Fico Score Simulator

[BSBRose21]

Transunion score right now is 648.  My credit card that has a $300 limit has a balance of $297.00. On the score simulator, it says if I pay $280 my score will change to 718-748.  Any opinion if you think this is accurate or close to? This seems like a lot!

[nois]

Depends on how much total revolving credit line you have and what your total balances are.

Since credit utilization accounts for a major portion of your FICO score, reducing the util. will have the most immediate impact.  Your current utilization on the card you mention is near 100% which is hurting your score.  Depending on what percentage of your total combined credit line this $297 balance represents, you can expect a marked increase in score by paying the balance off.

The score simulator is reasonably accurate.

[Anonymous]

Only costs you $290 to find out how much it will raise your score.

Based on your Sim results, I would say that you should see 700's.  The other benefit is to reduce interest payments.  I'd go for it...nothing bad could come of it.

I agree, the Simulator is usually pretty accurate for the range.  You may end up on the low end, but 718 is nothing to sniff at.

Good luck and let us know the results

[tosha29]

So, should I max out my credit card one month, then after the bill comes out pif in order to get a bump in my credit score?

[BSBRose21]

Thanks guys! The money is definitely not a problem to pay off. I will let you know what my score is once it reports! I never thought I'd get in the 700's when I started this forum at 515.

[smallfry]

---

@tosha29 wrote:
So, should I max out my credit card one month, then after the bill comes out pif in order to get a bump in my credit score?

---

NO. You need to make absolutely positively sure that the statement balance in only 9% of the total credit limit of that particular card. Anything not clear I will try again.

[Anonymous]

as stated by smallfry - PIF BEFORE the statement cuts, otherwise you will have the maxed balance reported.  CCC's report your statement balance, not your payment after statement.

Also, I agree with small that leaving a small balance, say of $20, to be reported, then paying it off by the due date will leverage the best FICO results.

[tosha29]

I understand what you all are saying about low utilization, but I'm not understanding how BSBRose score will jump up so high with high utilization. Congrats BSBRose

[smallfry]

---

@tosha29 wrote:
I understand what you all are saying about low utilization, but I'm not understanding how BSBRose score will jump up so high with high utilization. Congrats BSBRose

---

Score will go up once she pays the debt down not now with high utilization.

[tosha29]

Ohhhhh! I understand now. Thanks yall