topic Re: Simulator pay down revolving test in General Credit Topics

Simulator pay down revolving test

Anonymous — Sun, 12 Jul 2015 11:45:54 GMT

There is another thread about the simulator and paying down installment loans. I don't have student loans so I have no option to pay those down in my simulator nor do I have an option to pay down my auto loan. There is a lot of skepticism towards the simulator, maybe this will help.

I am running 8% utilization with 3199/40750. I only have 3 cards. Balance is on one card at this time for testing purposes, screenshot from CCT

I used the simulator slide tool to figure out how much to pay down to maximize all 3 scores.

I have fresh reports so the only change will be paying down ~1850 of 3199

My statement cuts today or tomorrow, so I should have datapoints within the week.

Simulator Projection

EQ 723 -> 738

TU 739 -> 739

EX 725 -> 730

Re: Simulator pay down revolving test

NRB525 — Sun, 12 Jul 2015 14:29:18 GMT

Ok, some more potentially relevant factors to document as you start this:

Which three CC do you have, and what month/year was each opened?

What is the CL and open balance on each?

What is your expected timing to pay down the cards?

How will each card open balance be changed to achieve your overal utilization reduction?

Re: Simulator pay down revolving test

Anonymous — Sun, 12 Jul 2015 15:00:54 GMT

As stated above, all of my balance is on a single card for testing purposes

In addition to testing the accuracy of the simulator, this will show taking <10% overall utilization on a single card with the rest a 0% to <10% of the highest cards limit on that card with the rest at 0%

Oldest account is 18 years, AAoA is 8 years

The true open dates are nebulus as each of these has at some point in time "closed" the prior account at "consumer's request" and then started over the same month with new account numbers, some of which have fallen off my report as closed accounts and I have no idea why it was this way

For the purposes of this test I'll use the dates on the report

Cap One Platinum 2/2006 (I think originally this started in 97 or 98)

USAA AMEX 2/2007 (Pretty sure this is the actual date on this one as its also the "member since" date)

BOA M/C 10/2007 (Previously an MBNA card from 1996)

Cap One Platinum 0/8250

USAA AMEX 3199/19400 16.5% utilization on this card, 8% overall

BOA 0/13100

USAA AMEX 3199 -> 1299 plus whatever small finance charges I may have for the last month

Statement date is today or tomorrow, no other changes "expected," so this should be a good datapoint.

Re: Simulator pay down revolving test

NRB525 — Sun, 12 Jul 2015 15:30:04 GMT

Ok, clear. These accounts are aged long enough that won't be a factor.

Interesting to see the results.

Re: Simulator pay down revolving test

NRB525 — Sun, 12 Jul 2015 16:01:33 GMT

@Anonymous wrote:
As stated above, all of my balance is on a single card for testing purposes
In addition to testing the accuracy of the simulator, this will show taking <10% overall utilization on a single card with the rest a 0% to <10% of the highest cards limit on that card with the rest at 0%

Oldest account is 18 years, AAoA is 8 years

The true open dates are nebulus as each of these has at some point in time "closed" the prior account at "consumer's request" and then started over the same month with new account numbers, some of which have fallen off my report as closed accounts and I have no idea why it was this way

For the purposes of this test I'll use the dates on the report
Cap One Platinum         2/2006 (I think originally this started in 97 or 98)
USAA AMEX                 2/2007  (Pretty sure this is the actual date on this one as its also the "member since" date)
BOA M/C                    10/2007 (Previously an MBNA card from 1996)

Cap One Platinum         0/8250
USAA AMEX                 3199/19400 16.5% utilization on this card, 8% overall
BOA                              0/13100

USAA AMEX                 3199 -> 1299 plus whatever small finance charges I may have for the last month

Statement date is today or tomorrow, no other changes "expected," so this should be a good datapoint.

While we wait, I have a question. With cards aged this much, and utilization this low, do you know why your scores are not even above 750 already?

Re: Simulator pay down revolving test

Anonymous — Sun, 12 Jul 2015 16:22:15 GMT

@NRB525 wrote:
While we wait, I have a question. With cards aged this much, and utilization this low, do you know why your scores are not even above 750 already?

It appears I'm at the top of my scorecard/bucket due to tax liens.

I'll start or join a thread about tax liens one day.

I should be able to get withdrawals shortly after October 15.

Re: Simulator pay down revolving test

Anonymous — Tue, 14 Jul 2015 10:04:10 GMT

Credit Check Total is very fast with updates from Experian.

Statement cut last night and the first indicators are in...

A small charge and small finance fee resulted in balance taken to 1340/40750 which is 3% and a reduction of $1859

EX 08 725 -> 728

Should see the myFICO updates in the next few days

Re: Simulator pay down revolving test

Anonymous — Wed, 15 Jul 2015 18:35:09 GMT

I also did a little simulator test. When I paid off the indicated amounts on my credti cards, my scores rose to within 3-4 points of what the simulator stated it would. Good luck!

Re: Simulator pay down revolving test

Anonymous — Thu, 23 Jul 2015 21:06:53 GMT

EQ showed up today...

I thought the simulator was optimistic on EQ, but I was hopeful!

EQ 723 -> 735

Here's a comparison of all EQ scores before and after.

This shows that the simulator might be good for FICO 8 scores, but it may not be good for 04 Scores.

Re: Simulator pay down revolving test

Anonymous — Thu, 23 Jul 2015 20:42:24 GMT

TU finally reported balance change today.

No change in score as predicted by the simulator.

Re: Simulator pay down revolving test

jamie123 — Sat, 25 Jul 2015 14:36:19 GMT

Great info and thread!

Yeah, you and Revelate seem to have hit the ceiling with tax liens on your reports. It seems that with well aged credit and scores that are groomed the highest you can achieve is 730-740.

I have tax liens on EQ and TU but my oldest account is only 3 years 3 months with an AAoA of 1 yrear 10 months. I also have 2 inquiries on EQ and TU from 9/14 that are still affecting my scores. The highest I can get my scores are around 705 to 715.

Look for the light at the end of the tunnel though. The tax lien fell off my EX report leaving me with a spotlessly clean EX report and my EX mortgage score jumped 100 points!