Recent Lates and Score Recovery

[RonPegram]

Hello all,

I have a few quick questions.

Unfortunately, I have a recent late applied this AM because of a mistake with the posting of a payment. As a result, I've lost 60 points (723 to 660). The FICO simulator says if all things stay the same, my score could be over 700 in 3 months without an additional late.

I'm going to attempt a goodwill with the creditor but my questions are as follows:

How accurate is the simulator in everyone's opinion?

What are some of the personal experiences people have with regaining points following a recent late. Can you really expect a 20-40 pt gain in 3 months if all things are current?

THANKS!

[RonPegram]

Hello all,

I have a few quick questions.

Unfortunately, I have a recent late applied this AM because of a mistake with the posting of a payment. As a result, I've lost 60 points (723 to 660). The FICO simulator says if all things stay the same, my score could be over 700 in 3 months without an additional late.

I'm going to attempt a goodwill with the creditor but my questions are as follows:

How accurate is the simulator in everyone's opinion?

What are some of the personal experiences people have with regaining points following a recent late. Can you really expect a 20-40 pt gain in 3 months if all things are current?

THANKS!

[RobertEG]

The shorter the period of you score simulation, the less accurate any projections are.

FICO wont permit accurate, short term simulation of scores simply because, to do so, would lead to more accurate "reverse-engineering" of their scoring algorithms.  That is their business lifeblood, and just wont happen.  That is why the smulator does not permit you to project monthly increases, or to input multiple changes in all scoring categories at one time, an see their impact.

From my experience, and from prior anecdotal experiences offered by others on this site,  I would not expect the age degradation of a 30-day late to exceed more than 1-2 points a month.  Nothing close to 40 points in 3 months.  I would estimate less than a ten point gain in three months

[RonPegram]

Thanks, Robert.

The simulator does allow 1 month increases, however.

My next question is does a 660 seem reasonable for someone with only 1 negative with that 1 being a recent 30 day late? Utilization is around 35%.

[britishbooklady]

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@RonPegram wrote:

Thanks, Robert.

The simulator does allow 1 month increases, however.

My next question is does a 660 seem reasonable for someone with only 1 negative with that 1 being a recent 30 day late? Utilization is around 35%.

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Yes, it sounds about par for the course, to me...if that one late is the only thing negative on your CRs. My DH hovered around the mid 600s until his last negative item deleted. Then his TU score jumped to 702 (with 82% util!). EQ seems to be more conservative because it only jumped to the 680 range.

Try to get your utilization down to less than 10% and, preferably on only 1 or 2 cards. EQ doesn't seem to like you to carry a balance on several different CCs...at least that's what DH's CR says.

Good luck...