Question about simulator

[Anonymous]

I have a question about the Fico Simulator. Does anyone know a general time frame of how long it will take for your credit score to go up those points they are saying it is a possibility it will? I am just a few points shy of what I need to qualify for a mortgage and I just got a credit card (I have never had one beore) for a low limit. I have basically everything paid off on my credit and since my credit is low with nothing on there but my car, no one was willing to give me a chance. Any input is appreciated! Thank you! 

[iheartwings]

Welcome to the boards. You will find much information here.

You might have more success by checking out the Mortgage Loans and Understanding FICO Scores forums to answer your questions.

The FICO Simulator is not particularly helpful for two reasons. By virtue of the title, it is a simulator - that is, making xyz assumptions, this is what your score could do. Rarely does only one thing change on your CR at at time (for example, your AAoA continues to lengthen as time goes on, regardless of whether you are considering that in the simulator, etc.).

Secondly, the FICO Simulator provides a simulation based on your FICO 8 score. (Check out this thread: FICO scores used for mortgage - and where to obtain them from the Mortgage Loans forum). Even if you were to get the points you need from a FICO 8 standpoint, that may not necessarily translate to the improvements you're looking in your mortgage scores. I would advise you get your 3B report/scores from MyFico to see where your mortgage scores actually lie.

As for credit, you may need more in the way of credit to maximize your score. It's been written extensively here that 3 credit accounts with one account reporting 1-9% utilization can help maximize your score. 

I don't know what your timeframe is for a mortgage, but it may take some time.

(Edited for my bad grammar!)

[Anonymous]

Thank you very much for this. It is good insight. 

[Anonymous]

I believe you are saying the following:

You need just a few more points on your mortgage scores.

You have recently obtained a credit card

You have never had a credit card before.

The credit card has not yet appeared on your reports.

If so, the good news is that you will certainly get the extra points you want.  Just be sure to keep the balance on it small, maybe $10 say.  Afew days after the statement for the card prints, pay off the "amount owed" on the statement.  Then charge something else small.  Always make the balance is at least $5 but otherwise keep the balance very low.

[Anonymous]

Yes all of that is correct. I am around 20 points away from being qualified. I am thinking it will take about 6 months for it to go up 20 points, as long as I do as you mentioned in your response. Would you say that is a good assumption? 

[Anonymous]

You may well go up 20 points in the next two months, as long as you keep your card reporting a small positive balance.

Just so you know how I interpreted what you said, when you said you needed only a few points, I assumed you meant somewhere in the vicinity of 2-5.  Twenty points is more than a few, in terms of how I generally hear the word used.  (If you told me you had a few drinks last night, or you had a few friends over for dinner, I'd expect at least 2 but no more than 4-5.  I'd be very surprised if it was 20.)

That's why I said you were certain to have the extra points you needed.  Adding a credit card to a profile that didn't have one would be certain to get it at least 5 points, probably more.  I cannot be certain you will get 20 extra points.  Still there's a very decent chance.

[Revelate]

Hey there momofboys;

Two questions, what were your mortgage scores that the lender gave you (I'm assuming you applied and were turned down?) or that you pulled from here if you went that route, and when was the auto loan opened?