08-24-2012 10:05 AM
I have plans to refinance mortgages to both my homes and purchase a car this fall. I want to do so prior to end of year because I have kid enrolling in college next year and it would be favorable to take this hit and load this debt prior to completing the FAFSA in early 2013. In order to minimize the impact on my FICO score, I'm wondering if it's better to stagger the transactions, maybe month to month or should I try to do it all around the same time. Any thoughts would be appreciated.
08-24-2012 11:44 AM
Just in case one or the other brings your score down for having a new account and debt, I would think do the home first, since the rate you get has a bigger impact on you financially than the rate for the car.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO