pay off $20,500 car loan & score drops?

[haulingthescoreup]

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@Anonymous wrote:

"This service" that I referred to is MyFico.com, and more specifically, Score Watch.

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Right, I understand. What I was trying to explain (with way too many words, as usual) is that Scorewatch is a joint Equifax-FICO product, and as such, it only deals with Equifax FICO scores and reports. So when it said that you have no TU FICO score, it's just that you had bought the EQ score, but not the TU score. So you have a TU score (most likely), but you haven't bought it yet, so it doesn't display.

eta: lol, we're all posting on top of one another. Your edit wasn't up yet when I replied.

As I said, I'm stumped. All I can think of now is from something that you mentioned in your edit, that you have balances on four accounts. Were there balances on four accounts with the earlier report? Even when total balance is lower, if it is spread over more accounts, you can lose points for "too many accounts with balances", or at any rate, more accounts with balances than before.

[Anonymous]

most people don't think using the score estimator (stimulator)

is any good but I've used it on occasion.  Try it.  You

can find it on the EQ score report.  Punch in the payment

where it says what if I pay this on my balance and see what

it says.

For instance it says I owe 500 and I pay 250 it will

give me a score range.  Also has other stuff like

what if I get new car, open store acct., mortgage, etc.

I like it.

[Anonymous]

I had thought of that, but it doesn't have an option for payments on installment loans, only bills & credit cards.

[Anonymous]

Do you mean that where it tells you what you owe

it doesn't include your car?  It doesn't give you the total

debt?

PS:  It's called the score stimulator.

[Anonymous]

Below is what the score simulator gave me as options.  None of them have anything to do with installment loans - which is half of my 4 debts.

Simulate your best course of action

Pay your bills on time

Pay down balances on all your credit cards

Pay down the delinquent balances first ( there are none)

Seek new credit

Transfer credit card balances

Miss payments

Max Out credit cards

[haulingthescoreup]

Yep, that's one of the limitations of the sim.

One thing you can try, if you're really curious, is the FICO score estimator. It gives a broader range, but you can control more variables.

Just enter the data that you'd like to have on a what-it basis, so for instance, no open installment loan and debt. It's estimating one report, so use the info from just one report, including only entering the number of inquiries on that one (not the total of inqs on all three reports.)

It's also good for estimating what would happen if a collection were removed, and so forth. I call it my time machine, because it lets me taunt myself with what might have been had I never had any lates.

(btw, the estimator used to be on this site as well, but I can't find it any more. The link above is to Bankrate.com, but it's the same estimator.)

eta: this question that I posted above kind of got lost in the shuffle:

As I said, I'm stumped. All I can think of now is from something that you mentioned in your edit, that you have balances on four accounts. Were there balances on four accounts with the earlier report? Even when total balance is lower, if it is spread over more accounts, you can lose points for "too many accounts with balances", or at any rate, more accounts with balances than before.

[Anonymous]

I guess I wish it was a stimulator.