I pulled a TU report a few days ago and ran a simulation on what my score would be if I paid all my bills on time for the next month and my balances stayed about the same (which they will). I was surprised to see that it said my score would go up a minimum of 70 points and a max of 110.
I find this hard to believe based on the fact that I have only been going up maybe about 5 points a month by paying all of my bills on time and keep the balance on my card low.
Is this realistic or is there something wrong with the simulation?
I think something may be wrong unless your utilization is...
I think something may be wrong unless your utilization is right on border line. Did you mistakenly choose two scenarios? I did get a 40 point bump in lessthan a month but that was paying off a card combined with a CLI
I answered my own question. I had a tax lien on my file from March 2004 and the SOL might be 3 years in NY. I'm going to have to do some research on that. If that is the case, then that would make sense. All of util is about 15% each month w hich wouldn't account for that large a jump. All I did was run the scenario on my TU report asking what would happen if I paid my bills on time for the next 1 month. It might be taking into account the lien coming off also.
The statute of limitations has nothing to do with when th...
The statute of limitations has nothing to do with when the lien will come off your report. It only tells you how long they can sue you to recover. The lien should stay on the report for ten years especially if its a fedral tax lien.
How did I do it? I paid down $7,000 of my revolving credit card debt on 3 credit cards getting all of the balances to about 30% of my credit limits. I was hoping that it would have increased more. But I realize that I still have one card where my balance is at 60% of my credit limit. This is still pulling my score down. Next month I am going to pay down that balance below 50% of my credit limit, and see what happens.
I will say this too. I have been enrolled in score watch for a full year now, and I have noticed that everytime I make a major purchase on my credit card, I was dinged as much as 10 points. When I applied for and got two credit cardS, that I didn't need, my score was dinged 8 points each time, and then my credit score started to rise as I continued paying my bills on time and as my other accounts aged.
I am going to slowly close my two newest credit cards (both opened within the year) since my oldest card is 10 years old now. It just appears to me that if you don't open up a new credit card, you haven't been late with anyone for at least two years, have credit cards at least 5 years old, and keeping your balances at about the 30% of available credit, you can have a minimum fico score of 700. I plan on beeing in the 700 club by September. I AM SO CLOSE.
Assuming that what the last poster said is accurate, that might make sense. It will have been a full 6 months since I've had my auto loan with on time payments for all of those months. I have also had my current CC for a little over 2 years, also with all on time payments and about a $1,000 credit limit. I just found it odd that all of a sudden my scores on the simulation would jump by so much as opposed to the other months that I pulled my reports and ran the simulation. They wouldn't even move when I did it then.
Edited: I also just thought of something....I have 3 inquires for my car that show up on TU and that will be 6 months ago at the end of March. I know that inquiries within the last 6 months are taken into account more than after the 6 months. Could it be that the Simulation is taking into account the 6 months being up and my score would go up that much because of it?
Hopefully the Sims are right and I can be in the 700 club by next month. I'm not holding my breath, but I'll just keep doing what I'm doing and pay my bills on time and keep my uti's at around 15%.
I think those simulations are bunk. I was promised my sco...
I think those simulations are bunk. I was promised my score would go up if I paid my bills on time, but it hasn't. Now if you get a simulation result that says your score is going to go DOWN, you can take that as Gospel, my friend. But go up? Heavens no. Not in your lifetime, anyway.
- - - - in a credit-scoring postnuclear Stone Age...
It appears to me that since I have various types of credit on my report, that helps me big time. I have about 8 paid off mortgage balances on my profile within the past 3-6 years. This is because here in California I was moving about every two years when my houses were doubling in value.I have a about 5 paid off car installment loans, and I have revolving credit, a very nice mix. What's hurting is the high line of credit that I have saying that i am at 70% UTI. Once I get that one down below 50% I should see my fico score inch up to the low 700s since I am very close.
When I play with the simulators, Fico's is right on the money when it says that my score would increase if I pay down $7000 of debt in one month. It said that my score would drop if I accepted the Wamu offer to considate all of my bills on that one account. I am sure I would be dinged the 10 to 20 points.
Just from reading everyone's posts and reading what your experiences have been, it doesnt take rocket scientist to figure out what we all need to do to be in that 700 plus club. Again, don't apply for new credit, pay down your balances where you have nothing higher that a 50% uti (preferably 30%), start paying cash or start using your credit card like a charge card, paying off the balances in full each month, DON'T BECOME LATE WITH ANYONE, and you will see your score increase and increase, AND INCREASE hopefully to the PRIME ELITE STATUS OF 720+.
Along about the year A.D. 32,023, if I work hard, I could...
Along about the year A.D. 32,023, if I work hard, I could probably get a credit rating of 840 or up, also known as ELITE FRIEND OF SATAN® status. If I sacrificed a couple stray cats it would probably help too.
Message Edited by TheNewWorldMan on 03-25-200710:49 PM
- - - - in a credit-scoring postnuclear Stone Age...