Understanding FICO® Scoring

[ilovepizza]

The Equifax rep said, the simulator is pretty accurate and had I paid off 3% as the simulator indicated my score would have gone up a fast 10 points. However the Equifax rep said, because I had not made a payment on my current debt, my old debt does not reflect the new credit line percentage. The Equifax rep further said my debt is currently being scored on the way I handle the whole debt not just a percentage therefore my score did not change because a percentage change in this case did not reflect a debt decrease. And further stated new debt would be reflected towards the new percentage.

I have no idea if that information from the rep is accurate. But it sounds good. I can further prove her theory by making a payment of 3% today and see if that does in fact change my score as the calculator stated. But I won't be able to confirm the accuracy of the Fico simulator until 6/8/07 when my bank updates my report with Equifax. So we wait until 6/8/07 unless anyone else has other input.

The Equifax rep also said monitoring does not include credit limit changes in either direction.

Message Edited by ilovepizza on 05-21-2007 02:03 PM

[MidnightVoice]

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ilovepizza wrote:
The Equifax rep said, the simulator is pretty accurate ......

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And I have this bridge for sale in Brooklyn......  

I have done some simulations in the past where the actual score increase was only about 0-30% of what was predicted (or, to be more accurate, -5 to 30%).

I have just done a couple of simulations on paying down credit and paying bills on time, and they do not take into account a derogatory that will have dropped off by then.  So in general, I have lirttle faith in the simulator, other than as a very rough guide that usually, but not always, manages to get the direction right, and never the magnitude 

[ilovepizza]

I agree. The calculators only discuss 1 specific action. The left starting number is your action 700-730, right side is the future possibilities and really have no bearing. In this case if it says 700-730, your action will give you a score of 700 if "nothing" else changed on your report over that time. However, even being, I have no clue even if it is remotely correct. But since I have done exactly what it said, we shall see if I get an "exact" 10 point increase in 3 weeks. If not, all my data that I have on percentages to limit become useless being that they are all based on this calculator.

[ilovepizza]

Payment posted. Just have to wait for them to send the update to EQ on the 8th. :-)

[ilovepizza]

Yes. My credit score went up exactly 10 points today. At least this time it was accurate. I think for the short term it might be accurate. Unless I just got lucky. I will keep watching the simulator to see if it's predictions are as accurate in the future. :-) I gained 10 points today. 800's will soon be in reach!

[fused]

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ilovepizza wrote:
Yes. My credit score went up exactly 10 points today. At least this time it was accurate. I think for the short term it might be accurate. Unless I just got lucky. I will keep watching the simulator to see if it's predictions are as accurate in the future. :-) I gained 10 points today. 800's will soon be in reach!

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high util + LUV button = lower util and higher scores

[ilovepizza]

I am going to try to lower utl again. We already know that when you lower utl scores go up. But I want to know if the fico calculator is accurate or I am just getting lucky.

I have another payment posting in 2 weeks from a different card. This will bring me to the next percentage break point where the fico calculator states another 10 point gain. That reports around 6/10 to 6/14. I will post what happens. :-)

[Felicity]

ilovepizza:

How did you find out what date your accounts post to the CRAs?

[Tuscani]

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Felicity wrote:

ilovepizza:

How did you find out what date your accounts post to the CRAs?

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TC.. or call and ask.

[ilovepizza]

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Felicity wrote:

ilovepizza:

How did you find out what date your accounts post to the CRAs?

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I pulled my credit reports every other day for 2 months. Still sometimes they report early and sometimes they report late.

Message Edited by ilovepizza on 05-30-2007 12:11 PM