Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/

Paying off the account with the highest interest rate is the most obvious answer. However some other conciderations: paying of the CC card instead of the car loan will do the most to increase your credit score. CC cards are 'revolving' unsecured lines of credit. Having a high balance will negatively affect your credit score especially if your current balance is greater that 33% of you credit limit. Car loans are secure 'installment' loans that have a fixed payment for a fixed time frame. These types of loans positively affect your credit score. Plus, CC cards usually have front-end interest: so the minimum payment usual goes only to interest not paying down the principle.

Unless the Car loan is significantly higher that the CC, you should pay off the CC card. Plus, paying off the CC will open up available credit in case of emergency.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

the one with highest interest rate

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

The balances are equal but which has the higher interest rate? Pay that one off first.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

I would say your credit Card, since you might put up more and remain in debth, also the inrest could change, and in general its not healthy to have a balance on your credit, on the other hand the car loan is a fixed rate usually, and its just a payment that you have to put into schedule, so between those two I would defenittly recomend get off the credit card first

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

What about the interest rate?

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

whichever is the higher interest pay that

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

which one is charging the higher interest rate-probably the credit card so pay that off first

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

Pay off the one with the higher interest rate

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

whichever has the higher interest rate - probably the credit card.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

I would pay off the car and then use the freed up money from not having a car payment to work off the credit card debt.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

credit card...that probably has the highest interest rate....check the rates to be sure

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

pay off your auto loan first but keep paying your credit cards, you need your car more then your cards. besides you will be able to choose a cheaper insurance and make your once car payments towards your credit debt.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

Definitely the credit card. Auto loan balance is usually not seen as a negative factor in your credit report, but, credit card balance is.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

the one with the highest interest.

i would proberly pay extra on both on them

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

Credit card. Your credit card probably has a higher interes rate and they are different types of credit. Having an outstanding balance on an auto loan is better than having an outstanding balance on a credit card, credit report-wise, because your auto loan is secured debt.

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

I would pay off the car loan. Then I would do a balance transfer on the credit card to a 0% APR credit card. That way you can offset paying it off, but pay no interest for 12 months. Then you'd pay zero interest and just have the credit card to pay off in the next 12 months at your leisure, with no rush or finance charges.

Learn more at http://www.thetruthaboutcreditcards.com

Which is best? pay off credit card or auto loan? Both balances are equal and I want 2 pay in full w/tax refund

The credit card....defintely.

The auto loan is an installment loan and scores are not affected paying off even a year in advance.

However, credit cards are a revolving debt and balance - limit ratios directly affect the scores. The best credit will have balances of less than 20% of the credit limit.

Here is some additional info. Hope this helps.