Accuracy of Score Stimulator

[apriestl]

Does anyone know how accurate the stimulator is?  I am trying to decide on refinancing an auto loan and opening a new credit card with more perks.  I am about 3-4 months out from applying for a mortgage.  I don't want to take a dive from the refi and new cc account.  However, reducing my auto loan payment will help my DTI overall and I'll save a lot in interest over the life of the loan.  After a lot of re-building, I wanted a better credit card.  Right now, I have cards with no rewards and relatively low limits.  My highest card limit is 1800.

My score on EQ is 688 right now after a lot of rebuilding.  I was at 704, but had a credit card report high utilization from a recent vacation.  I plan to pay it off this month, so hoping my score rebounds.  The stimulator says that doing each of these things won't affect my score, but doing both I don't know?

Advice on anyone who has used the stimulator and found it to be accurate or inaccurate?  Should I talk to a mortgage lender before doing these things to make sure I won't have issues with getting approved for a loan in a few months?

[Involver]

No INQs within 6 months of mortgage apping.

Pay down your balances to 1% on a single card.  Worry about new rewards cards after you close on your house, and I would only refi if you have a SP pre-approval from a CU or another lender.

Ultimately, though, whichever lender you may be interested in using will be able to spell out what they want to see.

[Revelate]

We don't know on the new score simulator: it got released in March and I can state FICO is pretty proud of it, but I haven't tried it nor has there been a lot of people who have done so.  I'll probably play with it at some point in the future, hopefully other folks do to.

To add to what Involver stated: if refinance the auto loan clears enough room so that you can afford the house, then it probably should be done.  If you can clear the DTI hurdle for the house you want, then wait.

Credit cards should unilaterally be ignored when considering mortgage: applying for a new one will not help on the mortgage side, whereas the new auto loan may hurt in the short run, if you can't afford the house you want on the DTI calculation otherwise, then it's worth doing.  If you can, the amount saved over 4 months isn't likely going to make or break anything financially over the rest of your life, so do that after you close as well.