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Which will help increase my credit score more? Paying off a 5 year loan ($5000 balance) with 12.83% interest or paying off a closed credit card ($4000 balance) which is currently on a $100/month payment plan with 10% interest, but interest will rise to 23.99% soon when the payment plan expires.

Thank you!

Pay off the closed credit card first because the interest rate will be double after the payment plan expire. You have to pay 24% interest on a closed card. That's a lot of money involved. Try to pay off the closed credit card as soon as possible. I wouldn't even think about credit score if I have to pay double interest. Let's see what others have to say about it.

Sub: #1 posted on Tue, 09/11/2018 - 20:53

ditchdebt ditchdebt

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Pay off the closed credit card as soon as possible. How are you repaying the closed credit card? Did you get any extended repayment approval? Are you settling the debt? WEll, after repaying this debt, you should manage your current credit card responsibly;y. Make sure you pay your credit card bills in full and within the stipulated time.

Sub: #2 posted on Fri, 09/14/2018 - 04:30

Sanders Patricia Sanders Patricia

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