March 14, 2007
So Confused
Ok, this is really a no brainer, but I spent a lot of time over the weekend going back and forth on this. My next pay off target. First I said the William and Fudge student loan, then I decided on the Toyota car loan, now I'm back to the W&F loan.
Why?
Well, my rep called last week, she calls every 6 months to see if I could pay more, I told her I have a bill I'm planning to pay off by May so in June I can go up to a $200/mo payment. She was totally okay w/that then we hung up. But it got me thinking.
Credit reports tend to be okay w/installment loans. Me paying off the car faster than planned, interest aside, isn't winning me much. Whereas the W&F loan, which is a collection account by the way, may do me better in the long run to get it Paid in Full. Plus I was thinking, if I could sock away enough monies, maybe I can negotiate them taking payment in full in return for removing all negative remarks from my credit report, then I'm only left w/the car loan and 2 student loans.
Yes I lose out w/the car interest so it's a toss up. Save interest by paying the car off early or possibly get negatives remarks removed by paying a collection account off.
@ the end of it all, they both will be paid in full, so maybe this debate is pointless, it's quibbling over something that by October will both be resolved. Maybe this is another one of my fears causing me to use another stall tactic.
9:07 AM in Daily Jabber
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