Long time reader, first post. I have a question concerning how 2 new loans over the next 6 months will affect our credit scores. A little background. My FICO 8 is 848 and my wife's is 850. We have several credit cards that seldom report a balance, and they are paid in full before the due date. We have a mortgage, 2 auto loans, and a loan for 2 ATV's. Our combined incomes are in the low $200k.
We are in the market to replace our truck with a new dually to haul a 5th wheel we will be buying in October. If both names are on the credit app for the truck, we understand the loan will lower our scores. By how much, we don't know. This is important because we will be financing the 5th wheel and want the best rates. What I was contemplating is if my wife applies for the truck loan, leaving me off the app, the loan will affect her credit that unknown amount, leaving mine intact. Then, when we finance the 5th wheel, I apply for the loan and leave her off the app. That way that loan will be based on my (assumed) higher FICO score. I hope that scenario makes sense and you can see where I'm going with this.
On the other hand, am I over-thinking this and the loans will not affect our scores enough to worry about? In truth, will a lower score but still in say the mid 800's really affect the loan rates enough to be concerned?
Thanks in advance for any insight.
John
