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I am paying down some debt to better my debt to income ratio. How important is it to pay down the overdraft credit line I have with my checking acct? Or should I focus on credit cards.thanks
Brian
overdraft line of credit
overdraft line of credit
It’s always better to repay your debt asap. Always try to make payments on time. Late payments hurt your credit score. If you have any credit card debt, then try to pay it off immediately.
credit
When it comes to bank accounts, you should pay the overdraft fees as soon as you can. Is your bank account in the 'negative' because of the overdrafts? That hurts your credit (in a way), too. The bank can actually document your overdrafts and deny you a bank account of any kind.
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Depending on other payments and abtliiy to pay, you may be able to get a bank debt consolidation loan. A lot depends on your credit score, your history with the bank, and your abtliiy to convince the loan officer that you will not get right back into credit card debt. Good luck.