03-09-2008 07:23 AM
03-09-2008 07:39 AM
03-09-2008 08:11 AM
03-09-2008 09:52 AM
03-09-2008 12:44 PM
03-09-2008 12:50 PM
This is because the FICO simulator also takes into account the aging of your accounts when it projects your estimated score. The points you get for utilization wil be the same whether you pay your balances down immediately or over a period of time. As your accounts age, your score will naturally trend upwards over time, so all else equal, you'll see a larger overall point gain.
You mentioned "soon" in your need for scores to go up...if you don't have 3 months, try 2 months. Any way you do it, you will get a boost....just the longer period you take to pay...the higher the scores are supposed to go up according to the FICO simulator!!
03-09-2008 01:29 PM
03-09-2008 02:48 PM
03-10-2008 05:36 PM - edited 03-10-2008 05:38 PM
so slow is better? I had to take my utilization up in Feb/March due to a move. I have been panic stricken about my higher utilization. But I am not going anywhere for a while nor do I need to apply for anything more for a while either. (although I want to badly but will resist until I can actually apply for a prime card. That is my next goal) So over the next 3/4 months, I can definitely get it down to the less than 10 percent goal. (right now about 90 percent)
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO