nookie41 wrote:
cute photo and hi,
none are negative, no payments mised and never charged any late fees, the two are keeping me from being out of total debt and that is th3 goal bu June 2010!!!! someone has to go. i thing its the car has to go as far as getting out of 20k. I heard that the credit reporters only value the pay off of a car at 4 points, that hurts, i do nto wnat a book of credit cards, did that when i was in college and just got some air from that hole i was in,
So, if I read right, your goal is to be debt free? PIF both. If you can't PIF both right away, then focus on the small debt first and apply what you were applying to the SL and throw that at the car to PIF sooner. Paying them off could help or hurt your score buy by only a few points. It may not be 4 points; it could be more or less, but installment utilization is such a tiny part of FICO scoring. And it really won't impact you until your last installment account is PIF. I paid off my last loan last year and my EQ FICO increased by 7 and my TU FICO dropped by 5. In other words, my loan was hurting EQ but helped TU. IMO, it is always better to be out of debt and not pay interest than it is to have your loans help or hurt your score by a few measley points.
