $25.00 monthly payments
CC#3: bal $ 1,500.00 - $50.00 monthly payments
CC#4: bal $600.00 - $25.00 monthly payments
I make about $2300.00 a month. I have about $16,000.00 saved.
Should I pay my car off or pay the small balances off? I'm confused...
This is what I would do..
Car Loan: Get this guy refinanced
Loan#1: bal $2,000.00 - Pay off
Loan#2: bal $3,000.00 - Pay off
Loan#3: bal $700.00 - Pay off
That would get you a much better DTI ratio. I would leave the credit cards alone.
What are the credit limits on your cc's?
Do you mean Debt to Income (DTI) ratio? or are you concerned about your overall monthly utilization or monthly payments?
I agree with the pp that paying off the 3 personal loans is critical. I would also pay off the lowest balance card and leave that at zero (the one at $600) and then see if you can refi with a credit union to drop your car payment substantially. How much is your current vehicle worth?
I'm concerned about my overall monthly obligations/utilizations because of my income. My car is worth about $12,000.00. Thank you all for your advice, I will definitely get on this.