06-29-2007 11:11 AM
06-29-2007 11:14 AM
Hello to all. I have a question to the regulars. Since my score has improved dramatically over the last 5 months, I decided to refinance my car. I recently financed my car in Jan 07 at a very high interest rate. After 6 monthly payments I am refinancing the vehicle at a much lower rate. The question is: will my score raise or drop or stay the same in the short term? I know the factors are: credit being pulled from EQ, paying off an installment account after 6 months, opening up a new installment account with a much lower balance than the previous loan.
06-29-2007 12:44 PM
06-29-2007 12:57 PM
Fancyron wrote:The only reason that matters is that I have also been looking at buying a house and trying my best to have my score as high as possible ASAP.
06-30-2007 04:43 PM
Fancyron wrote:Thanks. I appreciate your encouragement. In the meantime, I am doing my best to drop my utilization down to less than 30%. Almost there.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.