At times we find ourselves feeling a little overwhelmed with loans, credit cards, and a low credit score. All of these things go hand in hand when it comes to your credit score. Having several credit cards and loans and not knowing which ones to pay off first can be stressful, especially if you’re unsure which one will help your credit score once its paid.
The best option to do is to pay off your credit cards, do not close the account, just pay it off. This will help you in several ways. This will drop your credit utilization percentage which accounts your 30% of your entire credit score. If you had high balances on the cards but good payment history, this could potentially give your credit score a good boost. Secondly, paying off your credit card will help save you money as your interest rates may lower as well. I would personally start by paying off the credit card with the highest interest rate first.
When it comes to loans, especially vehicle and mortgage loans, you normally have fixed payments over a period of time. If you have a good interest rate on these types of loans so long as you make your payments on time every month, it is good to just continue making your payments on a monthly basis so these accounts can help you create a good credit history, also helping your credit score.
If your debt became too overwhelming and you have late payments on your loans or credit cards, your credit score can already be severely damaged. There are solutions though. Come see us. We will review your entire credit report with you in detail and come up with a personalized plan to help you with your credit. Not everyone’s situation is the same, however we do have a solution for everyone. Even if you have 0 derogatory marks but a have a low credit credit, we can most definitely help you.
A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link creditservicesofamerica.com to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!
*Individual results may vary. Please call for more details and to discuss your own individual situation.