WalletHub's Credit Predictions...

[Anonymous]

Logged into WalletHub today and saw this:

"Great news! We believe that your credit score will improve by 103 points in the next 6 months if you manage your finances responsibly."

I'm extremely interested in knowing how exactly it came to this conclusion. I have played around with credit simulators from all the other major sites countless times and I have never been able to get it to jump 103 points...

[Anonymous]

It's hard to know.   Here's a profile that could easily go up 100 points in six months:

One Day 90 late, slated to go off the report in approx 4-5 months

No other derogs

Current CC utilization of 75% with a couple cards at > 91%

If the person paid off his debt he might see a rise of 150 points easily.

But regardless, it doesn't matter what WalletHub predicts, for two reasons:

(1)  Its scores use the VantageScore model, which almost no CC issuers or lenders use for credit decisions.

(2)  Almost all simulators and suggested advice from credit monitoring systems is of poor quality, often misleading or even completely false.  A much better way to develop a plan of action is to huddle with the folks here on this forum.

[Anonymous]

Oh yeah, I sort of figured it would have to be some sort of pie in the sky easy solution to get it to jump that high.  My utilitization is at 1%. 

I didn't know huddling was an option.  Is that done here in this forum?

[Anonymous]

Also keep in mind that all monitoring services spam the user with credit card offers, loan offers, etc. and fluff them up with things like "excellent" approval odds to increase the chances of the user applying for such products.  It's also super convenient that while you're looking at such products, the CMS will also tell you how your score will improve if you apply for one. 

[Anonymous]

---

@Anonymous wrote:

Oh yeah, I sort of figured it would have to be some sort of pie in the sky easy solution to get it to jump that high.  My utilitization is at 1%. 

I didn't know huddling was an option.  Is that done here in this forum?

---

Sure.  If you tell us a little bit about your current FICO scores and your reports, we can direct you to the right room on this forum to get advice.

Do you have any derogs on your reports?  Lates, chargeoffs, collections, judgments, liens, public records, bankruptcy?  If so can you list those?

Can you tell us what your CC utilization is?  Do you have any closed cards that have a balance on them?  How many open cards do you have?

Do you have any open loans?

[Anonymous]

I think I posted too much detail.. brb.