topic almost all debt paid off in Understanding FICO® Scoring

almost all debt paid off

Anonymous — Wed, 28 Mar 2007 01:51:14 GMT

hey everyone,

over the past month I have paid off all loans except my mortgage. I wiped out about 30,000 in debt from 5 accounts. My question is how long does this to report to my credit reports showing a zero balance. Thanks.

simulation

Anonymous — Wed, 28 Mar 2007 01:59:00 GMT

I just did a simulation and it said my score will go to 739. Im assuming the credit companies report at the end of the month.

It would be logical to see a significant score increase,...

Anonymous — Wed, 28 Mar 2007 21:41:06 GMT

It would be logical to see a significant score increase, since you are probably dropping your utilization percentage substantially. Might take a few months to percolate through the system, but yes, it does sound plausible.

Most companies report a few days after your closing date....

Anonymous — Wed, 28 Mar 2007 22:00:21 GMT

Most companies report a few days after your closing date. HSBC reports at the end of the month for everyone, I think.

What is a simulation?

Anonymous — Fri, 30 Mar 2007 13:37:17 GMT

I have read people's posts about doing simulations, what is it and where can I get it? Also, is it free for do I have to pay for it. I paid the $90 to view my fico score yearly.

Re: What is a simulation?

Anonymous — Wed, 16 May 2007 00:20:47 GMT

Hey,

I am new here. Can you give me info on the FICO simulator. Also....if I am doing just the trial for 30 days am I still able to view my Fico scores?

Thanks!

Re: almost all debt paid off

Anonymous — Wed, 16 May 2007 01:36:33 GMT

Seb - Wow, congrats on wiping out $30k in debt! How did you do it?

Re: almost all debt paid off

Anonymous — Wed, 16 May 2007 02:53:55 GMT

I paid off 2 cards, totalling about $11,000.00 dollars, both at the same time, back in Feb. It took about a month to reflect, but my scores shot up about 95 points in a month. And they are still rising. EX- 800 EQ- 781 TU- 774 I just contracted my first house and close on June 15th. Cant wait. I would also like to thank everyone on this board for giving helpfull suggestions and advice.

Re: What is a simulation?

Tuscani — Wed, 16 May 2007 10:48:01 GMT

babyduck wrote:
Hey,

I am new here. Can you give me info on the FICO simulator. Also....if I am doing just the trial for 30 days am I still able to view my Fico scores?
Thanks!

Yea... The SW trial includes your EQ FICO score. You should see a link for the simulator there as well.

You can also use the FICO simulator from: http://www.bankrate.com/brm/fico/calc.asp