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Question: pay off credit cards or use with buying a car?

OK, I know I need to get a different vehicle soon and what better time to do it then at tax time? I am anticipating about $1,000 back and I was thinking of using it to assist in purchasing a vehicle, but then I got to thinking, "Would it be better to pay off $1,000 of the $1,400 in credit card debt i'm in or use it for the vehicle?" The Credit Score analyzer calculator said my score would be around 680 if I paid my credit cards down that much (compared to my current 647 score). Should I pay that towards credit cards or use it toward a vehicle. Either way, I am going to the bank to get a vehicle loan, so if I used that $1,000 toward a vehicle, that would be a $1,000 less I need to borrow. I am stuck on this one guys...any suggestions?

Answer: I would use the $1000 to pay off the credit card debt first as generally, credit card debts carry a higher interest rate. Besides, as you mentioned, this would increase your Credit Score, too. With a higher Credit Score, you might get a car loan with a lower interest rate as well. In general, a car loan from bank would have a lower interest rate than the interest rate from the credit card of the same bank. Thus, lower your credit card debt as soon as possible.

car Loan baLance caLcuLator

Question: When you refinance your home, the mortgage companies check your Credit Score....?

My husband and I would like to refinance our home. We'd like to shop around for the best mortgage. The problem is...when you shop around...the different lenders will check your Credit Score. We were told that your Credit Score goes down after each check. Can anyone with experience in lending tell us the best way to shop around without getting "dinged" every time we look into refinancing our home?

Answer: You will not get "dinged" everytime your Credit Report is run. The scoring systems allow for this rate shopping and it will treat all inquiries within a given amount of time as one. So if you are going to do this make sure you do this in a short period of time. You will see every inquiry that was made, but in the scoring it sees only 1, depending on your credit it should make minimal to no impact on your score.

If you are truly worried about it go to http://www.myfico.com and get your Credit Score based on each of the 3 reports doing it yourself will not effect your score at all. The FICO Score is what most lenders will use and you can check with each lender if they will accept your report for at least a pre-approval. Some will and some companies wont accept a copy of your report. Even the ones that do will probably still run it again before final approval but by then you should know who you are going to go with.

Home Loans Refinance - Part 1

Question: Auto Loan | Score 678--auto loan approval?

Im currently applying for auto loans. Ive submitted about two applications so far. My only concern is my Credit Score is 678, I have a credit card balance close to the limit, and by debt ratio is low. Do u think these factors will seriously impair my chances of getting approved? Thanks in advance

Answer: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carquotes.sinfree.net

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