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Posts: 5
Registered: ‎04-11-2012

How to minimize impact to FICO score

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.

Starting Score: Apr 2012 EQ 802 TU 790 EX
Current Score: Sept 2012 EQ 793 TU 794 EX 814
Goal Score: All 800+

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Established Contributor
Posts: 666
Registered: ‎06-06-2012

Re: How to minimize impact to FICO score

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.

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