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FICO Simulator Accuracy and Paying Down Balances

Established Member

FICO Simulator Accuracy and Paying Down Balances

Hello,

I am new to myfico.   I currently have a FICO of 730 as of today.  I have a combined CL of $51,700.00 and FICO is reporting that my balances are in the range of $48,781.00. I recently (2 weeks ago) was able to reduce my CC balances by $28,349.71.  I don't see that any of the balances have been updated yet.  It's frustrating to have to wait so long to get a score based on my current balances.  Anyway, I ran the Fico Simulator to see what it would show.  It says my score could increase from 730 to the range of 770-820. Can any of you tell me how accurate you think this is based on the following picture?  Any idea of a more specific score than the range above?

 

Length of history: 17 years

Recent Inquiries: 1

Number of open accounts (not including my mortgage): 9

Number of accounts with balances: 3

Delinquencies: None

Other: None

Limits: $51,700.00

Balances: $20,431.29

 

Amex Green: Balance = $12,110.70 ($4,800 is on my mom & step-dad's shared card) Limit: NPSL (I have been told $20,000)

CU Card: Balance = $0 Limit = $2,000

US Bank Card: Balance = $530.15 Limit = $10,500.00 (I currently have a 2.99% balance transfer offer.  Not sure if I should use it or not.)

Chase Freedom: Balance = $0 Limit = $3,400.00

PayPal SmartConnect: Balance = $0 Limit = $1,400.00

Dell Financial Services: Balance = $0 Limit = $5,500.00  (Haven't used in a couple of years.)

CareCredit: Balance = $7,790.38 Limit = $11,000 (This was for major dental work for my dad.  He had no dental insurance and was in desperate need.)

CapitalOne Venture Signature: Balance = $0 Limit = $15,000.00

Merrick Bank: Balance = $0 Limit = $2,900.00

Capital One: Balance = $0 Limit = $2,900.00 (This is an old account that I didn't realize was still open.  I haven't used this card in years.)

 

I have a mortgage with HFC at a rate of 8.41%!!!  I know this is a really high interest rate, but at the time they offered this to me, my adjustable rate was about to go way up so I accepted the offer.  I am now living rent free and I am renting my house out.  But the rent is $550.00 and the payment is $690.48.  I would like to refinance the home so that I can get the rent to cover the payment at the very least.  I am hoping to boost my score so that I can qualify for refinance.  What are my chances, do you think?

 

Thanks for any insight or advice you could give me.  I am hoping to be debt free within the next 12 months.  Melissa

Message 1 of 11
10 REPLIES
Frequent Contributor

Re: FICO Simulator Accuracy and Paying Down Balances

I think your score is more than high enough to refinance.

Message 2 of 11
Valued Contributor

Re: FICO Simulator Accuracy and Paying Down Balances


mkw1 wrote:

Hello,

I am new to myfico.   I currently have a FICO of 730 as of today.  I have a combined CL of $51,700.00 and FICO is reporting that my balances are in the range of $48,781.00. I recently (2 weeks ago) was able to reduce my CC balances by $28,349.71.  I don't see that any of the balances have been updated yet.  It's frustrating to have to wait so long to get a score based on my current balances.  Anyway, I ran the Fico Simulator to see what it would show.  It says my score could increase from 730 to the range of 770-820. Can any of you tell me how accurate you think this is based on the following picture?  Any idea of a more specific score than the range above?

 

Length of history: 17 years

Recent Inquiries: 1

Number of open accounts (not including my mortgage): 9

Number of accounts with balances: 3

Delinquencies: None

Other: None

Limits: $51,700.00

Balances: $20,431.29

 

Amex Green: Balance = $12,110.70 ($4,800 is on my mom & step-dad's shared card) Limit: NPSL (I have been told $20,000)

CU Card: Balance = $0 Limit = $2,000

US Bank Card: Balance = $530.15 Limit = $10,500.00 (I currently have a 2.99% balance transfer offer.  Not sure if I should use it or not.)

Chase Freedom: Balance = $0 Limit = $3,400.00

PayPal SmartConnect: Balance = $0 Limit = $1,400.00

Dell Financial Services: Balance = $0 Limit = $5,500.00  (Haven't used in a couple of years.)

CareCredit: Balance = $7,790.38 Limit = $11,000 (This was for major dental work for my dad.  He had no dental insurance and was in desperate need.)

CapitalOne Venture Signature: Balance = $0 Limit = $15,000.00

Merrick Bank: Balance = $0 Limit = $2,900.00

Capital One: Balance = $0 Limit = $2,900.00 (This is an old account that I didn't realize was still open.  I haven't used this card in years.)

 

I have a mortgage with HFC at a rate of 8.41%!!!  I know this is a really high interest rate, but at the time they offered this to me, my adjustable rate was about to go way up so I accepted the offer.  I am now living rent free and I am renting my house out.  But the rent is $550.00 and the payment is $690.48.  I would like to refinance the home so that I can get the rent to cover the payment at the very least.  I am hoping to boost my score so that I can qualify for refinance.  What are my chances, do you think?

 

Thanks for any insight or advice you could give me.  I am hoping to be debt free within the next 12 months.  Melissa


Also, the score boost is VERY realistic...your account history I assume is 17 years, and that's your oldest account? If you haven't opened up anything super recently, your AAoA is probably really high too. Based on the projected score, I'm sure it's around 10 years. So yes, paying down your balances, you are likely to see a high 700 score Smiley Happy


Quicksilver WMC $20k | JCPenney Platinum $10k | Drive for Five $800 | Freedom VS $5k | TD Cash VS $5k | CFU VS $14.8k | Blue Sky $13.7k | IT $28k | SavingStar $14.8k | BCE $11.3k | Macy's AMEX $7.2k | BuyPower WEMC $7.5k | CSR VI $13.3k | Diamond Preferred $6.5k FICOS: EX 775 EQ 764 TU 759 VantageScore 3.0: EX 759 EQ 757 TU 762
Message 3 of 11
Established Member

Re: FICO Simulator Accuracy and Paying Down Balances

twall06,

 

Thanks for the response.  Unfortunately, I was laid off in December so my income has dropped dramatically.  I hope to find a new job soon, but chances are that I will end up not making near what I was before.  As a result, when I apply, my DTI will be higher.  I am trying to pay down/off as many bills as I can in the next couple of months so that I can hopefully refinance anyway.  I was at my old job for 25 years.  Hopefully, they will take that into account as well and if I can get the score up high enough too.  I am gathering that the Amex card is affecting my score negatively since they don't report a limit.  I am trying to determine if I should use the US Bank 2.99% offer to pay down some of the Amex or pay off the CareCredit account with it so my dad doesn't have to pay the interest that I am being charged.  I don't like the 4% charge that it says they will charge me though.  Melissa

Message 4 of 11
Established Contributor

Re: FICO Simulator Accuracy and Paying Down Balances

The Amex isn't hurting you at all. Its balance is not being factored into the UTL calculations. If you pay down your balances you score will go up, but we can't give you a specific number as to what that will be. Don't put too much weight into what the simulator says either. IMO your score is good enough now to refinance.

 

Focus on paying down the CareCredit.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 5 of 11
Established Member

Re: FICO Simulator Accuracy and Paying Down Balances

daybreakgonesXe,  Thanks for the info.  I sure hope it's accurate.  Waiting is killing me though.  I need a little positive mental boost right now, even if I don't try to refinance right away.  Melissa

Message 6 of 11
Established Member

Re: FICO Simulator Accuracy and Paying Down Balances

Simply827, Does UTL mean utilization?  How can you be sure it's not factored in?  Thanks for the advice.  Last month the CareCredit interest was $100!!  That would sure help my dad pay down that balance faster if he didn't have to worry about interest.  Melissa

Message 7 of 11
Established Member

Re: FICO Simulator Accuracy and Paying Down Balances

Sorry...newbie here...what is AAoA?  Thanks  Melissa

Message 8 of 11
Frequent Contributor

Re: FICO Simulator Accuracy and Paying Down Balances

I agree the simulator is sometimes a little higher that what the actual results are , but you should be fine. Good luck with the job search I know how much that sucks.

Message 9 of 11
Established Contributor

Re: FICO Simulator Accuracy and Paying Down Balances

Yes UTL is utilization and yes AAoA is average age of accounts.

 

The Amex is a charge card which aren't factored into UTL.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Message 10 of 11