So I just checked myFico Equifax score, and I wasn't surprised to see a score of 608.
So I then started playing around with myFico score stimulator... and it says "If You Pay Down $203.00 of Your Credit Card Balances within 1 month, Your simulated FICO score would be in the following range: 668 - 708".
That's 60 to 100 points!!!! jump for paying off a $200 balance?
Do you guys agree with this stimulator, and it's accuracy? can I quote myFico if this doesn't happen?
Thank you for your time! :)
2007-10-20 17:11:33 · 3 answers · asked by Dr. W 3 in Business & Finance ➔ Credit
Yep, paying off credit card balances will improve your score. A big part of the score is based on the debt to available credit limit. When you carry a balance of more than 30% of your limit, it negatively impacts your score.
Paying off your credit cards in full every month not only improves your score, but you save all that interest and won't sink into debt.
2007-10-20 17:21:32 · answer #1 · answered by bdancer222 7 · 0⤊ 0⤋
it's possible since some of the variables might be pct of balance or a flag for if balance is <200 or <5% of total available balance. since actual fico calculations are proprietary, few people actually know so you cannot blame myfico if it doesn't happen.
2007-10-22 00:57:08 · answer #2 · answered by alex 2 · 0⤊ 0⤋
Yes, I took that test and then got my real score the simulator said between 650-700 and mine was right in the middle of that. 675
2007-10-21 00:42:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋