SCORE JUMP +64...Fico Simulator not accurate confused about national average...

[Anonymous]

In Jan we started monitoring our credit score again (buying a house)...  In Jan we had 9 revolving creditcards with at total percentage at 76% roughly $43,000.  In my report I had a one time 30 days late 4 years ago. and my credit history is at 16.4 years with one credit inquire within a year.  The 30 day late payment was an error on the banks side and they removed it from all three credt agencies.  Once this happened (took 1 week from when I submitted the info to be removed from my history) my score rose 24 points over night.  I have since payed off my accounts to 29% revolving debt to $17,000.   Since doing this my score rose to 740. 

Last week my debt I owed was $26,900.  I ran FICO simulator and it showed if I payed $8000 towards my revolvong debt my score would be between 756-784.  Today I ordered my FICO reports and my debt shows $22,000 with the same score.  I typed in $5000 in the simulator expecting to see an increase and it doesnt show any increas now until I pay over $9000.  Does anyone know if the scoring formulas have been effected recently?  Perhaps a change because of our current financial crisis...  Also What is the Average score in America?????  My low FICO score at 724 says I am slightly below the US average.  CNN, Google and fox report the average is 680's, and the bank I have inquired with about a home morgage (didnt apply yet just asked rates and such info) say's the average is just below 700 and to get a good rate you need a 720...  Who do we believe? 

Lost in Credit Scores....

Dennis

[tray]

Hi, from what I have heard you have to have a score in the 740's for a good rate and this must be for a conventional loan, but who really knows, it probably needs to be higher with this housing financial crisis going on.  Good Luck