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Old May 2, 2008 | 12:09 pm
  #18  
tev9999
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Originally Posted by mingw
actually having high FICO doesn't help mortgage, as long as you are above the cut off line (which defers from lender to lender, but normally under 720).
I agree - and paying the balance before closing will probably only help if you are on the bubble of a magic score. I just redid my HELOC and ended up getting hit with an extra 1/2 point on the interest rate because my FICO came it at 711. Of course I did an AOR several months before, had a bunch of CC debt showing on my report (all 0%), along with a new car loan and a couple new credit cards in the month before I applied. It is not a big deal since the HELOC is only emergency parking if I need it for the 0% money since I used it to pay off the car. Lesson learned is to do mortgage stuff before other credit games.
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