What loans should i start paying on first to get my credit back in good condition?
School loans-20k worth from different loan company’s
Credit Card and debt collectors-1600
School loans-20k worth from different loan company’s
Credit Card and debt collectors-1600
Dave Ramsey always suggest starting smallest to largest debt payment.
You will need to pay on all of them – otherwise you will be delinquent on some – and that will adversely affect your credit.
Pay at least the minimum on all of them.
There are 2 trains of thought on paying them off.
A: pay extra on the one with the lowest balance until it is paid off; then pay extra on the next lowest one (which actually will then be then one with the lowest balance.
B: pay extra on the one with the highest interest rate until it is paid off, then pay extra on next highest interest rate.
The Motley Fool describes it this way:
Pay at least the minimum amounts due on all of your cards except one. Funnel the majority of your debt repayments into that one credit card, and pay it off as quickly as possible. When the balance on that card reaches zero, move on to the next with the same aggressive repayment plan. Lather, rinse, and repeat. This method of repayment is aptly called “snowballing.” As your debts decrease, the amount of money you have to attack them increases. Your payments snowball until all of your debt is pummeled. Pretty neat, eh?
Pay minimum payments on all but the one with the highest interest rate and pay all you can afford to that one.
?redit repair work?d fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-free.totalh.com
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