All FICO score simulators are notoriously unreliable. You didn't mention the original credit limit of the closed account, but it looks like you have 38% aggregate utilization on the other cards (684 balance divided by 1800 total credit lines). Everyone's profile is different, but you should see significant improvement from paying those under 29% and then again paying under 9%. As long as the original credit line is still showing for the Credit One account, the order of payoff shouldn't matter that much. But looking at your other card limits, I am assuming that the credit line on the Credit One account isn't that high, so you may have higher utilization on it. I'd work on that one first and try to get it as low or paid off as possible. Only time will heal the damage from the 60 day late, and that will likely sting for a while.
FICO counts balances on closed accounts differently depending on how the limit is reported. At $500, if the limit is still being reported as $600, that’s 83.33% utilization and also factors into aggregate utilization. I’d certainly make that my first point of attack.
http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true
http://ficoforums.myfico.com/t5/Credit-Cards/Closing-Credit-Cards/m-p/347190?jump=true
@Anonymous wrote:Hello everyone,
I am trying to figure out which one do I start with today:
Credit One Bank- $500 balance closed account due to being 60 days late
Capital One- $250 balance- $600 credit limit
Premier Credit 1- $254 balance $800 credit limit
Premier Credit 2- $180 balance $400 credit limit
How accurate is myfico credit stimulator? Sorry I am still kind of new on this site and trying to find my way around. It shows that if i pay 1041 I should see 45 point increase it's little hard to believe. Any advice or tips would be greatly appreciated.
The balance on the closed Credit One card is killing your scores. Pay that off immediately.
