topic Payed off CCards, testing simulator in Credit Cards

Payed off CCards, testing simulator

C-XRS2005 — Fri, 16 Jan 2009 21:28:40 GMT

I have been able to bring my score from right at 500 in 2005(after a div) to 650 now. I just payed down my 4 ccards to a total balance owed of $20. The only other debt I have is my mortgage and a car pmt. The simulator claims my score will be between 680-720 when it updates with the new balances. I did some reading on here and some say the simulator is right on and others say it if way off...well...I am going to test that. I will post my results asap and see how close the estimator was.

Re: Payed off CCards, testing simulator

Anonymous — Fri, 16 Jan 2009 21:43:47 GMT

In my experience it was pretty accurate with utility changes.

Re: Payed off CCards, testing simulator

C-XRS2005 — Fri, 16 Jan 2009 21:46:47 GMT

Thanks! Good to know. I am sure that if mine is off or close to what it predicted that it could be different with other people

Re: Payed off CCards, testing simulator

Anonymous — Fri, 16 Jan 2009 22:46:19 GMT

Please let us know how your score turns out, it was off for me. My actual score was lower than they predicted.

Re: Payed off CCards, testing simulator

C-XRS2005 — Fri, 16 Jan 2009 22:50:34 GMT

I sure will. I do have another question...Does having a mortgage have a pos. effect on your FICO? I read that somewhere but thought it would be the same as having a car/installment loan...

Re: Payed off CCards, testing simulator

oracles — Fri, 16 Jan 2009 23:15:47 GMT

1- my score was always in between the range of the estimator. Actually closer to the higher score, so that was good.

2- A mortgage is part of the credit mix which factors into your score, however i know of high fico achievers who do not have a mortgage or installment and they have 760-820 score range.

It can't hurt and it may help but is it a necessity. I don't think so (only if you want a house lol).

Read high Fico achievers thread and you will see some post of 800 score members who do not have a mortgage or loan.

Hopefully i will be in the 800 club this year. keep us updated hope this helps

Re: Payed off CCards, testing simulator

C-XRS2005 — Tue, 27 Jan 2009 13:49:24 GMT

So it has been 11 days and no score update. I thought it was supposed to update every week...Am I missing something?

Re: Payed off CCards, testing simulator

Creditaddict — Tue, 27 Jan 2009 13:56:39 GMT

each creditor updates monthly, and each creditor could update at a different time of the month, some on the 1st, some on your statement date, just depends.

Re: Payed off CCards, testing simulator

Anonymous — Tue, 27 Jan 2009 13:59:34 GMT

I once paid everything off and my score went down!!!!!!!!!!!!!!!

Re: Payed off CCards, testing simulator

C-XRS2005 — Tue, 27 Jan 2009 14:02:17 GMT

Great, hope mine doesn't. I left like $20 on two of the 4 cards

Re: Payed off CCards, testing simulator

oracles — Tue, 27 Jan 2009 15:06:15 GMT

@C-XRS2005 wrote:
Great, hope mine doesn't. I left like $20 on two of the 4 cards

just make sure less than 1/2 of your total accounts including loans and mortgage report on your report.

i.e. you have 7 ccs, 2 loans, and 1 mortgage

only let 4 accounts report a balance. Since the loans and mortgage will definitely report a balance, only allow 1 cc to report a balance and let that balance be between 1-9% util.

This will maximize your fico pts, if this is what you are trying to do.

Re: Payed off CCards, testing simulator

C-XRS2005 — Tue, 27 Jan 2009 15:15:26 GMT

I have mortgage bal of 145,000

Car loan bal of 9600

Amex $00 bal $4700 limit

WAMU $21 bal $1300 limit

CITI $145 bal $2500 limit

Chase $00 bal $3000 limit

That is all that is on my current report....can I do anything else to maximize my score? When it updates I am hoping for at least a 30 pt jump

Re: Payed off CCards, testing simulator

oracles — Tue, 27 Jan 2009 15:20:08 GMT

@C-XRS2005 wrote:
I have mortgage bal of 145,000

Car loan bal of 9600

Amex $00 bal $4700 limit

WAMU $21 bal $1300 limit

CITI $145 bal $2500 limit

Chase $00 bal $3000 limit

That is all that is on my current report....can I do anything else to maximize my score? When it updates I am hoping for at least a 30 pt jump

I would allow only one credit card to report a balance and let it be between 1-9% of util

Re: Payed off CCards, testing simulator

C-XRS2005 — Tue, 27 Jan 2009 15:22:08 GMT

I will pay off the WAMU then....thanks for the response.

Re: Payed off CCards, testing simulator

oracles — Tue, 27 Jan 2009 15:33:32 GMT

No problem, keep us updated on the score jump and BTW, welcome to the forums

Message Edited by oracles on 01-27-2009 10:33 AM

Re: Payed off CCards, testing simulator

C-XRS2005 — Tue, 10 Feb 2009 14:20:33 GMT

Still waiting for my score to update. I pulled TU and EX and they are showing all the cards except the AMEX as paid off. The AMEX is showing $4700 limit and $4590 bal which is now zero so I am still hoping for a big jump in score. Apparently AMEX lowered my limit which was 5400.

Re: Payed off CCards, testing simulator

Anonymous — Tue, 10 Feb 2009 15:26:18 GMT

Amex usually reports one month late, so I guess you will have to be patient. Let's hope they don't do anything stupid.

Re: Payed off CCards, testing simulator

C-XRS2005 — Mon, 23 Feb 2009 14:19:25 GMT

Ok, this is getting on my nerves. My wife and I both have the same accts on our credit reports. I signed her up for scorewatch too and her score has updated twice in Feb and mine is still the same since Jan 16. What is up?

Re: Payed off CCards, testing simulator

Anonymous — Mon, 23 Feb 2009 15:48:50 GMT

Have you done in the past couple weeks that would positivley impact your score? I see you paid off several CC's, Did you see a gain from that?

I've had only two score changes since Jan 1st, One was a 3-pt drop due to 'seeking new credit',

On Feb 1st, I gained 4-pts due to my 'seeking new credit' not hurting me as much, go figure,

I have are similar to yours, no derog's, one mortgage, one car loan, one CC with a 6-k balance, I've been watching my SW score since October and other than waiting patiently, and NOT app'ing for new credit, right now all I can do is wait for AAoA to increase my scores, the only open TL's,

I had quite a bit of activity late last summer and fall, and my EQ and EX scores have stayed steady since September after paying off a ton of debt, I dunno what happened with TU scoring but my TU score went up 33-pts (to a healthy 778) when I checked it and EX on Feb 12th, My EX was 737,

On the flip side, DW scores are all lower 800's, she 'only' has three CC's (no balances), the mortgage and a paid off car loan with Chrysler Financial (last payment, July 2006) showing on her CR's so her 800 was acheived with me doing most of the heavy (financial) lifting, The car loan was in her name, but I made the payments,

Re: Payed off CCards, testing simulator

C-XRS2005 — Mon, 23 Feb 2009 16:08:39 GMT

I had 74% UTL and now 2% but AMEX has not updated I don't think cause my score hasn't changed since I pulled it back in mid Jan. My wifes went from the original pull 2/6/09 of 743 to 692 (opened a new acct but only in her name) on 2/14 and just updated again to 710 on 2/19. It said she paid down cc balances so I am assuming it was the AMEX finally showing up but then why is my score not updated....