How to pay off the debts

Submitted by Anonymous (not verified) on Fri, 05/07/2010 - 06:10
Forums
Credit repair

Hi,

I am about 30,000 in debt and have 20,000 available to pay down some of my debt. In regards to my credit score is it better to pay off some of my accounts to zero, or should I disburse the payments among all my debt?

I have a FICO score of 720 with high Utilization rate. My strategy is to pay down some of my debt in order to be eligible for zero or low APR. Please advice.

Thanks

Aaron

Hi Patricia,

Rather than paying off some you can try paying on all the accounts monthly. Make more than minimum payments on the accounts. Lenders get a different credit report than the debtors. If you make more than minimum payments on your cards, this will show up on your lender credit report in comparison to the minimum payments.

Moreover try not to accumulate more debts in addition to this. Try saving more money each month so that you can make more than minimum payments on the cards.

Thanks,

Aaron

Fri, 05/07/2010 - 09:27 Permalink
cinnamngrl

it is some what better to pay off a whole loan then to pay each down. Can you try to negotiate a settlement? 66% is pretty reasonable. if not I think then use the money to close as many loans as possible

Fri, 05/07/2010 - 10:25 Permalink