pay off less, higher score versus pay off more?

[Anonymous]

Hi all,

Trying to pay off debt so I can buy a truck in 1 month.  Anyways, have 3 CCs, 16.5 credit limit, currently around 72%, credit score 642-644. 

Looking at creditkarma and credit wise simulators, if I pay off 3-4k, my score will jump from 640 to over 700. But if I pay off 5-7k, it only goes up to 660 or so. If I pay off 8-9k or more,  it jumps to high 700s.

I need to get this truck ASAP, so I don't want to pay off 5-7 if it means my score only jumps 10 points, compared to 3-4 and making it to the 700s. This doesn't make sense but both simulators show that. I have to buy a truck in 1 month, so whatever my score is then, whether 660 or 710, I will be buying. Does anyone have advice on whether I should trust the simulators or not? A mistake here could screw me over on interest rates, so if I have to play the system and only pay the right amount, I'll do it. 

I made 120k last year, just got a large raise and will make around 150k this year, and 175k after a full year at my new pay. I understand I should pay everything off, and will before the end of 2021, but need to know what to do ASAP since my circumstances are what they are. Solely need advice on why my score shows up higher if I pay a little, or a lot, but not paying off half of my debt.

Thanks!!!

[dragontears]

Simulators are well known to be inaccurate, especially ones from Vantage score providing sites.

Getting individual accounts under 30% and total utilization under 10% should result in higher scores. 

[Anonymous]

Thank you, I realize that, just wondering if it's a fluke or there's something else going on since 2 different simulators said the same thing.

[Anonymous]

If I sign up for experians paid account and use theirs, is that a more accurate one?

[SoonerSoldier33]

Gotta forget VantageScore 3.0. So many differences from how VS scores react than FICO scores, and almost no lenders use VS. The FICO metrics that are the easiest to manipulate for better scores quickly are: 

1. Aggregate revolving utilization: The total reported amount of your total revolving credit limits that is used.

2. Individual revolving utilization: The highest utilization on 1 particular account.

3. Number of accounts with balances: How many of your cards have any balance at all?

To maximize points for revolving utilization, you try to get your aggregate utilization % down (under 30% is good, under 9% is great), while also making sure you get the individual utilization of every card down as low as you can too. Don't leave one card highly utilized while paying another down really low. For optimum scores, you implement AZEO where 1 card has a small balance, and the rest report 0. This may not be possible with your amount of debt, but use what cash you have to get the aggregate utilization % down while making sure you get the individual utilization % of each card down as low as you can as well.  

[FireMedic1]

No need to pay for the same thing. Simulators are not and never will be exact. Each one of us is like a fingerprint. No one matches on credit files. Its best to pay the debts then get the vehicle first. Why? Higher scores mean lower interest. Simple. Once the debts are paid down. Then get the vehicle. Its pay now or pay more later. Up to you.

[Anonymous]

Thanks everyone! Assuming it's a fluke and will make the largest payments on them that I can.