topic FICO simulator...What do you think? in Understanding FICO® Scoring

FICO simulator...What do you think?

Anonymous — Fri, 15 Jun 2007 14:10:34 GMT

Pretty much have my Equifax report as accurate as I can get it..........FICO 583.

I have TWO baddies, Capitol one cards that still show Cap 1 as OC. No collection on these..... (yet)

one card has a balance $1251. dropping off CR in July 2008

one card has a balance $2205. dropping off CR in Feb 2008.

My FICO simulator says, if I pay these (remember they still show as a revolving CC) witth a zero balance. FICO would jump to 707 to 728. Is this possible? Has anyone had any experience with the simulator? Should I persue this or let the sleeping dog lie?

Thanks Again....

Re: FICO simulator...What do you think?

Tuscani — Fri, 15 Jun 2007 16:25:25 GMT

Perhaps... just take what the sim says with a grain of salt.

Re: FICO simulator...What do you think?

fused — Fri, 15 Jun 2007 18:33:35 GMT

Tuscani wrote:
Perhaps... just take what the sim says with a grain of salt.

And maybe a dash of pepper too!

Re: FICO simulator...What do you think?

Anonymous — Fri, 15 Jun 2007 18:53:26 GMT

The outstanding balances affect your credit utilization which is 30% of your score. You can probably get them to settle for 50 to 60% of the balance. When I went through similar path, the sim predicted better outcome that I actually got. Paying Cap One has possible unexpected outcome that may keep you from getting full benefit. When they updated TLs to reflect the settlement, it caused a 30 day late flag to occur. I disputed that, they corrected it, and then I realized the score increase.

It's certainly a judgement call, and a non-trivial amount of money to pay them off.

Re: FICO simulator...What do you think?

Anonymous — Fri, 15 Jun 2007 19:17:02 GMT

thanks rocket,

that makes sense. the sim also says that my Utilization is 159%. those balances are in excess of the credit limit. ( they added I guess interest and fee's) to a credit limit of $1200, now has a balance well over $2000.

Both TL will be coming off in 8-12 months, its a difficult call......should i bother

Re: FICO simulator...What do you think?

Anonymous — Fri, 15 Jun 2007 19:56:55 GMT

Question?

how would a secured B of A platinum card do, if say, were secured in the amount equal to, or greater than the amount on these two cards? would they offset the bad credit and dilute it?

does it work in reverse?

Re: FICO simulator...What do you think?

Anonymous — Wed, 20 Jun 2007 01:07:05 GMT

Simulators usually state that most courses of action will either increase your score 10 points or decrease it 10 points. Some help!

Re: FICO simulator...What do you think?

Anonymous — Wed, 20 Jun 2007 02:29:59 GMT

@Anonymous wrote:
Pretty much have my Equifax report as accurate as I can get it..........FICO 583.
I have TWO baddies, Capitol one cards that still show Cap 1 as OC. No collection on these..... (yet)
one card has a balance $1251. dropping off CR in July 2008
one card has a balance $2205. dropping off CR in Feb 2008.
My FICO simulator says, if I pay these (remember they still show as a revolving CC) witth a zero balance. FICO would jump to 707 to 728. Is this possible? Has anyone had any experience with the simulator? Should I persue this or let the sleeping dog lie?
Thanks Again....

IMHO-
I would get them paid and gone ASAP.
Cap One has all kinds of tricks up their sleeves.

They are known to sue close to SOL and other stuff I have read.

Your score will get a huge jump if you get them gone.

Re: FICO simulator...What do you think?

Anonymous — Wed, 20 Jun 2007 03:29:51 GMT

thanks for your suggestion...

should I negociate for less, or settle the full amount?

ive heard that Cap 1, does a lot of tricks before, during and after the SOL. HMMMMM?