Subscribe to our mailing list

X

I Asked for Your Help Before in Paying Off My Debt. – LaQuanda

By on July 14, 2010
I Asked for Your Help Before in Paying Off My Debt. – LaQuanda

“Dear Steve,

I asked for your help a while ago on paying off my credit and reestablishing some kind of credit. I took your advice and I am happy to say that I have paid off most everything except a repo which I am making payments on. I waited after paying some things off and took your advice to try for a secured credit card but was approved for a credit card with a high interest rate and only a $300 limit. I recently went back to college and received student loans both subsidized and unsubsidized. On one I know the interest is applied automatically.

Should I go ahead and begin making monthly payments on the student loans? Is there a way for me to use the credit card as a means to improve my credit with the credit limit being so low?

LaQuanda”

Dear LaQuanda,

Getting a second secured card or making a deposit to increase your balance on the secured cards would be my first thought.

While making the payments on the student loan now is a good way to reduce the debt it won’t help you to build credit as fast.

If you read this article you’ll see my advice on how to deal with a single a low limit secured card.

If the repo balance is small enough for you to pay it off within the next year, you may want to focus on tackling that before making payments on the student loan that are not required right now. The reason is if you can pay the repo off that collection account will be satisfied and no longer reported as an open item on your credit report.

It sounds to me like things are improving, will just need a bit more fine-tuning and will work out just fine.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.

READ  What is Your Opinion on Lending Yourself Money to Rebuild Credit?
morehelp1 Choice1 Choice2 Choice3 Big Hug!
Get Out of Debt Guy - Twitter , G+ , Facebook
If you have a credit or debt question you'd like to ask just use the online form .

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Share a Comment / Leave a Reply

%d bloggers like this: