topic Re: FICO simulator? in Rebuilding Your Credit

FICO simulator?

gdtobefree — Tue, 10 Jun 2008 19:42:07 GMT

Just for kicks, it says I have 6169.00 in revolving balances, (I only have 2 CC that are open with a balance of 140.00 the others are CO's)

So, if I pay off the 6169.00 in 1 mo my score will only go up 15 Pts. Talk about incentive LOL

Would that be right? If I did pay the CO's it will only raise my score 15 pts/

Re: FICO simulator?

Anonymous — Tue, 10 Jun 2008 19:45:47 GMT

The FICO simulator is as useful as True Credit scores. The simulator's solution for everything is pay everything off over a 12-24 month period.

Paying off a CO will not raise your score. Getting the CO removed from your report will. Two different things.

Re: FICO simulator?

Anonymous — Tue, 10 Jun 2008 19:59:28 GMT

Fico Simulator is said to be 90% accurate...it IS pretty accurate...I read before that you should expect...10-15 pts...for every 10% you lower your UTL by...

Re: FICO simulator?

Anonymous — Tue, 10 Jun 2008 20:00:05 GMT

cobra19 wrote:

The FICO simulator is as useful as True Credit scores. The simulator's solution for everything is pay everything off over a 12-24 month period.

Paying off a CO will not raise your score. Getting the CO removed from your report will. Two different things.

Not true. An unpaid CO on a revolving account can absolutely kill one's utilization, and paying it off may help your score considerably.

The FICO score simulator is most accurate when it comes to predicting score changes as a result of changes in revolving utilization.

Message Edited by cheddar on 06-10-2008 01:00 PM

Re: FICO simulator?

Jesedmotherof5 — Tue, 10 Jun 2008 20:09:52 GMT

Yeah I have like three collections reporting as revolving so I can only guess paying them off would at least help for UTI... and past due balances... Just my opinion of course when I tried this out on a little one 18 Lates suddenly appreared killing my perfect payment history for the last three years,,,, whose LOL now!

Re: FICO simulator?

Anonymous — Tue, 10 Jun 2008 20:22:22 GMT

Paying collections...WILL NOT improve scores...unless deleted...but if they a COs...they your score will increase...

Re: FICO simulator?

gdtobefree — Tue, 10 Jun 2008 20:37:19 GMT

I have also heard that A CO revolving acct hits your UTL, right now it shows my utl at 174%

Re: FICO simulator?

Anonymous — Tue, 10 Jun 2008 20:46:56 GMT

gdtobefree wrote:

I have also heard that A CO revolving acct hits your UTL, right now it shows my utl at 174%

Yes, you are correct. A CO on a revolving account can kill your utilization, which is why paying it off may help your score.

This is not to be confused with paying off a third-party CA, which will never help your score.

Re: FICO simulator?

Bklyn395 — Tue, 10 Jun 2008 21:24:41 GMT

This thread just hit me like a brick. I have been paying off collections, paying everything down at once. I've paid off three small accounts - all minor collections, meanwhile I have been paying down a CO from Cap1 that I currently owe $741 on. The limit on the card when it was open was $300. No WONDER my scores won't move!!! I got rid of little accounts that mean nothing to my scores meanwhile Cap1 still owns the debt, it's still reported as revolving and is killing my scores due to utilization. Arrrgh, I feel so dumb!

Re: FICO simulator?

gdtobefree — Wed, 11 Jun 2008 01:00:52 GMT

WOW that is some heavy bricks huh LOL

I have 1 more collection to remove from EQ and the rest are CO accts but they are stuck like crazy glue and DO NOT want to agree to anything, I am STUCK!