Payed off CCards, testing simulator

[C-XRS2005]

I have been able to bring my score from right at 500 in 2005(after a div) to 650 now. I just payed down my 4 ccards to a total balance owed of $20.  The only other debt I have is my mortgage and a car pmt.  The simulator claims my score will be between 680-720 when it updates with the new balances.  I did some reading on here and some say the simulator is right on and others say it if way off...well...I am going to test that.  I will post my results asap and see how close the estimator was.

[Anonymous]

In my experience it was pretty accurate with utility changes.

[C-XRS2005]

Thanks! Good to know.  I am sure that if mine is off or close to what it predicted that it could be different with other people

[Anonymous]

Please let us know how your score turns out, it was off for me. My actual score was lower than they predicted.

[C-XRS2005]

I sure will.  I do have another question...Does having a mortgage have a pos. effect on your FICO?  I read that somewhere but thought it would be the same as having a car/installment loan...

[oracles]

1- my score  was always in between the range of the estimator. Actually closer to the higher score, so that was good.

2- A mortgage is part of the credit mix which factors into your score, however i know of high fico achievers who do not have a mortgage or installment and they have 760-820 score range.

It can't hurt and it may help but is it a necessity. I don't think so (only if you want a house lol).

Read high Fico achievers thread and you will see some post of 800 score members who do not have a mortgage or loan.

Hopefully i will be in the 800 club this year. keep us updated hope this helps

[C-XRS2005]

So it has been 11 days and no score update.  I thought it was supposed to update every week...Am I missing something?

[Creditaddict]

each creditor updates monthly, and each creditor could update at a different time of the month, some on the 1st, some on your statement date, just depends.

[Anonymous]

I once paid everything off and my score went down!!!!!!!!!!!!!!!

[C-XRS2005]

Great, hope mine doesn't.  I left like $20 on two of the 4 cards