Tomstang wrote:Hello all, I hope someone knowledgable can help me out here. I will be refinancing in May 08. I have done ALOT to help my current score. I currently have an interest only loan that has heled me pay off some debt. My remaining cards are a Sears card at 3500.00 at 29%, maxed out, a Best Buy card at 27% at 1600.00, and a Visa at 12% at 3000.00, maxed out.I have 1500.00 to spend on debt now. I want to do the best thing to help my score before May.Should I payoff the card for 1600.00 and close it out, or should I split the 1500.00 and pay 750.00 to the Sears and Visa card , distancing the amount owed from the max?What will help my score more? Thanx alot.
DebtSucks wrote:Before you do anything, go to daveramsey.com. Pay your cards off and don't open any accounts. What have we come to in this country thinking you have to take money out on credit. Who cares what your score is when the only thing you owe on is your mortgage and EVERYTHING else is paid for. Now thats a nice feeling. Start saving for what you buy, set up an emergency fund. You know, interest works both ways. Why not have the bank pay you interest instead of you paying interest. Its sad, but this website sets people up for failure by continuing to wade through a sea of debt. Change your behavior and get free from debt. Go to the daveramsey.com and sign up for "Financial Peace University". God bless.