I put the numbers into my Excel model, and it DOES show a possible 40 pt increase, assuming you have no baddies, and no new inquiries! Also, the four inquiries you made back in Fedruary should reach six months, which reduces their impact. When all is included on your report, which may take more than a month depending upon when the CCC reports vs. when FICO updates your report and score, you will have a 20% drop in %util, with an additional one or two more months in credit history, and a drop of a few points each for the inquiries going over six months from your last report. 40 point bump looks like about what my model projects. I would speculate that the additional points that the myFico simulator gave you for the two months as opposed to one month period included the effect of your inquiries going over 6 months, along with an additional one month of aging. Makes sense.
Good news also if you dont need new credit before March of next year, the negs you are getting from the February inquiries will drop off entirely in March 2008. If you also can get %util down under 10% by then, coupled with the additional aging, this should give you an additional 20-30 points, and put you well into the 700+ bracket within six months! The real question for your strategy is not what your monthly scores are until you arrive at a time when you are ready to apply for new credit. Until then, FICO has no history, and it is all planning academia. If you need to apply for new credit within the next few months, you will probably not be able to further pay down your %util, and will enter that with a FICO of just under 700. But if you can wait until March, you will be in the 700+ club. You are doing all the right things!!! Great job!
Message Edited by RobertEG on
10-06-2007 04:53 PMMessage Edited by RobertEG on
10-06-2007 04:56 PMMessage Edited by RobertEG on
10-06-2007 05:03 PMMessage Edited by RobertEG on
10-06-2007 05:15 PMMessage Edited by RobertEG on
10-06-2007 05:22 PM