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Is the fico similator pretty accurate?
I have credit cards which I am guessing is revolving credit & installment loans. My installment loans amount are pretty close to the limit due to high interest rates, however I have 4 credit cards totalling about 2500 and the similator stated the best result to raise my score from the 500's to the 700's is to pay 90%-100% of the 2500 in credit cards I have over the next 25 months..is that true---that revolving weighs more that installment? Also when I used the simulator and entered in $2500 it only saId it would raise my score between 545-577 but the suggestion fico gave was stating pay 90%-100% of the 2500 over 24 months to get the increase in the 700's? Kinda confused please help.
I don't put any faith in any of the simulators. They're just fun to play with.
+1, I am not a big fan of the Fico simulators
The simulator is totaly wrong, trust me.
Installment loans are in a different category of UTIL and have very little affect on fico scoring.
@holdingon80 wrote:
So the 96% of cc usage needs to be deceased ASAP...thanks
yes, decreasing your util is one of the easiest and fastest ways of getting a bump in your score.