Reply
Established Member
midibart
Posts: 15
Registered: ‎05-26-2009
0

FICO Simulator

I'm new tto his site and recently discovered the FICO score simulator.  I clicked the "best option" button and it said that by lowering my utilization to 0-10% over the course of 24 months it could raise my score to 674-689 or something like that.  My utilization right now is at 100% (BAD I know!) and I only have 4 years of history.  I also have two new collection accounts (reported 2/09).  Does the simulator take into account the collection accounts and does it assume that I'll pay those off as well as doing the above?

 

Also, would it be more to my advantage to PFD those two collections first or use that money to lower my credit card balances faster?  I plan on doing both this year but which one should i do first?

 

Thanks!

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: FICO Simulator

I think the simulator is factoring in the CC accounts and not the CAs. CA balances aren't factored into utilization.

I would focus on the revolving debt and take care of the CAs at the same time. Per the CAs, if you are past SOL or have the $$$ to PIF, then send each a DV. If they verify and you agree, then send a PFD for deletion.

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+