Credit debt

[Anonymous]

Boy, did I get in debt after my father passed 2003.  Should I consolidate my debts and pay with my equity loan?  I am knew at this. Would I just have one monthly payment to worry about?

[llecs]

What are your goals? Higher score? One payment? Both?

Likely your HELOC is factored into utilization. So, using the HELOC to pay your CCs won't help your score much. However, you do consolidate and potential lower your payments. If the primary goal is your score, then consider an installment loan.

I personally would opt to do neither and to tighten my budget and accelerate my debt paydown without transferring debt.

[Anonymous]

Thanks for responding so soon. My fico score combine in 690-and my goal in to get out of debt. I am trying to be responsible. What is H etc that you use?

[Anonymous]

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@Anonymous wrote:
Thanks for responding so soon. My fico score combine in 690-and my goal in to get out of debt. I am trying to be responsible. What is H etc that you use?

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HELOC is Home Equity Line of Credit.

[oracles]

Hi nikki

If your goal is to get out of debt then if you have a lower interest on your HELOC than on your credit cards, then I would definitely use the heloc.

Again, if the heloc is counted in your util% and not considered an installment loan, it will do little for your score now.

However because you will have more to put towards the heloc, since you will be paying less interest, than in the long run it will better your scores.

Just make sure you don't start to run up your credit cards because now you have more available credit.

Hope this helps