I have a bad debt, help?
My credit score is 676. It has been as high as 737 but it has dropped recently. I am leaving to school in august and I have a credit bebt of over 10,000 dollars and I need to know what to do. Here is all the debt I have right now.
Car loan: 3,487 left to pay. It was a 7,010 dollar loan. My dad is paying the rest of my car off when I arrive at school. My payment is 187 a month. I have never missed a payment.
Credit card #1 - Balance is 2,049 and the limit is 3,300. This card has been as high as 2,500 but I was able to pay it all of recently. I never missed a payment on it and I have had it for nearly 3 years. This is the first time it has had 0 dollars on it.
Credit Card #2 - The balance is 0 dollars and the limit is 5,000 dollars. This card has been as high as 2,100 dollars but I have paid this off. I have had the card for 2 years and have never missed a payment. This is the first time it has had 0 dollars.
Credit card #3 has $5,224
Answers:
The first question you should have for yourself is: "Why are you so worried about your credit score?" What you should focus your attention on is getting a handle on your debt. Have you considered closing the account you've paid off and cutting up the card? You should. Focus on the debt with the highest interest rate. When you're paid every month, consider paying off a set amount (more than the minimum) and keep plugging until your debt is clear. Consider setting up an autmatic payment if you have an online banking account. That way you don't even have to THINK about paying your credit card bills. Don't miss payments on the other cards however! If you have, this may be contributing to your lowering credit score.
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I was just told about it the other day because my partner and I do hard money loans. There are people on that site that have similar situations as you but usually with worse credit. Check it out. You may be able find small private investors to give you money at a lower interest rate that would allow you to pay down your debt. Good Luck!
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Opt for a debt consolidation loan: The easiest method of getting a debt consolidation loan is to utilize the equity of your home. Equity of your home is calculated and determined by the difference in the amount you have paid and the amount you owe. If the amount you have paid is more than the amount due, you can use it as collateral. This allows you to borrow money on lower interest rates. Besides, you also get tax benefit on this type of loan. Consult your tax advisor before opting for this loan.
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