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FICO SIM

Established Member

FICO SIM

Hello, 

 

I have a question. I just tried the FICO Simulator it is saying that if I apply to new credit over a period of 6 months once per a month that my score will go up 30 points. Why is this? My scores are 529 539 and 529.  Is it time for me to get new credit cards more so secured credit cards? 

Message 1 of 13
12 REPLIES
Valued Member

Re: FICO SIM

The simulators aren't always accurate. However, In my experience I did find them accurate with forcasting score increases based on lowering my utilization. I started with scores simular to yours, or maybe lower. I'm 760 across the board today. I started with a secured card from Capitol One, then added a few more non secured cards as time went on to create a mix of revolving lines. I have 8 cards total. I keep my utlization very low on 1 card (about $5 reporting ) and let all others report $0. It's taken about 2 years, i'm hoping to reach scores in the 800 range with time. How many cards do you currently have?

Message 2 of 13
Established Member

Re: FICO SIM

I have THE FOLLOWING

 

Brooks Brothers 0 balance

Taget 0 Balance

Macys 0 Balance

Barclays 0 balance 

Wells Fargo 385 out of 700. I am going to pay them off this month. Do you think I should get another secured card?

 

These are my active accounts. 

 

The other cards are closed and charged off.

Message 3 of 13
Valued Member

Re: FICO SIM

I think you have a pretty good mix of cards to build with. Opening too many cards can ding your score due to the hard pull to open the new card as well as the factors below: 

 

Age of Youngest Account = (AoYA)

Average Age of Account = (AAoA)

Age of Oldest Account = (AoOA) 

 

You will see score increases as your cards age and also by keeping your utilization low. You'll want to use your current cards and let them grow. This should also help you get larger starting credit limits in the future. I believe I started with a $250 limit on a secured card and my 2nd card was only about a $500 limit. I was stuck in the toy limit zone until I let the accounts age. These days my starting limit is $5000+, still a work in progress but it takes time.  

Message 4 of 13
Established Member

Re: FICO SIM

Okay, thanks. I did apply for the Citi Secured Credit Card on yesterday. I got 7-10 day message. I am staying in the garden for sure. 

Message 5 of 13
Highlighted
Established Member

Fico simulator says the following? WHY?

Screen Shot 2018-07-10 at 6.05.26 PM.png

Message 6 of 13
Regular Contributor

Re: Fico simulator says the following? WHY?

Because by the numbers it’ll show you have a larger overall credit limit, which helps with UTIL. And on an analysis by a person, another card means the financial world now has another member who believes your profile merits a credit line.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU638 EX646 EQ635
Basic cards (HD $500, Target $2100, VS $500, CapOne QuickSilver $400, Indigo Plat $300), one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 7 of 13
Regular Contributor

Re: FICO SIM

That last card that has a balance - don’t pay it off. Pay it down to below 8.9% utilization for optimum scores. Actually more like 8.5% to allow for interest to hit when the statement cuts. It’s called the AZEO method, all zero except one. Keep one with a small balance, the others at zero, and your scores respond best.
Rebuild commenced 5/2018
FICO 8s:
6/1/2018 TU562 EX573 EQ560
7/1/2018 TU638 EX646 EQ635
Basic cards (HD $500, Target $2100, VS $500, CapOne QuickSilver $400, Indigo Plat $300), one installment loan $9000, scores increasing well as I clear baddies and improve CLI/UTIL, on the journey to bigger and better...
Message 8 of 13
Established Member

Re: FICO SIM

will do! Thanks for the info. 

Message 9 of 13
Frequent Contributor

Re: Fico simulator says the following? WHY?

How many revolving trade lines do you have today?  If less than 3, you're missing out on some points right there.  

Message 10 of 13