Pay off credit cards and auto loan to get a new auto loan or just pay off credit cards?

I've had credit for 1 year and 5 months i have 10 inquires and i'm really looking to get a new auto loan for 15000 i have a credit score around 640-670. as a debt collector i go with experian and it is 664. knowing that i've also had my new job for 3 months and my own business for 2 years. i make about 36,000 + and my debt is around 7,000. so should i pay everything off and close it out or should i keep my credit cards with the longest amount of time 1 yr and 5 months so i can show i'm making payments i know the 30% rule as well. So i need to know the best way to get an auto loan fast! please feel free to email vqlleyballhqttie@aol.com I have the ability to pay off my credit cards and my auto loan by october, but paying it off means i have no debt what so ever i make 36k+ so paying it off by the beginning of october is simple but i can either say 6000 by then and buy a car or i can pay off all my debts and then get a new loan for a new car. the deal is with my company i need a new car and i need it within the next 4 to 5 months. my company can't expand and we are over loaded with just the 2 vehicles we have so i need to know what's best I never have anywhere near 25% more debt than i make. meaning if i make 4000+ a month my bills personally are under 1000. paying things off quickly is easy so getting a 15,000 dollar car loan is not more debt considering with in probably 18 months i could have it paid off. i just can't wait that long to save

Public Comments

1. Pay off both credit cards and car loan. If you can get the new car loan, then will still be able to maintain your credit record. Since you know the 30% rule, you realize the car may have to be purchased by the company since I'm guessing that your gross exceeds 36k.
2. Why the haste to get a new auto? getting you further into debt! Pay off your old bills first and get your finances on an even keel before plunging more debt! Have a good day.
3. Why so many inquiries on your report? And why the need for a new auto worth 15,000+? With a score that low, you need to pay off your existing debt first before getting further into it. Leave 2-3 revolving credit lines open (oldest ones) and pay down the balances to nearly nothing or off completely. Then don't use them. If you try to get a loan right now, you may be turned down, need a co-signer or get really bad interest rates.