Jump to content

Personal loan not needed, pay off CC's, CC's and secured debt, or new loan?

Recommended Posts



My credit is a 741, have been well into debt before on various things but always manged to pay my bills. Lately the bill paying has become accelerated, making more money and debts are smaller. Down to 2 credit cards ~5K/each (one of those accounts is open and other I closed to prevent interest hike years ago), one closed credit card at 3K (similarly closed to prevent interest rate hike years ago), and a long term recreational vehicle loan that's down to about 3K (was a 9 year loan for ~24K). Have a car loan too but am not looking to do anything with that other than pay it monthly. 


I had planned to buy a boat this fall; little did I know what a pain it was to finance boats, much has changed since the last one. In short it was easier to come up with the extra $$ I needed via personal loan than to work through establishing collateral and having a bank lien (long story short I commercial fish on the side, banks force you to swear boats will not be used for commercial fishing and document them as such with the Coast Guard, that's after you pay $$ to have something appraised so they will accept it, etc.. etc..) 


The boat I was going to buy I decided against, am going to get by with what I got, save some more $$ until I can get something better. Am off the market unless a real steal comes along. If it does though I'd like to be in a position to quickly get financed again. 


So here I am with a 15K personal loan I just got. Will it be best for my credit and ability to secure future loans if I:


1. Pay off new personal loan immediately.


2. Pay off all unsecured debt possible (it is cheaper to do it this way since personal loan rate is less)


3. Pay off both unsecured and secured debt.


4. Do nothing for awhile - pay on new personal loan and let $$ sit in bank.


5. Other options?


Thanks in advance!

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.