Ok So I've been rebuilding my credit from a terrible past...

[Anonymous]

Ok So I've been rebuilding my credit from a terrible past ( my 20's were hell) I just ran my report and it averages 678. 2 questions first my fico simulator says if I pay off my 2 credit cards( 1600 ish dollars) my score will be in range of 742-780 how accurate is that. Also Ive been thinking of buying a new car( thus the reason for running my report.) I have 2 grand floating around would it be better spent on a down payment or better paying off my CC's to get my my fico score to 760( assuming the simulator was correct) ... Thank you in advance

[Anonymous]

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arcus1969 wrote:
Ok So I've been rebuilding my credit from a terrible past ( my 20's were hell) I just ran my report and it averages 678. 2 questions first my fico simulator says if I pay off my 2 credit cards( 1600 ish dollars) my score will be in range of 742-780 how accurate is that. Also Ive been thinking of buying a new car( thus the reason for running my report.) I have 2 grand floating around would it be better spent on a down payment or better paying off my CC's to get my my fico score to 760( assuming the simulator was correct) ... Thank you in advance

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Good scores coming out of credit hell.  You know with a higher score you'll get a lower interest rate.  Can you pay down utilization to say between 10-25% across the board and still have something left over for a downpayment? 

The simulator is based on scores in your average range but not on your actual report so there may be variables.

[mycredit07]

Pay your cards off! Simply put, pay off, better rates! Money saved long term! Better rates, lower payments! Great job on cleaning up your report!