Anyone Want To Take A Stab At Guessing My Next FICO Score?

[Anonymous]

My current score is 659 with EQ, 648 with EX, and 642 with TU.

As of my last report, I had $5,036 in credit card balances, with 42% utilization overall.

As of today, after I just sent out some checks, I have $2,350, with  20% utilization overall.

How much should my score jump, if at all, the next time it reports?

[Anonymous]

40 points. Hard to say because we have different buckets, but if it were my cr I'd gain close to 40. FICO does not like when I have high UTL.

Message Edited by ilovepizza on 10-06-2007 12:51 PM

[haulingthescoreup]

I think EQ has put me in a bucket with all the 70-year-olds with 50-year-long credit histories, negative 20% util, and FICO's of 999 x3, and I am definitely smooshed down at the bottom. My EQ score absolutely will not budge, while TU and EX are knocking at the 700 door. (hi, pizza!)

typist, do you have a lot of other issues with your score? If not, 40 points sounds good to me! My EX and TU have gone up around 40 points each just from reducing util from about 20-25% to under 3%. EQ went up about the same, but alas is too wrapped up in my lates, and lags far behind the other 2.

[Anonymous]

I have a judgement from 2001.  that's the only negative thing.

If you don't count the four cards I opened in February.

I've checked the simulator thing, seeing what my score should be if I paid off like $2700 of my balance, and 40 points is the maximum.

However it jumps up to 60 points if I paid the same amount over a 2-month period, so I don't know exactly how this is going to work.

[Anonymous]

typist, please do keep us posted. I did the same thing back in march when I was horrified to learn my TU score was 521.

I discovered this forum in early april, and did what many suggested...pay wayyyyy down the credit cards. I did. In July, my TU score was 681. I'm a firm believer in listening to the wise and experienced people here.

[RobertEG]

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 PM

Message Edited by RobertEG on 10-06-2007 04:56 PM

Message Edited by RobertEG on 10-06-2007 05:03 PM

Message Edited by RobertEG on 10-06-2007 05:15 PM

Message Edited by RobertEG on 10-06-2007 05:22 PM

[haulingthescoreup]

RobertEG, I am awestruck. Didn't you post elsewhere that you had a link or something for your worksheet? I didn't realize how intricate it was. Simulating the FICO simulator--sweeeet!

[RobertEG]

Send me a personal message, and I will gladly send you a copy of my Excel model.

[Anonymous]

Yep good point. Assuming nothing else changes.

[RobertEG]

just email me at robertegarrett with extension @netscape.net

I will send you the spreadsheet model.