@Anonymous wrote:I have a title loan that has a balance of $1k at an obnoxious interest rate. I could pay the balance and put it on a CC, but that would cause my UTL to go up from 20%-29%. I have two other installment lines, so my credit mix is fine either way. I want to have the best score possible when I get my real auto loan refinanced. Would I get a FICO bump for putting the loan on the CC?
I seriously doubt you would get a Fico bump for driving up util on your revolvers.
@Anonymous wrote:
@MarineVietVet wrote:
@Anonymous wrote:I have a title loan that has a balance of $1k at an obnoxious interest rate. I could pay the balance and put it on a CC, but that would cause my UTL to go up from 20%-29%. I have two other installment lines, so my credit mix is fine either way. I want to have the best score possible when I get my real auto loan refinanced. Would I get a FICO bump for putting the loan on the CC?
29% utilization is not all that bad.
But I agree with gdale that raising your CC balances wil not likely help.
Perhaps wait until after the car refi and then pay off the title loan with a CC?
My concern is that having two auto loans will affect the rate I get on the refi. My auto FICOs are significantly lower than my 08 scores. My assumption is that it's because I have multiple auto loans open.
As long as a lender likes your credit profile having two car loans shouldn't matter at all.
IMO it's no different than having one car loan and a personal loan. Both are looked at as installment loans.
But I've been wrong before so don't take my opinion as gospel! 