Alright so to preface this post. I just finished my rebuild, scores are back in the 700s. I was recently approved for an AMEX Gold and also the Chase Sapphire Preffered. I am pretty locked in on just using those 2 cards for all of my purchases and getting situated with travel points and such before I step up.
I added about 10 inquires in the last few months in the midst of deciding where to go with my final remaining debts which ill list below.
OneMain Loan -$3573 - $195/mo
Upgrade Loan - $1475 - $145/mo
Cap 1 Savor CC - $1705 - Min $70/mo (Making higher payments to this right now, around $500 or more depending on spend each month)
Is it worth getting a personal loan to just pay these off and consolidate? I would still pay them off in the same amount of time. Or should I just add another inquiry, consolidate the debts, and then just let my credit sit for 2 years while I pay off that one final amount of debt. I dont see myself applying for anymore credit for at least 2-3 years.
@OniStringer wrote:Alright so to preface this post. I just finished my rebuild, scores are back in the 700s. I was recently approved for an AMEX Gold and also the Chase Sapphire Preffered. I am pretty locked in on just using those 2 cards for all of my purchases and getting situated with travel points and such before I step up.
I added about 10 inquires in the last few months in the midst of deciding where to go with my final remaining debts which ill list below.
OneMain Loan -$3573 - $195/mo
Upgrade Loan - $1475 - $145/mo
Cap 1 Savor CC - $1705 - Min $70/mo (Making higher payments to this right now, around $500 or more depending on spend each month)
Is it worth getting a personal loan to just pay these off and consolidate? I would still pay them off in the same amount of time. Or should I just add another inquiry, consolidate the debts, and then just let my credit sit for 2 years while I pay off that one final amount of debt. I dont see myself applying for anymore credit for at least 2-3 years.
No it's not worth it. Just follow your plan of paying stuff down, and using the 2 cards you're using.
@Jnbmom wrote:I agree with @SouthJamaica . You already have 2 loans not sure you used them for . I assume the rates might be on the high end ?
I would probably put that 500 on one of those loans and get one paid and then do the same with the other .
Basically this time last year, on the verge of losing a job, and kinda just racked up debt to get by and try my best to preserve my credit as far as not being late or deliquent after being so close to my rebuild. Fast forward, somehow got by without adding anything bad outside of a few bad interest loans and high utilization, which as you can see im almost there thankfully lol
@SouthJamaica wrote:
@OniStringer wrote:Alright so to preface this post. I just finished my rebuild, scores are back in the 700s. I was recently approved for an AMEX Gold and also the Chase Sapphire Preffered. I am pretty locked in on just using those 2 cards for all of my purchases and getting situated with travel points and such before I step up.
I added about 10 inquires in the last few months in the midst of deciding where to go with my final remaining debts which ill list below.
OneMain Loan -$3573 - $195/mo
Upgrade Loan - $1475 - $145/mo
Cap 1 Savor CC - $1705 - Min $70/mo (Making higher payments to this right now, around $500 or more depending on spend each month)
Is it worth getting a personal loan to just pay these off and consolidate? I would still pay them off in the same amount of time. Or should I just add another inquiry, consolidate the debts, and then just let my credit sit for 2 years while I pay off that one final amount of debt. I dont see myself applying for anymore credit for at least 2-3 years.
No it's not worth it. Just follow your plan of paying stuff down, and using the 2 cards you're using.
Similiary to what @Jnbmom said, also the only reason I am even choosing to pay the CC off quicker, is simply to get my utilization down asap. The other 2 payments are set amounts and monthly payments. Figured id stop accruing interest on that final CC before moving on to the two loans. Figured that was best to do?
I don't think enough information is provided. OP, what are the APRs on your existing loans/balances? Can you still borrow on the two existing loans? If you did do some sort of consolidation, what could you get the APR(s) down to?
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