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Settle credit card or settle loan first?
kingkong2020
Posts: 9 Forumite
Hey, i just wanted to know what will have a bigger impact on lending for a mortgage. I have about 4K on credit cards and 4K on a loan.
Which one should I clear first to make a bigger difference on the amount I could borrow?
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Comments
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I should imahine the difference would be marginal at best. I'd focus on repaying the one with higher interest rate first
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I agree with Mwarby.0
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Hi not sure if it's too late, but my mortgage advisor said it was best to pay a credit card off rather than the loan, as the loan is a secured debt.0
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How do you know the loan is a secured debt?0
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The credit card will have the bigger impact - if the loan payments are not over around £120.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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