Simulator

[Anonymous]

Will the simulation that I see in the simluator apply to my other scores as well? The simulaotr only shows FICO score 8. I am trying to gauge where I might be in July/August in regard to a home. We have to move, and I still have some work to do. My FICO 8 is moving in the right direction, but since the others only update every 90 days, I am stuck guessing. I've been offered "first dibs" on my dream home, but do not want to get my hopes up if it's not likey that what I am doing will get me where I need to be.

Thanks

[Anonymous]

A lot of the experts here advise that you do not rely heavily on the scoring simulators. They aren't able to give you an accurate prediction based on everything that's happening on your credit each month. 

What I can tell you is that mortgage credit scores will change dramatically if you have changes in your credit card utilization. Do you have high balances on your credit cards? 

If you want to take a look at your mortgage scores before the 90 day update, I would suggest waiting until you have a couple of changes on your credit report, giving it time for the creditors to update it and buy a new report so you don't go in blind. 

[Anonymous]

I just reduced my CC utilization from 89% to 25%, and plan on pulling it down more next month. One of the cards already reported and my FICO8 went up 27 points, the other will report on the 27th.  

I have a few late payments from July of last year, and I am sending goowill letters to see if I can get those removed. 

Thank you for the quick reply

[Anonymous]

Unfortunately the simulator is only for FICO Score 8 -- and it isn't necessarily accurate because there are a lot of factors it doesn't consider.

[Anonymous]

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@Anonymous wrote:

I just reduced my CC utilization from 89% to 25%, and plan on pulling it down more next month. One of the cards already reported and my FICO8 went up 27 points, the other will report on the 27th.  

I have a few late payments from July of last year, and I am sending goowill letters to see if I can get those removed. 

Thank you for the quick reply

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Good work on lowering the CC debt! You will most likely definitely have a jump in your mortgage scores too, but it's hard to say how much. If you have the resources to get all of your cc debt to a total of 8% or less, that's the optimal goal. 

[Anonymous]

I already have the payments scheduled *celebrate*

As I was answering the last message I got a notification that my Equifax FICO8 jumped 35 points. I just wish I knew how this was impacting the mortgage score.  

Thank you for your help 

[Anonymous]

MyFico sometimes offers a monthly 3B with mortgage scores for $10/month more ($39.95) -- if you're really anxious might call to upgrade to that one.

Credit card utilization has a huge effect on mortgage FICOs so getting your reported utilization down to AZEO should help those scores massively.  If you aren't familiar with AZEO I write about it in my 11 rules signature link.  This can raise scores big time if your utilization was out of control previously.

[Anonymous]

I read your 11 rules Very helpful! Thank you! 

I will probably upgrade. It's worth it to me. I have to stay on top of this and do my best to purchase my family the home they deserve. 

Thank you so very much!