What to do?

[Anonymous]

If I had the opportunity to pay off a credit line, either and auto loan or a credit card, which would be the better choice to improve my credit score to secure a mortgage loan?

[chartley3]

Pay down the credit card to 9% utilization will help the score. Paying off the auto loan would help your DTI.

[Anonymous]

Paying down the credit card will help your score.

Paying down the Car loan will hurt your score.

EIther way they both affect your DTI.

[fused]

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bassnbucks74 wrote:

If I had the opportunity to pay off a credit line, either and auto loan or a credit card, which would be the better choice to improve my credit score to secure a mortgage loan?

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Pay off the credit card!

[Anonymous]

I'd go with paying down the credit card. Utilization packs a lot of kung fu.

Now, paying down your auto loan won't hurt your score. Paying it off so the installment is no longer open may hurt your score if you don't have another installment loan open.

[DallasLoanGuy]

pay the credit card down to whatever % the experts here say will maximize your score.

leave the rest in the bank until your loan officer can see your application.

[Anonymous]

I have $37K limit with about $11K utilized. Paying about $7500 would get me to around 9%. That sounds like the plan. Then I need to work on my DTI by paying down the installments on a vehicle and student loan.

Thanks all!

[Anonymous]

Paying down installment loans...won't lower DTI...unless you pay them off...you usually have a fixed monthly payment...and simply paying them down...will still have the same payment...