Best action per fico simulator

[joeydtx]

Okay after i reread what the simulator said it suggested

Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months

Over 24 months, not all at once like I planned to do when I get my bonus check.  Should I still do as planned and pay off, charge a little then pif every month?  That would be equal because in 24 months of do this will be the same if not better, that is what im thinking but checking if my math is correct here.

[Boldilocks]

I think the simulator paints with broad strokes - it always says the same for me too.  And our balances are under 10%. 

[pattycake]

The simulator also takes into account time and aging of credit, which is also an important factor. The longer your history, the more positive it becomes.

[Jazzzy]

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@joeydtx wrote:

Okay after i reread what the simulator said it suggested

Best Action - Pay Down 90%-100% of Your Credit Card Balances - Over the Next 24 Months

Over 24 months, not all at once like I planned to do when I get my bonus check.  Should I still do as planned and pay off, charge a little then pif every month?  That would be equal because in 24 months of do this will be the same if not better, that is what im thinking but checking if my math is correct here.

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Yes...pay off as soon as you are able. There is no sense in paying interest. You will see a score increase due to paying the balances. Then, you will see a gradual increase over time as your accounts age.

Use your cards as you wish, but pay in full before the due date. If you are trying to tweak your FICO scores for credit in the near future, then pay your balances before the statements cut.