Refinancing Auto And Home - FICO

[Anonymous]

Hi, I am trying to refinance my home and my auto to reduce my monthly payments.

My score is 703, and is this low due to 1 card that I am at the max (28900/29200)

Questions:

1) If I refinance my auto first, how many points will my FICO drop,

I assuming it will drop because

A) I am opening a new installment (though I am closing one)

B) The current installment has a 34000 line (the orginal loan amount) and now is at 17791. I am thinking they will see it now I am at 17791/17791 at the max

Is this how that works?

2) should I just wait for my home loan to be approved, but then will that decrease my FICO because of the different inquires in my credit report?

3) let's say I try to pay down 5000 in the credit card, will that rise my FICO and how much? how do I calculate that? But, what I am afraid will happen, is that my dear CC friends are just going to reduce my line by 5000, again..  what to do?

thanks!

[Anonymous]

It is almost impossible for anyone to calculate what your FICO may be given a certain circumstance.

Revolving utilization is 30% of your score.  If your card is maxed out you are getting very little there.  Paying it down will help a lot.  I just can't say how much.

Installment loans have very little impact on your FICO for utilization.