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Valued Member
Posts: 40
Registered: ‎08-11-2013
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FICO Scores - Simulator

Good Morning folks! I've been a lurker from quite some time but have decided to throw a question out there since I haven't really found an answer.

 

I have a good bit of OLD collection/baddies on my reports. Most stemming from a layoff back in early 2007. All of those cards are DOFD of January - May 2007 and the total doesn't exceed $3000. I know the 7 years is almost up & those items will fall off....although they don't completely go away. They are all still owed on but I hated to touch them since the 7 years is almost up & I'm in the process of obtaining my 1st mortgage. Also, I have 3 current credit cards (limits of 300, 750 and 275, all with no lates...I've had these since 2009ish)...also, an auto loan obtained in March 2012 that I pay monthly with no lates...I also pay more than the actual payment each month.

 

Anyway... my broker pulled my credit report (Kroll) and found that my Experian is 616, Equifax 610 and TU is 589. These scores are a lot better than I thought they would be based off of the reports I've seen in the past. I was quite proud actually haha... So, the broker said that my credit card utilization was very high so to pay those down to (10, 10, 50) which would make my utilization drop from 88% to less than 6%. Get balance letters & he'd do a rapid rescore. He said that alone, according to the "what if simulator", would get my Experian above 640 & my Equifax right at 640. I just need my middle score to be at or above 640.

 

I came home, pulled my FICO Equifax & found my score to be 610 as well, ran the simulator and received a somewhere between 640-680 within 1 month. So… my question is, how accurate do you think that is? I know many of you are pretty experienced and I figured I could ask! The reason I’m trying not to wait until next year for the mortgage is that there is an opportunity for me to purchase a lot & build my first home on it. The lot is family owned & I’m afraid that if I don’t act soon, it will be gone!

 

Sorry for rambling and thanks for taking the time to read :smileyhappy:

Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
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Re: FICO Scores - Simulator

It is accurate for me, but not for everyone.  Use the low number as the most probable.  You will probably hit 640 or close to it.

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Valued Member
Posts: 40
Registered: ‎08-11-2013
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Re: FICO Scores - Simulator

Thanks a million! I've been thinking it will be lowest of the range so my hopes don't get crushed :smileyhappy:

 

I'm on the right path though. Hopefully one day I'll have a nice shiny FICO score from all 3 bureaus!

New Contributor
Posts: 57
Registered: ‎03-01-2010
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Re: FICO Scores - Simulator

I've found that the low number has been really accurate the last couple of times I used the simulator. Good luck with everything!



Starting Score: EQ 593 TU 606
Current Score: EQ 680 TU 682 EX 684
Goal Score: 700's baby let's get it!


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Valued Member
Posts: 40
Registered: ‎08-11-2013
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Re: FICO Scores - Simulator

Just an update... I'm still waiting for 1 card to report but my utilization is currently at 25%. Once the last card reports, I'll be at 4%.

My Equifax FICO was 610 at 88% utilization and within 2 days, it's now 623 at 25% utilization. Any chance I'll reach the "low score" from the simulator (640) once the last thing reports?

I really thought it would shoot up more than 13 points going from 88 to 25... Nothing else changed on the report to affect it.
Established Contributor
Posts: 642
Registered: ‎11-30-2012
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Re: FICO Scores - Simulator

I don't know what state you are in, but make sure you are outside the statute of limitations on the debt before you get to far along with the mortgage process.  Also others have suggested doing an account freeze so that those creditors don't get notified of the mortgage app.  Tune into the mortgage channel here to hear some of those horror stories.

 

Valued Member
Posts: 40
Registered: ‎08-11-2013
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Re: FICO Scores - Simulator

Thanks coterotie!

I live in the New Orleans area and all of my baddies are from late 2006 / early 2007. I did opt out as requested on the board but didn't freeze my report. I won't proceed with the mortgage process until later this year...possibly around October / November sine I'm buying the lot from a family member. We've agreed that it won't be until then and she's agreed to hold onto it for me.

I have multiple old credit card debt that totals less than 2000. I was going to pay them off when I found this forum & tried PFDs. That didn't work out. I have one larger item that is listed as a charge-off....$15000 balance from a repo DOFD Nov 2006 .... That stemmed from post Hurricane Katrina issues. I know it falls off the report soon BUT never truly goes away. I'm curious how much my credit score jumps when it falls off. I'm not opposed to paying off anything but because everything is so old & near 7 years, I felt it would only hurt me by showing an updated date. I don't want it on there another 7 years.
Moderator
Posts: 13,756
Registered: ‎04-15-2011
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Re: FICO Scores - Simulator


sleauxmeaux wrote:
Thanks coterotie!

I live in the New Orleans area and all of my baddies are from late 2006 / early 2007. I did opt out as requested on the board but didn't freeze my report. I won't proceed with the mortgage process until later this year...possibly around October / November sine I'm buying the lot from a family member. We've agreed that it won't be until then and she's agreed to hold onto it for me.

I have multiple old credit card debt that totals less than 2000. I was going to pay them off when I found this forum & tried PFDs. That didn't work out. I have one larger item that is listed as a charge-off....$15000 balance from a repo DOFD Nov 2006 .... That stemmed from post Hurricane Katrina issues. I know it falls off the report soon BUT never truly goes away. I'm curious how much my credit score jumps when it falls off. I'm not opposed to paying off anything but because everything is so old & near 7 years, I felt it would only hurt me by showing an updated date. I don't want it on there another 7 years.

It wouldn't stay on another 7 years if you paid it.  The CRTP is set by the DoFD of the debt.  This does not change with payment.  It could be falling off tomorrow, you pay it today, it still falls off tomorrow.

 

What the 7 years CRTP does is it prevents lenders from seeing that information with a simple pull of your CR.  The information is still on your CR, however the CRAs exclude it from regular pulls.  There are situtations that your entire CR can be viewed and those would once again be visible.  

 

They are:

Applying for a mortgage or other loan in excess of $150K

Applying for a job with a base pay of $75K

 

Now these exemptions are rarely used, but they are possible.



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July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Valued Member
Posts: 40
Registered: ‎08-11-2013
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Re: FICO Scores - Simulator

Thanks Shogun!

So, if I paid the collections today & they fall off next week due to 7 years of DOFD, they wouldnt affect me any? I thought that once you pay them off or settle, your new date is reported and that can bring down your credit score? I just don't want to do anything that will bring the score down at all. I just want it to continue moving up. All of that debt is so old that I just feared an update would hurt.
Moderator
Posts: 13,756
Registered: ‎04-15-2011
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Re: FICO Scores - Simulator

No, paying it would not reset the CRTP.  It would still be excluded from your CR as it would not.  Difference is, it won't wind up with a "bottom feeder" CA that, shall we say, is far less caring about the laws than others.

 

Also, some say they are concerned with it resetting the SOL, there is no SOL on a paid account.  How can you get a judgement for owing $0?

 

In a nutshell, and this is just my personal opinion.  I like to pay the old debts, whether they can be on my CR or not.  Just because it's no longer reporting or outside the SOL doesn't mean that the debt is gone.  They can still try to collect, they can call, write, pull your CR, etc.    I will say I won't pay the whole amount, it would be at a deeply discounted price.  But all in all, it's up to you.  



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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