to raise credit score -- pay off car or heloc

Welcome sizzmo,

I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/credit/pay-carloan-heloc.html

Take a look at it. Hope it helps you.

Hi,

By paying both will help you in rebuilding your credit score however if you pay them simultaneously it will take time to rebuild credit score. If you pay the loan which has got less amount first then you can rebuild the credit score early.

Before paying of anything, check to see if your HELOC is on the credit report as a revolving creit card or as a mortgage. Often they show up as revolving and not as a mortgage. In such a case, the score is lower because it is looking at a revolving credit card type account with a balance close to the credit limit---not good for credit cards but ok for mrtgage.

If the HELOC is corectly shown as a mortgage, paying it off does not help scores all that much, so, I am "guessing" paying off car would have a greater benefit, probably not all that much as an instalment loan type account.