Credit Simulator

[Anonymous]

The best opportunity I have to improve my fico scores with all three bureaus is to open a new credit card. It says nothing about the utilization ratio which is surprising but it doesn't look like the simulator has that functionality. Therefore I am assuming that the scores simulated are if I kept the balance at zero.

Regardless the credit limit appears to not matter. The lowest option is $500 and the highest is $50,000 but either way each bump I get with all three bureaus is not dependent on the credit limit. I'd get a 30 point bump with Equifax, 55 point bump with Transunion, and a 45 point bump with Experian.

My credit is pretty poor ever since the housing market crash and I am just now interested in mending fences. I was a loan officer so I was over leveraged and had to walk away from a bunch of debt. Poetic Justice according to my father haha. Due to the low standing at present we are talking scores of 569 (Equifax), 529 (TUC), and 552 (EXP).

I see a few options and I'd like an opinion.

Option 1: There are some high interest credit cards I could probably qualify for but of course that mean an inquiry amid a time where I am about to apply for auto loans in the next 60-90 days and I want to keep the inquires at bay, but of course if it's a must then it's a must. I however question if these high interest credit card lenders actually report to all three bureaus. Any comment on that point?

Option 2: I could easily open a secured credit card at the bank with a 500 dollar limit and it would not hurt my pocket book and no inquiry right? The bank may even disclose if they report to all three bureaus as I am sure sure they get asked that a lot. Considering I work at a community bank they surely would tell me.

Option 3: My mother is willing to add me as an authorized user to a credit card with low utilization ratios, easily a $500 limit AND of course this will also help in terms of it being a seasoned account.

Option 3 means no inquiry, no credit cards tempting me to go spend on (haha) and the score bumps will like be higher due to the age of the account and therefore I can get these crap scores up above 600.

[bdhu2001]

---

@Anonymous wrote:

The best opportunity I have to improve my fico scores with all three bureaus is to open a new credit card. It says nothing about the utilization ratio which is surprising but it doesn't look like the simulator has that functionality. Therefore I am assuming that the scores simulated are if I kept the balance at zero.

Regardless the credit limit appears to not matter. The lowest option is $500 and the highest is $50,000 but either way each bump I get with all three bureaus is not dependent on the credit limit. I'd get a 30 point bump with Equifax, 55 point bump with Transunion, and a 45 point bump with Experian.

My credit is pretty poor ever since the housing market crash and I am just now interested in mending fences. I was a loan officer so I was over leveraged and had to walk away from a bunch of debt. Poetic Justice according to my father haha. Due to the low standing at present we are talking scores of 569 (Equifax), 529 (TUC), and 552 (EXP).

I see a few options and I'd like an opinion.

Option 1: There are some high interest credit cards I could probably qualify for but of course that mean an inquiry amid a time where I am about to apply for auto loans in the next 60-90 days and I want to keep the inquires at bay, but of course if it's a must then it's a must. I however question if these high interest credit card lenders actually report to all three bureaus. Any comment on that point?

Option 2: I could easily open a secured credit card at the bank with a 500 dollar limit and it would not hurt my pocket book and no inquiry right? The bank may even disclose if they report to all three bureaus as I am sure sure they get asked that a lot. Considering I work at a community bank they surely would tell me.

Option 3: My mother is willing to add me as an authorized user to a credit card with low utilization ratios, easily a $500 limit AND of course this will also help in terms of it being a seasoned account.

Option 3 means no inquiry, no credit cards tempting me to go spend on (haha) and the score bumps will like be higher due to the age of the account and therefore I can get these crap scores up above 600.

---

Is this based on the simulator here or is it another sites simulator?  Do you have an installment loan?  

• If not, get two shared loans and have your mother add you as AU.  
• if you don't have three credit cards, then you'll need 2-3 cards.  Secured or high interest makes no difference.  You're wanting a good FICO for low car interest.
• After the balance on the shared loan reports, pay off 90% of it. (Try alliant. From the forum they appear to have the most versatile).

Apply for a car on the outside of 90 days.  Longer if you can manage it.