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Auto Loan

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jbee
Regular Contributor

Auto Loan

Hello everyone,
Quick background, I haven't purchased a car since 2003, which I paid it off in 2008. This was my 2nd car purchase and I have very good payment history on both. Well, I just found out that my car needs major work done which could be over $6,000, so I'm going to buy a new one (a couple years old). Here's my issue: Most of my credit cards are close to max and I have 2 personal loans. So, should I pay down my credit cards or pay off one of the personal loans? I'm not sure if the loans are considered a negative on the credit application. My credit score is 675 and dti is around 40%. Thanks for your help.

3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
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2 REPLIES 2
jbee
Regular Contributor

Re: Auto Loan

Anyone?

3/1/10: TU: 615, EQ: 640, EX: ???
6/8/10 (LO pulled): TU: 704, EQ: 689, EX: 694
Goal Score by Oct. 1: TU: 750, EQ: 750, EX: 750

Take the FICO Fitness Challenge
Message 2 of 3
Creditwiser
Valued Contributor

Re: Auto Loan

I would pay down the CC's If the loans are in good standing.  The CC Util will not only scare creditors, it's keeping your scores down as well.

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