topic Re: Fico Score Simulator in General Credit Topics

Fico Score Simulator

BSBRose21 — Thu, 20 Aug 2009 14:03:33 GMT

Transunion score right now is 648. My credit card that has a $300 limit has a balance of $297.00. On the score simulator, it says if I pay $280 my score will change to 718-748. Any opinion if you think this is accurate or close to? This seems like a lot!

Re: Fico Score Simulator

Anonymous — Thu, 20 Aug 2009 15:32:05 GMT

Depends on how much total revolving credit line you have and what your total balances are.

Since credit utilization accounts for a major portion of your FICO score, reducing the util. will have the most immediate impact. Your current utilization on the card you mention is near 100% which is hurting your score. Depending on what percentage of your total combined credit line this $297 balance represents, you can expect a marked increase in score by paying the balance off.

The score simulator is reasonably accurate.

Re: Fico Score Simulator

Anonymous — Thu, 20 Aug 2009 17:04:59 GMT

Only costs you $290 to find out how much it will raise your score.

Based on your Sim results, I would say that you should see 700's. The other benefit is to reduce interest payments. I'd go for it...nothing bad could come of it.

I agree, the Simulator is usually pretty accurate for the range. You may end up on the low end, but 718 is nothing to sniff at.

Good luck and let us know the results

Re: Fico Score Simulator

Anonymous — Thu, 20 Aug 2009 17:31:39 GMT

So, should I max out my credit card one month, then after the bill comes out pif in order to get a bump in my credit score?

Re: Fico Score Simulator

BSBRose21 — Thu, 20 Aug 2009 18:31:59 GMT

Thanks guys! The money is definitely not a problem to pay off. I will let you know what my score is once it reports! I never thought I'd get in the 700's when I started this forum at 515.

Re: Fico Score Simulator

smallfry — Thu, 20 Aug 2009 19:47:55 GMT

@Anonymous wrote:
So, should I max out my credit card one month, then after the bill comes out pif in order to get a bump in my credit score?

NO. You need to make absolutely positively sure that the statement balance in only 9% of the total credit limit of that particular card. Anything not clear I will try again.

Re: Fico Score Simulator

Anonymous — Thu, 20 Aug 2009 20:05:00 GMT

as stated by smallfry - PIF BEFORE the statement cuts, otherwise you will have the maxed balance reported. CCC's report your statement balance, not your payment after statement.

Also, I agree with small that leaving a small balance, say of $20, to be reported, then paying it off by the due date will leverage the best FICO results.

Re: Fico Score Simulator

Anonymous — Thu, 20 Aug 2009 22:05:54 GMT

I understand what you all are saying about low utilization, but I'm not understanding how BSBRose score will jump up so high with high utilization. Congrats BSBRose

Re: Fico Score Simulator

smallfry — Thu, 20 Aug 2009 23:38:07 GMT

@Anonymous wrote:
I understand what you all are saying about low utilization, but I'm not understanding how BSBRose score will jump up so high with high utilization. Congrats BSBRose

Score will go up once she pays the debt down not now with high utilization.

Re: Fico Score Simulator

Anonymous — Fri, 21 Aug 2009 00:15:35 GMT

Ohhhhh! I understand now. Thanks yall