FICO Score Simulator

[wsmitty]

So my FICO score is a 643.  According to Score Power, I'm using 82% of revolving credit utl.  I have two credit cards with a total balance of $1990.  I paid down $1964, bringing both cards down to 1%-2% utl.  The FICO simulator said if I pay down $1964 in a month, my score would jump to 703-743.

Stats:

Cap One CC #1 - High balance $1386.... Old balance $1147... New balance $15

Cap One CC #2 - High balance $1044.... Old balance $843... New balance $11

I also have a $28,500 auto loan with a $1303.06 balance and next payment due 08/03/2010.  I'm thinking I will pay $303.06 to bring that to a $1000.

Do you think a 703-743 is possible when my next billing cycle comes around?

[ronq]

It's possible. UTL seems very important to FICO. You should a good jump since your UTL dropped from 82% to 1-2%. I think you will easily see a 60 point jump.

[cobra19]

Does utility affect scores the same irregardless of the CL? I mean would a person realize the same (or similar) jump in score if their CL were, say, $500, and they dropped UT to 1% as opposed to a $1K CL.

[Anonymous]

As you can see here 30% is weighed for revolving balances owed vs credit limits.

Rob

[Anonymous]

I just pif a number of my CC and my truecredit fako jumped from 664 to 691. I have a couple of other cards I am waiting on reporting in the beginning of Sept before I order an new FICO, but it looks like paying down the balances has a significant impact on the score.

[scramblingin2007]

I just pif 5 cc's 2 weeks ago, when will I see a jump in scores? my scores have not changed yet according to fako..

[Anonymous]

Can take up to a couple of months depending on how your credit co reports it. Definitly not before  a month is a good rule. However, some happen sooner- but expect on later.

[Anonymous]

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@wsmitty wrote:

So my FICO score is a 643. According to Score Power, I'm using 82% of revolving credit utl. I have two credit cards with a total balance of $1990. I paid down $1964, bringing both cards down to 1%-2% utl. The FICO simulator said if I pay down $1964 in a month, my score would jump to 703-743.

Stats:

Cap One CC #1 - High balance $1386.... Old balance $1147... New balance $15

Cap One CC #2 - High balance $1044.... Old balance $843... New balance $11

I also have a $28,500 auto loan with a $1303.06 balance and next payment due 08/03/2010. I'm thinking I will pay $303.06 to bring that to a $1000.

Do you think a 703-743 is possible when my next billing cycle comes around?

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The simulator was accurate for me I'll guess that your score will hit between 693 and 710 if the simulator said 703+ for a specific payment.