topic Re: Confused! in Understanding FICO® Scoring

Confused!

kaymom — Thu, 21 Mar 2013 19:30:43 GMT

I'm totally confused. I was playing around with the FICO score stimilator. My total revolving debt is $2445. If I pay $815 for 1 month, my FICO score should increase 20 to 40 points. If I pay $815 for 3 months, my FICO score should increase between 30 to 50 points.

What should I do?

Thanks in advance!

Re: Confused!

Anonymous — Thu, 21 Mar 2013 19:33:47 GMT

Sounds like paying down your debt is the best option and your FICO score will agree with that.

Re: Confused!

Anonymous — Thu, 21 Mar 2013 19:38:05 GMT

Not to sound condescending, but you don't really need a score simulator to figure out that if you pay down your revolving debt, your score will go up.

Perhaps you should be more specific in asking about what you are trying to accomplish with your credit profile?

Re: Confused!

myjourney — Thu, 21 Mar 2013 19:39:35 GMT

Paying down debt is always a good financial move causing a jump in scores

Re: Confused!

FinStar — Thu, 21 Mar 2013 20:14:29 GMT

@Anonymous wrote:
Sounds like paying down your debt is the best option and your FICO score will agree with that.

Simulators are just that - simulators. Paying down debt always lends itself to a positive score gain - provided other factors on your credit profile don't affect it.

Re: Confused!

Anonymous — Thu, 21 Mar 2013 20:52:01 GMT

Well, remember that with scenario #2, you're not only paying down the debt and thus reducing util, you're also allowing your accounts to gain age.

I'm going to move this to the Understanding FICO Scoring forum.