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What is the best way to utilize a new HELOC to improve credit if you have multiple collection accounts and an auto loan?
Wiki User
∙ 16y ago
First, pay your collections. Unless your rate on your HELOC is lower than your auto loan, do nothing. But, always try not to take unsecure debt(car loans) and secure them on your proerty through a HELOC or mortgage. *** I suggest you pay down all debt that is late, past due or delinquent. A car loan, by definition, is secured debt. Any debt that you can roll into a heloc MAY be a good idea IF you have control your finances and you do not take on any additional debt. Typically the interest on a car loan is not tax deductible. If you pay off your car loan with your heloc you effectively roll your car loan into your heloc. In many cases this allows you to deduct the interest from your GTI (Gross Taxable Income). See a tax professional for details on your specific situation. Remember, whatever you save in interest on loans or extensions of credit, you effectively put back in your pocket. Let Uncle Sam pay as much of your interest as he will permit.
Wiki User
∙ 16y ago
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How does an organization identify current and future information needs and incorporate modification in to collection and reporting processes?
Smart organization utilize forecasting predict future event so that they can prepare and innovate ahead of time.Forecasting means to plan in advance; to make predictions or statements regarding possible or probable future conditions.It is the foundation upon which strategic management is built and can be used to develop assumption around which future goals, objectives, budget and plans are built.By planning and managing effective data collection organization utilize forecasting to build sustainability into their current and future business activities.
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