charliebrown32 wrote:
I was wrong about my current scores... TU-614, EQU-632, EXP- 605
I did the score watch and this is what i found. EQU said if i paid all CC balances off over a 24 month period it would range between 712-752. It would range 642-682 if i did it all at once. TU said 724-764 over 24 months or 654-694 if paid all at once.
Thanks for your help again and leading me to the estimator.
Charliebrown
Keep in mind that the simulation that uses a 24-month period for paying down balances includes the aging of your accounts as well as the change in utilization. The one that has you paying it all at once only includes the change in utilization, so it has a lower outcome.
This does not mean it is better to pay it down over 24 months vs. paying it down right away. You will get the same score effect from improving your utilization either way.
The simulator is a bit misleading in that respect, IMO.
