I gross approximately 68k a year. I have 9k in my 401k account, and I have two investment accounts that currently have $500 each, but I contribute $325.00 per month combined as of 05/2015.
My current debt as follows:
36k student loan debt (payments are in deferrment status until 2017) My payments would be approx $195.00 per month for the first two years.
17k (2014 motorcycle 732miles) debt ($432.00 mo) -
Option #1 sell it back to the dealer...but I would most likely be upside down and have to pay 2k to 3k get out of it. But that would eliminate debt.
Option #2 Refinance it for a lower interest rate to lower monthly payments
$1997.00 balance Installment loan ($60.00 per month)
$4600.00 (Joint Auto loan $183.00 per month)
Option#1 I'm co-signed for my mom an auto loan, and will remove my name. This is a positive tradeline
Total Monthly debt:
#1 $870.00 per month (includes my moms car)
#2 $687.00 per month (minus my moms car)
#3 $255.00 per month (minus motorcycle note and moms car)
Would it be better for me to sell the motorcycle or refinance it?
Current FICO 08 as of 06/01/2015 TU 648 EQ 624 EX 602
FICO Mortgage Scores TU 594 EQ 540 EX 642
