Reply
Contributor
smoothjk
Posts: 140
Registered: ‎06-17-2008
0

Score simulator confusion

I'm currently at 64% utilization right now over two cards. I used the score simulator thing to see what would happen if I paid the total down to about 9%.
 
Practically nothing. It would result in a 0-20 point increase.
 
I'm guessing this is wrong because pretty much the #1 thing dragging my credit score down is my debt ratio. Maybe it means a 0-20 point increase immediately, but in a few passing months (assuming I'm still paying small monthly payments), would it increase dramatically?
FICO (06/17/08): TU 691 - EQ 642 - EX 638 - Util 64%
FICO (07/23/08): TU 698 - EQ 653 - EX 644 - Util 50%
FICO (02/04/09): TU 694 - EQ 668 - EX 654 - Util 43%
FICO (05/18/09): TU 687 - EQ 675 - EX n/a - Util 39%
FICO (03/09/10): TU 666 - EQ: 691 - EX 644 - Util 54%
IDGuard (2/8/12): TU 690 - EQ: 710 - EX 710 - Util 72%
FICO (03/13/12): EQ: 696 (87% revolving to limits)
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
0

Re: Score simulator confusion

There is no time delay once all the lower balances report, a newly generated score would take into account the new util instantly.
 
Is your util on 64% on 2 cards with a lower overall util or is your overall util with those cards nearly maxed?
 
Either way, if you pay it down to 9 I would expect 20 points to be the minimum jump, and it could be as high as 40.
Contributor
smoothjk
Posts: 140
Registered: ‎06-17-2008
0

Re: Score simulator confusion

The higher limit card is at 76% and the lower limit card is at 37%. Total for the two cards (my only open credit cards) comes out to 64%.
FICO (06/17/08): TU 691 - EQ 642 - EX 638 - Util 64%
FICO (07/23/08): TU 698 - EQ 653 - EX 644 - Util 50%
FICO (02/04/09): TU 694 - EQ 668 - EX 654 - Util 43%
FICO (05/18/09): TU 687 - EQ 675 - EX n/a - Util 39%
FICO (03/09/10): TU 666 - EQ: 691 - EX 644 - Util 54%
IDGuard (2/8/12): TU 690 - EQ: 710 - EX 710 - Util 72%
FICO (03/13/12): EQ: 696 (87% revolving to limits)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}