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Who to pay

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sassymomof2
Frequent Contributor

Who to pay

I am getting a late birthday gift of 4500 from my Dad.  Should I use it to pay off my car or two credit cards?


Starting Fico Feb 2011 EQ 570 TU 580 EX ?
May 2014 EQ 709 EX 684 TU discover 665

Closed on first home April 26, 2012!
Last app August 2, 2014. Gardening indefinitely!!!
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pizzadude
Credit Mentor

Re: Who to pay


@sassymomof2 wrote:

I am getting a late birthday gift of 4500 from my Dad.  Should I use it to pay off my car or two credit cards?


Assuming that your credit cards have an APR over 20% ( and lower than your Auto loan ) then you should pay the credit cards.    Also this should help your FICO score, wheras paying your auto loan would not.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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