@sobetrader wrote:
Can anyone tell me from experience how legit is the Myfico simulator if you take the actions they suggest to get your fico higher?
I pulled my TU from them this morning and based on the remaining baddies I have with them, myfico suggested I pay down 3 revolving balances 1 open 2 closed totaling $1921 and that could have a swing in myfico score by 60-100pts!!! Holy crap!
And of course time is your friend in the credit business so the simulator said my best action would be to pay the $1921 off over a period of 24 months and my score would be in the range of 690-730 based on paying off that debt and the aging of my accounts.
Hi, welcome to the forums!
Reducing util can be huge, especially if you don't have other negatives. Go to screen two on your score report and look at the negatives on the left. What are they, in order? If high revolving utilization is listed near the top, paying down/ off your cards can really help.
The "time is your friend" bit doesn't apply here. What it's doing is saying that if you pay off your cards AND you keep balances minimal for X number of months, then your scores may wind up in so-and-so range.
Rather than drag out the pay down, knock them down as fast as possible, and then keep on keepin' on.
As for the ranges, some times they're dead on, and other times they're pretty "Huh?"
When it comes to the util portion of your scores, your best result will come from having all but one card (since you only have three) report $0 and the other report $10-20, and then pay it off before it's due.
It sounds like you only have one open CC these days. If so, you'll probably discover over time that you'll do better to have three open cards, but that's fine-tuning that can come once you take care of any current issues.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Starting Score: 477