02-09-2013 04:49 PM
I'm not sure if anyone will be able to help here but I am a little confused with the score simulator. I have a Charge Off with capital one that is almost 6 years old. I have to pay it for my mortgage to go through which I have no problem doing. The balance is 6032.00. When I put the balance in paying it over 1 month in the simulator it has my scoregoing to 696-736. It is currently low 600's. When I do the 6034 in the box below it, where it is just paying whatever of the total revolving debt and I put it in the same amount of 6032, it only has my score going to 646-686. I am just wondering why there is such a big difference between the two? Aren't the essentially the same thing?
Thanks for all of your help.
02-09-2013 08:34 PM
You really cant judge by a simulator.
While I have seen the ranges fall into place, I have also seen the ranges useless and no where even close.
YMMV .. I guess on the bright side its still an increase in either scenario. Maybe the difference is paying off a charge off compared to just paying off revolving debt.
02-10-2013 05:58 AM
02-10-2013 12:00 PM
Thanks. it does make somewhat sense for a big jump because not only will it be paid in full but my utilization will go from 200% to low single digits. Do you think that alone can make a big jump?
Yes I think it is possible..
02-10-2013 12:39 PM
When I use the score simulator, the advice given is typically followed by "...over the next 12-24 months."
So I think it takes into consideration the ages of your accounts, impact of inquiries, etc. as well which is why the score immediately following your intervention may not be as projected.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.