Should I re-finance auto loan to pay down revolving balances to boost FICO score?

[smallfry]

KISS. Pay the credit cards off and pass on any new accounts. 

[Anonymous]

Will this auto re-fi be your only installment loan? If so, I think you'll have an immediate increase in points due to lower utilization, in spite of any ding for new account and inquiry. Then in 6 months or so, after the account has aged a bit you should see another bump in score. Within a year your scores should be well ahead of where they are now. IME = in my experience

Message Edited by VEEnVEGAS on 06-24-2009 04:22 PM

[haulingthescoreup]

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smallfry wrote:
KISS. Pay the credit cards off and pass on any new accounts. 

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Unless I blinked and missed something (entirely possible), the debate is moving debt from a low-CL HELOC that gets included in OP's revolving util to an auto re-fi installment loan that goes to installment util. No CC's involved.

And then, of course, pay off the loan.

[smallfry]

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@haulingthescoreup wrote:

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@smallfry wrote:
KISS. Pay the credit cards off and pass on any new accounts. 

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Unless I blinked and missed something (entirely possible), the debate is moving debt from a low-CL HELOC that gets included in OP's revolving util to an auto re-fi installment loan that goes to installment util. No CC's involved.

And then, of course, pay off the loan.

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I guess I missed something. Oops.