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Posts: 4
Registered: ‎09-20-2009
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Do I need to keep a car loan on the report

I have the money to payoff the car loan it is at 18% and I owe $6500, should I pay whole thing off or keep a small amount on the loan until I buy another one (standard 48 month loan/Santandar)?

 

The motocycle is a revolving Kawasaki card was at 10k then they dropped to $5500 and I owe just about $5300, it is through HSBC, should I pay this down or off completely and is there a possiblity for them to change this to a regular card?

 

It is not the temptation to re-spend on the cards it's the reality of life, hurricane Charlie and BP Oil spill, lost job. In two years I will be an RN and have secure and solid income and plan to continue on to Nurse Practitioner. I am now the dictator of my life and my finances. No longer do I wish to be shackled with 30% interrest, I want to fight with fire but realize I must play the game and will do so until I can receive the rates that the smart and wealth get.

 

gettingitright

fico 620



 

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Posts: 17,419
Registered: ‎07-14-2009
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Re: Do I need to keep a car loan on the report


gettingitright wrote:

I have the money to payoff the car loan it is at 18% and I owe $6500, should I pay whole thing off or keep a small amount on the loan until I buy another one (standard 48 month loan/Santandar)?

 

The motocycle is a revolving Kawasaki card was at 10k then they dropped to $5500 and I owe just about $5300, it is through HSBC, should I pay this down or off completely and is there a possiblity for them to change this to a regular card?

 

It is not the temptation to re-spend on the cards it's the reality of life, hurricane Charlie and BP Oil spill, lost job. In two years I will be an RN and have secure and solid income and plan to continue on to Nurse Practitioner. I am now the dictator of my life and my finances. No longer do I wish to be shackled with 30% interrest, I want to fight with fire but realize I must play the game and will do so until I can receive the rates that the smart and wealth get.

 

gettingitright

fico 620



 


Hello and welcome to the Forums.

 

I am of the opinion that any debt should be paid off as fast as possible with consideration of a score being secondary. My only caveat is making sure this pay off doesn't deplete any emergency fund you might have. Make the goal of being debt free your #1 priority.

 

Others may not agree with my debt pay off strategy but that's what makes these forums interesting.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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Posts: 5,703
Registered: ‎10-06-2007
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Re: Do I need to keep a car loan on the report

I agree 100% with MV.

 

Depending on what your FICO score is and other items in your CR, I might be tempted to pay the HSBC card off first since it is maxed out.  Which ever one you decide to PIF, I would then throw all the extra money your have to PIF the other one once you start you new job.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
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