Fico Simulator

[holdingon80]

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.

[Shogun]

I don't put any faith in any of the simulators.  They're just fun to play with.

[DaBears]

+1, I am not a big fan of the Fico simulators

[ando35]

The simulator is totaly wrong, trust me.

[holdingon80]

Wow! I have 2 questions: However is it true that if I'm using 96% of my cc limit that if I pay it down to 1% or 0 then my credit score will increase if so by how much possibly) also student reported I was 60 days late in April & May which is untrue and I'm disputing that and I know those 60 days twice dropped my score however while in dispute the amount they say I'm past due should I go ahead and pay it so they don't continue to ding me through this dispute process?

[holdingon80]

Sorry don't mean to take over forum but if your accounts I guess balances are 35% of your score why does cc weigh heavier or have a bigger impact than installments loans or do they?

[DaBears]

Installment loans are in a different category of UTIL and have very little affect on fico scoring.

[holdingon80]

So the 96% of cc usage needs to be deceased ASAP...thanks

[Shogun]

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@holdingon80 wrote:
So the 96% of cc usage needs to be deceased ASAP...thanks

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yes, decreasing your util is one of the easiest and fastest ways of getting a bump in your score.