Understanding FICO® Scoring

[CreditBob]

I wanted to pass on information from my own experiences of fact on how fico scoring is affected. A credit card, being a revolving account, has a major impact on a credit score. I paid off a high baalnce visa and the score had shot up 28 points. Only a few points went up on an installment loan. Your score will go down when you open a new account but will rebound after the account ahs been opened for a year because until it shows 12 months of apymenst it is a new account. Now thta is not always true ebcause it depends on what other accounts are on your report. It also looks at bankruptcy, late payements, tax liens, or any other negative factor. Use this fico score simulator, run my Fair Isaac aka MYFICO to see were you stand.  http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29   I am doing thsi for the new members and others that do not quite understand. In the simulation you will see that if you have a credit card account open for 10 plus years that your score goes up, especially after 15 years. Credit cards are the most important factor in achieving a high credit score. never be late even once. Do not max out credit cards to amke the children happy around christmas time.

[fused]

I just did the score simulator. My range was 705-755. But my real EQ and TU are much higher than 755 but my real EX is 734. I agree credit card management is crucial.

[ilovepizza]

I scored higher than simulated. But I just figured out how to manipulate my score to go higher. For someone that doesn't know the game, it's "30-50 point range" is pretty good. But thats like trying to hit a 2 foot target 3 feet away with a 5 foot pole. But the range is pretty accurate for most people. :-)

[ilovepizza]

The simulator showed a possible 755 with 1 cc 6 months old from that link.

[bimmer124]

Listen kiddies....it's real simple. I am a man of 65 years whose FICO score has been over 800 points for the past 30 years.

I am retired but while working I traveled for business and had many charge cards. People use charge cards (credit) without emotion.

Go to a gas station with a 50 dollar bill in one pocket and a charge card in the other. To use the charge card is easy...no emotion, but parting with the cash is harder.

Pay your bills on time, don't spend on what you cannot afford, and realize credit is only a loan that will need to be paid back. Banks don't lend money without expecting payment with interest. Your FICO score will take care of itself.

[basballguy]

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bimmer124 wrote:

Listen kiddies....it's real simple. I am a man of 65 years whose FICO score has been over 800 points for the past 30 years.

I am retired but while working I traveled for business and had many charge cards. People use charge cards (credit) without emotion.

Go to a gas station with a 50 dollar bill in one pocket and a charge card in the other. To use the charge card is easy...no emotion, but parting with the cash is harder.

Pay your bills on time, don't spend on what you cannot afford, and realize credit is only a loan that will need to be paid back. Banks don't lend money without expecting payment with interest. Your FICO score will take care of itself.

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Oh great wise one please teach us more. /rolls eyes

BTW i call BS since general purpose credit scoring didn't really happen until the late 80s. 

On topic,

Your FICO® scores are
estimated to be between: 655-705

It was accurate for me.

[Shogun]

Uhm,,, anyone notice this thread is over 5 1/2 years old?   

[basballguy]

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Shogun wrote:

Uhm,,, anyone notice this thread is over 5 1/2 years old?   

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lol i didn't.

I knew i saw the simulator before somewhere though.