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Established Contributor
Posts: 756
Registered: ‎01-20-2012
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myFico score simulator?

Fairly accurate or ignore?

 

I was playing with it just now and according to it, if I opened up a new credit card with a balance of 500-2,000 my FICO would change in the range of lower 20pts to higher 20pts.

 

But if I get a card with a 2,500 limit then it says my Fico would go UP by 30-80 points.

 

Really?

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
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Re: myFico score simulator?

Sounds like your utilization will be affected if you are able to add a gap of $2500.  Does this make sense in your scenario?

 

The adding a new account to change your score by -20/20 is basically a safe way to say it will add an average of 0 points.  Likely you'll lose points at first, but gain them back quick, and eventually gain points.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Established Contributor
Posts: 905
Registered: ‎07-25-2008
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Re: myFico score simulator?

It's fun to play with I know I am addicted to it BUT.....Take it with a grain of salt :smileyhappy:

 

 

 


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Established Contributor
Posts: 756
Registered: ‎01-20-2012
0

Re: myFico score simulator?


Jutz wrote:

Sounds like your utilization will be affected if you are able to add a gap of $2500.  Does this make sense in your scenario?


I have no  open revolving tradelines. 

 

I have $20k roughly in installment tradlines-  all student loans, all deferred. 

 

I have 2 unpaid chargeoffs (HSBC) dated to fall off 8/2015

 

I have 4 paid collections falling off anywhere from 8/2013- 10/2016

 

I have one unpaid collection ($850-Afni) due to hit 7yrs  2/2013

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: myFico score simulator?

The unpaid charge offs are affecting your UTIL despite not having any revolving lines. If you pay those, and/or open enough revolving credit to make your UTIL under 9 it would make a tremendous improvement

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
Posts: 2,857
Registered: ‎06-08-2012
0

Re: myFico score simulator?

+1

This is what happened to me. I had some collections/charge offs that were unpaid and didn't have any open credit lines. My UTIL went from like 130% to 2%. Got a really nice score jump just from having my UTIL in check.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Established Contributor
Posts: 756
Registered: ‎01-20-2012
0

Re: myFico score simulator?

Thank you, both of you!

 

I cannot pay them this month, but will definitely do so in January!

Fico: 701 (5/22/14) 682 (5/9/2014)
Discover IT $5,200 / CU Visa $1,000 / JC Penny$3,000
App Free since 2/2013
New Contributor
Posts: 57
Registered: ‎03-31-2012
0

Re: myFico score simulator?

When a balance changes on a card (such as a payoff), how quickly will the credit report update?  Would the creditor send the info immediately, or with their next monthly update?  Asking because I'm apping for an auto loan soon and want it to be as up to date as possible.  I think I've read before that when a lender does a hard pull the new info will show no matter when it's puled, but I assume that would only be if the creditor sent the update immediately.

 

Thanks for any help.

Valued Member
Posts: 39
Registered: ‎11-09-2012
0

Re: myFico score simulator?

It will reflect, typically, once a new statement has been issued (plus 3 to 7 business days for the bureau to receive the information & update).  I have about 10 accounts & this is how all of mine work - due to my recent investigation into this matter so I could get max score boost ASAP!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


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