topic Re: myFico score simulator? in Understanding FICO® Scoring

myFico score simulator?

awdsmama — Fri, 30 Nov 2012 19:14:30 GMT

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?

Re: myFico score simulator?

Jutz — Fri, 30 Nov 2012 19:19:24 GMT

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.

Re: myFico score simulator?

hoping2rebuild — Fri, 30 Nov 2012 19:21:17 GMT

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

Re: myFico score simulator?

awdsmama — Fri, 30 Nov 2012 20:19:53 GMT

@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

Re: myFico score simulator?

Jutz — Fri, 30 Nov 2012 20:24:52 GMT

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

Re: myFico score simulator?

Duncanrr — Fri, 30 Nov 2012 20:33:19 GMT

+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.

Re: myFico score simulator?

awdsmama — Fri, 30 Nov 2012 22:06:18 GMT

Thank you, both of you!

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

Re: myFico score simulator?

tisch0791 — Sat, 01 Dec 2012 17:01:12 GMT

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.

Re: myFico score simulator?

tshope4205 — Mon, 03 Dec 2012 22:26:09 GMT

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!