Last monthly, I used the simulator when my EQ fico was 639. At that time my total credit card debt was appox 1700 representing 23% of credit limit, had two outstanding student loans i cosigned for approx 10 years ago currently totallng 18k, and have a mortgage. balance of approx 148k.
Playing around with credit simulator, it seems the best way to increase my score was paying down $1000 within one month. That simulation was reporting that my FICO would improve to a range of 649-689. In that last month, I had no additional derogatories on my account, there were no inquiries, two credit cards were totally paid, and the $1000 was paid off the largest account reducing that balance from approx $1400 to less than $00.
When my new fico scores appeared in September, my FICO only increased to 646. Can someone helo me understand why there was such a small increase when imulator reported my scores could increase from 10-50 pts. by making this $1000 payment on my credit card balances.
Starting Score: 734
by making the reduction in credit card balances, my overall utilization rate dropped from appr. 23% to less than 6%. My thought is that if the simulator software is very inaccurate and perhaps whouldnt be relied on. does anyone have any experience to confirm or contradict my issude with the software such as i experienced. a
