topic Re: myFICO Simulator Accuracy in Rebuilding Your Credit

myFICO Simulator Accuracy

Anonymous — Thu, 18 Oct 2018 22:38:38 GMT

Hey everyone,

My question is I added the scenario of transferring all of my credit card balances to a new card (10k limit) and it indicates my score would go up significantly like 25+ pts. How certain can I be that my scores will go up just in general and not do the opposite. I'm not expecting the 25 pts it says. Here's how my debt is stacked up.

Credit Scores - TU 640 Exp 656 Equ 640

Cap One - 5,500/7k limit

Discover - 900/1.9k limit

US Bank - 50/300 limit

WF - 50/300 limit

Applied for the BECU visa and got approved for 10k. 0% purchase APR and balance transfer for 12 months. I plan on moving CO, Discover balances over since US Banks and WF i PIF every month to take advantage of the 0% interest.

Re: myFICO Simulator Accuracy

FireMedic1 — Thu, 18 Oct 2018 23:56:31 GMT

@Anonymous wrote:
Hey everyone,

My question is I added the scenario of transferring all of my credit card balances to a new card (10k limit) and it indicates my score would go up significantly like 25+ pts. How certain can I be that my scores will go up just in general and not do the opposite. I'm not expecting the 25 pts it says. Here's how my debt is stacked up.

Credit Scores - TU 640 Exp 656 Equ 640
Cap One - 5,500/7k limit
Discover - 900/1.9k limit
US Bank - 50/300 limit
WF - 50/300 limit

Applied for the BECU visa and got approved for 10k. 0% purchase APR and balance transfer for 12 months. I plan on moving CO, Discover balances over since US Banks and WF i PIF every month to take advantage of the 0% interest.

Being approved for the BECU will help your overall util %. But the 2 cards that are over 50-70%+ are killing you, Pay them down. Or transfer some of those balances to your new card. Simulators are fun,but not accurate. You got 20-30 points waiting for you once you get those high % cards paid down.

Re: myFICO Simulator Accuracy

Queen_Etherea — Tue, 23 Oct 2018 14:24:35 GMT

@FireMedic1 wrote:
@Anonymous wrote:
Hey everyone,

My question is I added the scenario of transferring all of my credit card balances to a new card (10k limit) and it indicates my score would go up significantly like 25+ pts. How certain can I be that my scores will go up just in general and not do the opposite. I'm not expecting the 25 pts it says. Here's how my debt is stacked up.

Credit Scores - TU 640 Exp 656 Equ 640
Cap One - 5,500/7k limit
Discover - 900/1.9k limit
US Bank - 50/300 limit
WF - 50/300 limit

Applied for the BECU visa and got approved for 10k. 0% purchase APR and balance transfer for 12 months. I plan on moving CO, Discover balances over since US Banks and WF i PIF every month to take advantage of the 0% interest.
Being approved for the BECU will help your overall util %. But the 2 cards that are over 50-70%+ are killing you, Pay them down. Or transfer some of those balances to your new card. Simulators are fun,but not accurate. You got 20-30 points waiting for you once you get those high % cards paid down.

Yup, can comfirm! My score went up 27 points just because 2 of my cards are now reporting a $0 balance. It was literally the only thing that changed. Well, now that I think about it, the accounts may have aged 1 month as well. I went from $269/$1,500 to $0/$1,500 and also $19/$500 to $0/$500. My utilization only dropped from 14% to 12%, but apparently it helped. I'm excited to see what happens when my Wells Fargo card reports the $0 balance! It's reporting $526 right now. Utilization really is super important!