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Contributor
kaymom
Posts: 94
Registered: ‎03-12-2012
0

Confused!

I'm totally confused. I was playing around with the FICO score stimilator. My total revolving debt is $2445. If I pay $815 for 1 month, my FICO score should increase 20 to 40 points. If I pay $815 for 3 months, my FICO score should increase between 30 to 50 points.

 

What should I do?

 

Thanks in advance!

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Regular Contributor
Matt6995
Posts: 127
Registered: ‎03-07-2013
0

Re: Confused!

Sounds like paying down your debt is the best option and your FICO score will agree with that.

 

 

Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
0

Re: Confused!

Not to sound condescending, but you don't really need a score simulator to figure out that if you pay down your revolving debt, your score will go up.

 

Perhaps you should be more specific in asking about what you are trying to accomplish with your credit profile?


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Senior Contributor
myjourney
Posts: 26,659
Registered: ‎02-07-2013
0

Re: Confused!

Paying down debt is always a good financial move causing a jump in scores

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Valued Contributor
FinStar
Posts: 6,768
Registered: ‎10-21-2012
0

Re: Confused!


Matt6995 wrote:

Sounds like paying down your debt is the best option and your FICO score will agree with that.

 

 


+1

 

Simulators are just that - simulators.  Paying down debt always lends itself to a positive score gain - provided other factors on your credit profile don't affect it.

Moderator Emeritus
tinuviel
Posts: 4,875
Registered: ‎11-02-2010
0

Re: Confused!

Well, remember that with scenario #2, you're not only paying down the debt and thus reducing util, you're also allowing your accounts to gain age.

 

I'm going to move this to the Understanding FICO Scoring forum.


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