Fico Score simulator and Fico mortgage score rebuild

[Thomas_Thumb]

BBS - thanks for trying it and giving some feedback. If you have time, try a few what ifs and look at how your profile's score shifts.

This estimator is best used to look at how changes in profile shift score. It is not accurate in absolute terms but, offers some utility in looking at shifts in score from "state A" to "state B". In your case, if you have closed accounts over 10 years old but, your oldest open account is 5 years - I would plug in 10 years for account age.

Again, I would primarily use this calculator as a means to estimate score how score might shift between profile conditions. [All calculators under estimate my Fico 8 scores]

P.S. It estimates my score at 815 given inputs representing my current profile [it calculates my score at 832 without the store card] - So again, this estimator has flaws but also does offer some insight into score shifts - just don't get wrapped up in a particular absolute score.

[Anonymous]

Gotcha.  I will play with it some more.  I think I get caught up on the lingo where it says up top that it will give you a fairly accurate estimate of "your credit score" as if a person only has one credit score or that only one scoring model exists.  The language is just a bit misleading I suppose and while you and I can see through that sort of thing I worry about the average Joe that comes along and reads into it more than he should.

[Anonymous]

Okay so my debt was 2829 and I paid down it all except 99 dollars. So far 416 dollars had been reported decrease but I didn't see any hike on credit score though the myFICO simulator shows if I paid off 416 dollars it should of went up 10 points. Anyone think it's possible my mortgage score goes up from 610 to 630 or more after paying off 99 percent of the 2829 credit balance??

[medicgrrl]

Did you receive a MyFico alert when the $416 showed paid?  That paid it down to $0?  I think you'll get the points you need based off of what you have done.  Is the remaining $99 balance going to be 9% of one card?

[Anonymous]

Yea I got the alert but no Score jump. I left the Amex card that has 2200 balance with a 99 dollar balance. Everything else is paid off

[medicgrrl]

How many total cards do you have?  I don't think you got a score increase on just the one because you haven't crossed the next threshold for utilization yet.

[Anonymous]

Total of 8 cards.

[medicgrrl]

Ok, that's good, you'll be going from more than 50% of your cards having a balance to less than 50 and you'll be crossing a threshold for overall utilization along with individual card utilization.

[Anonymous]

So do you think it's possible now that I have 610 mortgage credit score, I'll get passed the 620 mark?

[Anonymous]

Are you able to pay your aggregate utilization down to a single-digit amount?  If so, no doubt your scores will improve quite a bit.  When applying for a mortgage, the last thing you want is to have any significant revolving CC debt.