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I believe this is referring to paying any account on your reports on time. The credit card simulator is taking into effect utilization of credit.
Payment history and UTL are factored separately.
ETA: they both also consider added age, which can boost scores. And I imagine that with added age it also will factor in effect of HPs and their aging.
@lhcole77 wrote:I believe this is referring to paying any account on your reports on time. The credit card simulator is taking into effect utilization of credit.
Payment history and UTL are factored separately.
ETA: they both also consider added age, which can boost scores. And I imagine that with added age it also will factor in effect of HPs and their aging.
This is a pretty good explanation of it. The results it gives will not be exact but will give you an estimated range.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
It's a for instance. And will show you which method you take that will yield the best fico score in the shortest amount of time. The bills they are talking about would be your cc's, auto, mtg and I would assume any lates, collection, etc. It will put all in and after a certain amount of time give you what should happen with your scores. Month by month. Some say it doesn't work. It does work for me. Actually a bit sooner than what it said. But remember when you add a new card or hp, it will take that into consideration and move your better scores out a bit farther. Try it and see if it works for you.