What debt to pay off first.
Hi All,
I am trying to improve my credit score as quick as possible I currently have a credit card which has a max of $1000 and I currently owe $900 on it so my utilization is very high. I currently also hold a car loan which I owe $750 on and then I will be done paying and will free up $400 a month. Would it be better for me to pay the credit card down or the car loan? I have an option to skip a payment on the car loan which I could then use to pay towards the credit card I have read that after you pay off a car loan your credit may actually drop any truth to this? My goal is to get approved for a mortgage a soon as possible I feel like I am throwing my money away renting at $810 a month when I could be using that to pay on a property that could create cash flow for me in the future. Thanks in advance for advice on this matter.