I've been down this road myself recently and found paying off credit card balances had a much bigger impact on my score compared to installment loans. I think it's because credit cards directly affect your utilization ratio, which is a pretty big chunk of your credit score calculation. When I paid down my cards from around 60% utilization to below 20%, my score jumped noticeably within just a couple months. Installment loans didn't seem to move the needle nearly as much, probably since they're structured differently and don't factor into utilization the same way.
That said, everyone's situation can vary a bit depending on their overall credit history and mix. But if you're looking for quick wins, I'd definitely prioritize getting those revolving balances down first—seems like the fastest route to boosting your credit before refinancing or buying. Just my two cents based on personal experience...
Good points—credit utilization definitely packs a punch. Have you checked if your credit cards report balances at different times of the month? Sometimes timing your payments strategically can squeeze out a few extra points. Either way, sounds like you're on the right track... knocking down revolving debt usually gives you the quickest bang for your buck when prepping for refinancing. Keep at it, you're making solid moves.
Timing payments definitely helps—I did that last year before refinancing and squeezed out a few extra points. You're already tackling the big stuff though, so you're in good shape. Keep going, it'll pay off soon enough.
"Timing payments definitely helps—I did that last year before refinancing and squeezed out a few extra points."
Did you notice a significant difference in your interest rate after those extra points? I've been debating whether holding off refinancing for a couple months to boost my score slightly is worth the potential rate shifts. Rates seem pretty volatile lately... Curious if anyone else has seen a clear benefit from waiting it out or if it's mostly just psychological?
Did you notice a significant difference in your interest rate after those extra points? I've been debating whether holding off refinancing for a couple months to boost my score slightly is worth ...
I get the temptation to wait and squeeze out a few more points, but honestly, I've done it both ways and the difference was pretty minor. With rates bouncing around lately, I'd be careful about chasing a slightly better score and missing out on today's decent rates...
