mkr_00 Posted March 5, 2007 Report Share Posted March 5, 2007 I am in the process of selling my house. I am making a $30,000 profit on top of the equity that I have put in. I was wondering if I should pay everything off. I can pay my car and student loans off and be completely out of debt(except for the new house). Should I do this or will it hurt my credit to have no open istallment loans? I don't want to close everything and then not be able to get any other loans. Should I just keep paying them on time for the good payment history? I still have 3 very old collections that will fall off in 1-2 years.Thanks for any info. Link to comment Share on other sites More sharing options...
elyse449 Posted March 5, 2007 Report Share Posted March 5, 2007 Do you NOT have any cc's then?Either way, I am voting for paying it all off. Just imagine the interest you'll save!! That's money you can use elsewhere. Where's your FICO right now??Elyse Link to comment Share on other sites More sharing options...
mkr_00 Posted March 5, 2007 Author Report Share Posted March 5, 2007 I do have 2 cap 1 cards but they only have $500 limits (which is hurting me) My fico is around 575 because I have a paid CA from last June and 2 lates. Link to comment Share on other sites More sharing options...
IngridA Posted March 5, 2007 Report Share Posted March 5, 2007 I would pay it all off....perhaps leaving about $1k as an emergency fund as a cushion....To me, the peace of being debt free is worth more to me than the possiblity of a FICO score going down....but I'm a big Dave Ramsey fan, so I am biased Good luck and congrats on the extra funds! Link to comment Share on other sites More sharing options...
kimber6337 Posted March 5, 2007 Report Share Posted March 5, 2007 Dave would say...Yes pay it off. At the levels of CC limits you have I would suspect it will only HELP your score.Its hard to listen to what Dave says and actually live in this credit world, so finding a balance that doesn't tempt you too much is very hard. Link to comment Share on other sites More sharing options...
KMoney Posted March 5, 2007 Report Share Posted March 5, 2007 I Would Definitely Pay Everything Off What A Piece Of Mind You Will Have! Link to comment Share on other sites More sharing options...
lyle7289 Posted March 5, 2007 Report Share Posted March 5, 2007 I Would Definitely Pay Everything Off What A Piece Of Mind You Will Have! I agree!!!!!!! Link to comment Share on other sites More sharing options...
vsjhoc Posted March 6, 2007 Report Share Posted March 6, 2007 Congrats!Just make sure there isn't a prepayment penalty on the car loan. Link to comment Share on other sites More sharing options...
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