topic Re: FICO Score Simulator in General Credit Topics

FICO Score Simulator

wsmitty — Sat, 25 Aug 2007 06:43:45 GMT

So my FICO score is a 643. According to Score Power, I'm using 82% of revolving credit utl. I have two credit cards with a total balance of $1990. I paid down $1964, bringing both cards down to 1%-2% utl. The FICO simulator said if I pay down $1964 in a month, my score would jump to 703-743.

Stats:

Cap One CC #1 - High balance $1386.... Old balance $1147... New balance $15

Cap One CC #2 - High balance $1044.... Old balance $843... New balance $11

I also have a $28,500 auto loan with a $1303.06 balance and next payment due 08/03/2010. I'm thinking I will pay $303.06 to bring that to a $1000.

Do you think a 703-743 is possible when my next billing cycle comes around?

Re: FICO Score Simulator

ronq — Sat, 25 Aug 2007 15:19:25 GMT

It's possible. UTL seems very important to FICO. You should a good jump since your UTL dropped from 82% to 1-2%. I think you will easily see a 60 point jump.

Re: FICO Score Simulator

Anonymous — Sun, 26 Aug 2007 17:45:16 GMT

Does utility affect scores the same irregardless of the CL? I mean would a person realize the same (or similar) jump in score if their CL were, say, $500, and they dropped UT to 1% as opposed to a $1K CL.

Re: FICO Score Simulator

Anonymous — Sun, 26 Aug 2007 18:54:40 GMT

As you can see here 30% is weighed for revolving balances owed vs credit limits.

Rob

Re: FICO Score Simulator

Anonymous — Tue, 04 Sep 2007 19:43:21 GMT

I just pif a number of my CC and my truecredit fako jumped from 664 to 691. I have a couple of other cards I am waiting on reporting in the beginning of Sept before I order an new FICO, but it looks like paying down the balances has a significant impact on the score.

Re: FICO Score Simulator

Anonymous — Tue, 04 Sep 2007 22:49:06 GMT

I just pif 5 cc's 2 weeks ago, when will I see a jump in scores? my scores have not changed yet according to fako..

Re: FICO Score Simulator

Anonymous — Wed, 05 Sep 2007 00:39:47 GMT

Can take up to a couple of months depending on how your credit co reports it. Definitly not before a month is a good rule. However, some happen sooner- but expect on later.

Re: FICO Score Simulator

Anonymous — Wed, 05 Sep 2007 05:01:04 GMT

@wsmitty wrote:
So my FICO score is a 643. According to Score Power, I'm using 82% of revolving credit utl. I have two credit cards with a total balance of $1990. I paid down $1964, bringing both cards down to 1%-2% utl. The FICO simulator said if I pay down $1964 in a month, my score would jump to 703-743.
Stats:
Cap One CC #1 - High balance $1386.... Old balance $1147... New balance $15
Cap One CC #2 - High balance $1044.... Old balance $843... New balance $11
I also have a $28,500 auto loan with a $1303.06 balance and next payment due 08/03/2010. I'm thinking I will pay $303.06 to bring that to a $1000.
Do you think a 703-743 is possible when my next billing cycle comes around?

The simulator was accurate for me I'll guess that your score will hit between 693 and 710 if the simulator said 703+ for a specific payment.