Ridiculous MyFico Simulator

Anonymous · ‎09-10-2009

So I used the simulator as well as common sense as I'm woking on a home loan. My fico was 717 two months ago when I had 200 on my cc, the following month I had about 50% balance reported on my card (dropped to 699) though I pay it off in full each month. So I called the cc company to find out what day they report. I made sure I had the account at a zero balance as of that day.

I get a credit alert that there has been a change. The change was that my cc now reports a zero balance as I had been working to do.

According to the simulator my score should have gone up a minimum of 10 points, nope dropped 16 points and now has priced me out of a good loan. THANKS FOR THE GREAT ALGORITHM!

This fico thing is ridiculous and so is the simulator. We need to get back to people looking at these things instead of trying to manipulate an algorithm that can't think.

Anonymous · ‎09-10-2009

Something else had to have happened because paying down cc debt will not cause a score decrease... did you check everything else on your most recent credit report?

Anonymous · ‎09-10-2009

is this your oly credit card? and if no are any of hte other showing a balance ?

if yes then paying it off to zero can sometimes hurt you. the system like to see a little balance . there are other reports on here where others talk about how their score fell when it went to zero. a few of the moderators mgith be able to explain why.

you did not do anything wrong, with a little help you should be able to fix this next month.

Anonymous · ‎09-10-2009

It turns out the problem with my score was that I had a $24 disputed charge on my card. This dispute caused the credit agencies to not calculate my card into the FICO. So basically, instead of jumping over 720, which I needed to do, my score dropped because now I only have 1 car loan showing and nothing else (no mix)

I called my cc company to cancel the dispute, which they did. I then requested that they re-report to the bureaus because I need to get this mortgage. They said they'd send me a letter but they can't report again until Oct 5. Basically, I'm losing a house because of a $24 dispute. This fico system is really stupid

Red1Blue · ‎09-10-2009

You can ask your realtor to do RapidRescore and your credit report gets updated next day. It will cost you money but it is fast.