https://ficoforums.myfico.com/t5/Auto-Loans/Save-for-downpayment-or-pay-down-CCs/m-p/1083924#M17164 <P>Lowering your util will increase your FICO score, so that would obviously help your interest rate when being financed. However, saving up a down payment, would lower the amount financed, lowering your interest paid, and larger down payments can help if you are borderline on approval.</P><P>&nbsp;</P><P>My person opinion; pay down your CCs. You are paying interest every month on that debt and need to get it under control. That is very high utilization. Down payment does not affect a car finance that much usually, so don't let that drive you.</P> Tue, 15 Nov 2011 20:57:27 GMT Anonymous 2011-11-15T20:57:27Z https://ficoforums.myfico.com/t5/Auto-Loans/Save-for-downpayment-or-pay-down-CCs/m-p/1083896#M17163 I am going to buy a car in January. My FICO score is 603 now with around 55% utilization. Would I be better off paying down CCs in order to decrease utilization and raise score, or saving for a larger downpayment? Tue, 15 Nov 2011 20:32:49 GMT https://ficoforums.myfico.com/t5/Auto-Loans/Save-for-downpayment-or-pay-down-CCs/m-p/1083896#M17163 carsdepot 2011-11-15T20:32:49Z https://ficoforums.myfico.com/t5/Auto-Loans/Save-for-downpayment-or-pay-down-CCs/m-p/1083924#M17164 <P>Lowering your util will increase your FICO score, so that would obviously help your interest rate when being financed. However, saving up a down payment, would lower the amount financed, lowering your interest paid, and larger down payments can help if you are borderline on approval.</P><P>&nbsp;</P><P>My person opinion; pay down your CCs. You are paying interest every month on that debt and need to get it under control. That is very high utilization. Down payment does not affect a car finance that much usually, so don't let that drive you.</P> Tue, 15 Nov 2011 20:57:27 GMT https://ficoforums.myfico.com/t5/Auto-Loans/Save-for-downpayment-or-pay-down-CCs/m-p/1083924#M17164 Anonymous 2011-11-15T20:57:27Z