which step to take first ??

[build_it_up]

hi all

i have a question about what should i do  i had my car for a year now  i pay 12% of interest and i need to refinance because my score has improved thank god!

and also i got pre qualified for a 6000 $ loan and i need some of that money too

so my question is which one should i apply for and that wont effect the other deal??

for example if i get the loan like 3000 from the 6000 how bad that will effect my score??

or refinance for a better interest rate on my car?

as you can see im wondering and dont know which move is better than the other should i get the small loan first or refinance???

[llecs]

I'd do the car refi first. Adding a new loan could ding your score and would increase your DTI and that alone could bump your interest rate up on the refi.

[build_it_up]

Thank u for replyin. i only have one credit card and im an authorized user on a nother card. and a car loan im tryin to refinance thats the only debt i have?? would that still drop down my score if i got the loan first before the finance?? and also i have another question . does anyone knows if wells fargo cms use fico or fako

[llecs]

You run the risk of loosing a few points by adding the loan before your car finance. EIDT offers a FAKO called a TransRisk.

[build_it_up]

thanks for those good answers so i will do that but i wonder does it make a difference if i refinance now even tho i will trade my car in couple month??? should i wait?

[Henry82]

You need to figure out if the refi is going to save you any money if you plan to trade it in soon. If it will save you money how much and will it really be worth it.