Util % and MyFICO "Score Simulator"

[JohnPTEX]

To all those who use MyFICO:

Is my current Util % based upon the amount that the Score SImulator is showing under the caption, "You currently have a combined Revolving/Open Account balance of . . . . "

Thank you in advance

[injustifiiable]

That's what it seems like to me. At least on mine, it counted a CO, open collection and my open cards as part of that figure.

Kinda bogus if you ask me. I guess it is what it is, though.

[JohnPTEX]

Hmm I can't really tell - its funny because if I pay off the FP CO in SImulator (which is reflected in that number) then the Simulator says my score will go up - BUT every bit of logic says simply paying off a CO will not effect your score

[injustifiiable]

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@JohnPTEX wrote:

Hmm I can't really tell - its funny because if I pay off the FP CO in SImulator (which is reflected in that number) then the Simulator says my score will go up - BUT every bit of logic says simply paying off a CO will not effect your score

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I don't get it either...it may help on the UTIL part of things (since it's still reporting a balance) but nothing else. I'm in the same boat...kinda at a loss for what to do now except wait until next year....

[JohnPTEX]

Well I don't believe its currently being factored into Util - on my USAA reports they all show my available credit as the amount of my credit cards alone - the Score Simulator is just using all open balances; which, factors in a First Premiere CO I am paying soon - oh well

[injustifiiable]

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@JohnPTEX wrote:

Well I don't believe its currently being factored into Util - on my USAA reports they all show my available credit as the amount of my credit cards alone - the Score Simulator is just using all open balances; which, factors in a First Premiere CO I am paying soon - oh well

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That's where it gets wonky....some of the CMS's factor it in and others don't. FICO supposedly factors closed accounts with a balance into UTIL too, I think.

So annoying and confusing as hell. I guess the only way to see for sure is to pay it and see if there's a score bump.

[JohnPTEX]

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@injustifiiable wrote:

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@JohnPTEX wrote:

Well I don't believe its currently being factored into Util - on my USAA reports they all show my available credit as the amount of my credit cards alone - the Score Simulator is just using all open balances; which, factors in a First Premiere CO I am paying soon - oh well

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That's where it gets wonky....some of the CMS's factor it in and others don't. FICO supposedly factors closed accounts with a balance into UTIL too, I think.

So annoying and confusing as hell. I guess the only way to see for sure is to pay it and see if there's a score bump.

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+1 - so true - I'm always wondering what will change my score - I've tried to understand and predict it a thousand times, but the only way is to wait and see

[luckelle]

Well, if it helps I have a 6 yr olf first premier collection account and it does not regester in the simulator as an account with a payable balance even though i owe 400 dollars. as i read your threads on this i think the simulator flawed. it seems to be just that a simulator. showing different results for people with the same credit history accounts. Even more odd when i look at my transunion report from here it say one of my good factors helping my score is: the resent use of my credit card. mind you i didnt own a credit card since the first premier card 6yrs ago. It was 7 dollars in interest the CO charged me last month.lol. Yeah its all confusing to me at times. so is the simulator. It seems to be designed for u to pay all ur debts even if it doesnt change ur scores for the better. ( can you say kick backs from credit card companies to myfico) for the simulator.hehe

[injustifiiable]

It gets even weirder.

While the simulator counts open/closed CC's and active collections, the percentage of UTIL presented in the myFICO report only includes open and closed CC's. That might be a good thing...who knows.

Sometimes you have to do the math manually to make sense of it all.

[luckelle]

true