Hello! Just looking for some financing advice. My family will be getting 38K soon and need help using it wisely. We currently have $15,800 in outstanding debt between persona loans and credit cards. We also have a car loan at $14,300. We know we want to use some of the money to pay off all outstanding debt. What we are struggling with is what to do with the rest that would give the greatest amount of help or be most useful.
The options we are looking at are A: Trade car in and get a new SUV while putting $15,000 down (our family is outgrowing the 5 seater we have quickly) B: Pay off a large portion of the current car and refinance it for the lowest amount the credit union will accept to continue to build credit and then have it auto pulled from An account with the balance left alone in that account so the car is “paid off” but still building credit in the background. C: Completely pay off car loan and hold the car D: not pay off car and reinvest the money elsewhere to make a profit (this is one We haven’t really looked into but I don’t know if you guys have smart investing ideas or something that give better return than not paying car interest or something )
After all that we should have roughly $7000 left. What should we do with that money? Invest in CD or put into savings? Or stock market? Retirement account?
We also want to rebuild our credit. It’s currently 570 for the wife and 600 for me. We want >700 and would love advice on how to get there. We plan to keep cheap subscriptions on most of the cards (Netflix, Hulu, carwash, etc.) And then going out and buying something tiny every few months on the rest (think candy bar expensive). And paying the balances in full on statement closing so it records payments and builds good credit history.
Thank you!
Submitted April 29, 2018 at 07:48AM by GreenAdler17 https://ift.tt/2HD3ROh
