topic Re: paying in Credit Cards

paying

juniornj23 — Tue, 11 Nov 2014 14:09:25 GMT

What is more important to pay cc or card loand

Re: paying

takeshi74 — Tue, 11 Nov 2014 14:10:33 GMT

Important in what regard(s)?

Re: paying

Anonymous — Tue, 11 Nov 2014 14:18:39 GMT

@juniornj23 wrote:
What is more important to pay cc or card loand

Unless you have another (reliable) car to get to work, I'd try to save my ride before a CC.

Which is exactly what I did when ended up C/O 3 cards back in 2008.

Re: paying

juggar — Tue, 11 Nov 2014 14:22:49 GMT

@juniornj23 wrote:
What is more important to pay cc or card loand

Obviously the car loan, if you are having to ask for advice on this then ill assume you got some buy-here-pay-here loan.

Most BHPH will attempt to repo after one missed payment, so pay the car loan.

Re: paying

juniornj23 — Tue, 11 Nov 2014 16:36:24 GMT

My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan

I own 9500 on cc

230 on my car

Re: paying

juggar — Tue, 11 Nov 2014 16:40:48 GMT

@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car

You need to be more articulate with your spelling and grammar, else nobody will understand what you want.

That said, pay down whatever has the highest interest rate. It should be your credit card(s).

Re: paying

Chris679 — Tue, 11 Nov 2014 18:39:09 GMT

As long as you are still going to keep making regular payments in the car then put the whole bonus towards the credit cards to save a lot more on interest. This is assuming they have higher interest rates.

Re: paying

Anomalous — Tue, 11 Nov 2014 18:43:19 GMT

@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car

Make the car payment, then put some towards your cc. As someone who has to live with a paid-in-full redeemed repossession on her credit report for the next several years, I no longer condone missing car payments.

Re: paying

Anonymous — Tue, 11 Nov 2014 20:12:24 GMT

@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car

Put enough in the bank to pay for at least 6mos of your auto loan then use the rest to pay down your CC's.

Re: paying

Anonymous — Tue, 11 Nov 2014 20:19:03 GMT

What is the current due on the CC? What is the total due? What is the current due on the car loan? What is the total due? What are the APRs for each? Giving us this basic information will help us come up with a response. Additional information like net pay, CL utilization, etc might help with an even more thorough answer.

If we are talking generalities:

1. Pay minimum payments on everything first, then pay the rest.

2. If you have to pick one over the other, pay the car loan first.

3. If your income is enough to cover the payments in the future and have no overdue payments due, pay the higher APR payments first after keeping aside a small emergency fund (at least 2-3 months expenses) before paying off either loans.

Now none of the above might be right for your situation. Without more information, we can throw out general rules that may or may not apply to you.

Re: paying

Legal_Girl — Tue, 11 Nov 2014 20:23:39 GMT

My suggestion would also be what Nixon said. Put enough in the bank to pay 6 months worth of car payments and use the rest and pay down your credit cards. If any of the CC's have low balances and high interest, pay those off first. And then get the other higher interest cards paid down next..

Good luck...

Re: paying

jim44 — Tue, 11 Nov 2014 20:34:19 GMT

@Anomalous wrote:
@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car
Make the car payment, then put some towards your cc. As someone who has to live with a paid-in-full redeemed repossession on her credit report for the next several years, I no longer condone missing car payments.

Our dealership just approved an auto loan on a customer with a redeemed repossession. His FICO (auto enhanced) was 603 and his approved apr was 4.65% on an 04 Lexus ES! I admit, I admire anyone who has had previous financial problems and have done their best to pull themselves out. Good for you!

Re: paying

Anonymous — Tue, 11 Nov 2014 20:55:57 GMT

@jim44 wrote:
@Anomalous wrote:
@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car
Make the car payment, then put some towards your cc. As someone who has to live with a paid-in-full redeemed repossession on her credit report for the next several years, I no longer condone missing car payments.
Our dealership just approved an auto loan on a customer with a redeemed repossession. His FICO (auto enhanced) was 603 and his approved apr was 4.65% on an 04 Lexus ES! I admit, I admire anyone who has had previous financial problems and have done their best to pull themselves out. Good for you!

That's a seriously forgiving bank..

On a 10-11yr old car no less! I'd have expected a rate 4x as high on that.

Re: paying

Anomalous — Tue, 11 Nov 2014 21:49:35 GMT

@jim44 wrote:
@Anomalous wrote:
@juniornj23 wrote:
My job gave me 6500 as bonus and I don't know what to pay first my cc or my car loan
I own 9500 on cc
230 on my car
Make the car payment, then put some towards your cc. As someone who has to live with a paid-in-full redeemed repossession on her credit report for the next several years, I no longer condone missing car payments.
Our dealership just approved an auto loan on a customer with a redeemed repossession. His FICO (auto enhanced) was 603 and his approved apr was 4.65% on an 04 Lexus ES! I admit, I admire anyone who has had previous financial problems and have done their best to pull themselves out. Good for you!

Thank you!

Re: paying

juniornj23 — Wed, 12 Nov 2014 12:14:38 GMT

Thank to everyone