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Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Score Simulator

My TU hovered around 731 for the better part of half a year until I purchased a new car a couple of weeks ago. Now 708. The score simulator tells me if I am a real good boy for the next two years the best I can hope for is just slightly under that 731. Please.  
Valued Contributor
debtisgood
Posts: 1,126
Registered: ‎03-25-2008
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Re: Score Simulator

How much did the new account mess with your AAoA?
Regular Contributor
FicoPower
Posts: 106
Registered: ‎10-16-2008
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Re: Score Simulator

So buying a new car decreases your score?  I thought it would do the opposite when you begin making payments.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: Score Simulator


smallfry wrote:
My TU hovered around 731 for the better part of half a year until I purchased a new car a couple of weeks ago. Now 708. The score simulator tells me if I am a real good boy for the next two years the best I can hope for is just slightly under that 731. Please.  

Well, that's just ridiculous. :smileymad:

I've seen the sim be pessimistic before, but nowhere near that bad. I suppose you already have another open installment loan somewhere, so your not getting any help for mix? Otherwise, I can't imagine why they are predicting 2 years to recover. Or I could see, I suppose, if you started from 831, not 731.

TU got gloomy on me at some point as well, and then went back to the usual kinder predictions. I wish I could remember what the situation was. It's still not terribly generous with its forecasts, though, not as long as I have the 90-day on there --40 points (range of 757 - 797.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
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Re: Score Simulator


FicoPower wrote:
So buying a new car decreases your score?  I thought it would do the opposite when you begin making payments.

 

FICO doesn't like to see new credit. OP was was mostly dinged with the new account, but should recover most of those points back within 4-6 months. However, OP still has to contend with the avg. age which got lowered with the new account.
Established Contributor
Shnapple
Posts: 837
Registered: ‎02-27-2008
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Re: Score Simulator

I bet if you let a couple of payments hit, then re run the score simulator, it will look MUCH better.

 

 

 

I hope.

FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: Score Simulator


haulingthescoreup wrote:

smallfry wrote:
My TU hovered around 731 for the better part of half a year until I purchased a new car a couple of weeks ago. Now 708. The score simulator tells me if I am a real good boy for the next two years the best I can hope for is just slightly under that 731. Please.  

Well, that's just ridiculous. :smileymad:

I've seen the sim be pessimistic before, but nowhere near that bad. I suppose you already have another open installment loan somewhere, so your not getting any help for mix? Otherwise, I can't imagine why they are predicting 2 years to recover. Or I could see, I suppose, if you started from 831, not 731.

TU got gloomy on me at some point as well, and then went back to the usual kinder predictions. I wish I could remember what the situation was. It's still not terribly generous with its forecasts, though, not as long as I have the 90-day on there --40 points (range of 757 - 797.)

Well Hauling I paid the remaining 25 bucks off from my open car loan before the new car loan hit so the only change to the report was the fully utilized car loan as opposed to a nearly fully paid one. It showed as paid closed leaving me with only one open car loan on the report. The inquiry was Navy which was Equifax. No other changes.

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Score Simulator


llecs wrote:

FicoPower wrote:
So buying a new car decreases your score?  I thought it would do the opposite when you begin making payments.

 

FICO doesn't like to see new credit. OP was was mostly dinged with the new account, but should recover most of those points back within 4-6 months. However, OP still has to contend with the avg. age which got lowered with the new account.

I have over 30 accounts on the TU report so average age wasn't changed enough for that kind of score drop. Really feel like I am running uphill with these scores. Optimum utilization optimum number of reports with a balance the whole shebang and I find myself in nearly the same place I was 18 months ago when I had 56% utilization. I wonder what kind of treatment I will get in 17 months when my BK drops?


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