Question about SW Simulator?

[Anonymous]

I just signed up for SW. On the simulator you can ball park forecast with different actions but I can't find where you can see how your score would be if effected you pay off a SL. Anyone done this before?

[haulingthescoreup]

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@Anonymous wrote:

I just signed up for SW. On the simulator you can ball park forecast with different actions but I can't find where you can see how your score would be if effected you pay off a SL. Anyone done this before?

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If you want to play with any options other than the somewhat limited range on the sim, try the Estimator instead (easily confused with the simulators):

FICO Score Estimator

When you enter the info, take it from just one credit report. So if you have 7 inqs, total, but only 2 on one report, enter 2, not 7. (The Estimator is also a great time machine, where you can see where you would be now, if only.) The range of estimated scores is even broader than on the sims, so go with the middle of the score range, and don't bet the bank on it.

In general, paying down or off a student loan, or other installment credit, does diddly squat. I got either one or two points when I killed mine off. Two exceptions to this: if you have just barely started paying down, you might get a small boost for getting the installment util down from nearly 100%, although it's not nearly as dramatic as on credit cards, and I don't know where the magic percentage level is. The other exception: if this is the only non-mortgage installment credit you have, you might even lose points, by no longer having an open installment account in your mix.

But financial sense trumps scoring sense, IMO, unless you are needing peak scores for a specific reason, like a mortgage or other app coming up. hope that helps!


Edit: dang it, nine-pound cats on the shoulder are distrating! changed name of link

Message Edited by haulingthescoreup on 04-18-2008 04:25 PM

[Anonymous]

Thanks for the input. I have a mortgage & 2 auto loans both paid off more than 60%. I was just curious how much it would effect my score by paying one note off entirely. I'm in the process of looking for another car at this time and based on the simulator a new purchase on installment loan will not effect my score by that much. I was hoping that by paying one note off and assuming another it would remain close to the 775 which is where I am now with Equifax. Again thanks for the information!