I am new at this, so please excuse my naivety.
We will be preparing for the college loan process.
My FICO has remained at 735 for over a year. Does the MyFICO score tell the whole story, or do I need to get all three reporting company reports?
The only negative on my report is the high balances on a couple of cards. With college loans being difficult you get this spring, should I do anything to move the balances to lower interest cards, consolidate, etc. Naturally, I would pay off the cards if I could, but at this point, we will need to slowly reduce the high balances.
I am afraid to do anything that will reduce my FICO score.
I think with a FICO of 738, you will be ok, but I would post this question over at the student loan forum. I've been assisting my niece with loan Apps. She was approved with a 690, and has utilization at around 15%.
My only advice would be to make sure that you have a plan in place to pay down the CC debt. Also, don't borrow more $$ for your education than you can realistically pay back. Sit down with a calculator, and figure out what the monthly payments will be. I spent years in academia, and was always stunned at how kids just signed paperwork to borrow $$, without much thought or regard for what the monthly payments would actually be.