I'm new tto his site and recently discovered the FICO score simulator. I clicked the "best option" button and it said that by lowering my utilization to 0-10% over the course of 24 months it could raise my score to 674-689 or something like that. My utilization right now is at 100% (BAD I know!) and I only have 4 years of history. I also have two new collection accounts (reported 2/09). Does the simulator take into account the collection accounts and does it assume that I'll pay those off as well as doing the above?
Also, would it be more to my advantage to PFD those two collections first or use that money to lower my credit card balances faster? I plan on doing both this year but which one should i do first?
I think the simulator is factoring in the CC accounts and not the CAs. CA balances aren't factored into utilization.
I would focus on the revolving debt and take care of the CAs at the same time. Per the CAs, if you are past SOL or have the $$$ to PIF, then send each a DV. If they verify and you agree, then send a PFD for deletion.