How to calculate FICO net effect on "what if scenarios"??

2 years ago

Sun Nov 27, 2022 5:15 pm

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 50 minutes Next Level in6 days, 3 hours, and 10 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 50 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 50 minutes ago

NoMoneyNoHoney wrote: ↑Sun Nov 27, 2022 3:46 pm Any quick guide someone can point me to show "how doing __X__ will effect my FICO score?" Like some sort of potential credit calculator. I bank with a credit union that uses Experian. My experian score is already much higher than my Trans/Equifax scores.

We have a table showing some optimal values in the Credit Scoring Primer here, at the top (you probably saw it, putting it here for anyone else hitting this from a search engine): FICO® Score 8 select optimal Characteristic Attributes EQ/TU are very sensitive to number of accounts reporting a balance. (AWB) Experian FICO 8 doesn't care much about AWB. Even when my entire credit profile was under 2 years old, I could have 100% AWB and only lose -3 points - there's zero point loss for most older files. All CRA score model versions can be very sensitive to individual accounts reporting at 50%+ utilization, so anything you can do to get all cards under 49.5% will help. (See our Utilization chart here to calculate this accurately. Credit score models use truncated balances, and when you're trying to save every penny, this can help you!) You might even be coming up on an AAoA (Average Age of Accounts) aging threshold that is known to give some points. These are all multiples of 6 months, so if your current AAoA is 7y5m, you can expect some points at 7y6m. Average Age of Accounts ( AAoA ) Thresholds

2 years ago

Sun Nov 27, 2022 5:52 pm

NoMoneyNoHoney

Seasoned RebelNeed BTC card

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Level20 Last INQSunday, January 1, 2023 Gardening For1 year, 8 months, 6 days, 20 hours, and 50 minutes Next Level in23 days, 3 hours, and 10 minutes on October 1st INQ 1yr onMonday, January 1, 2024 INQ 1yr reached8 months, 6 days, 20 hours, and 50 minutes ago INQ 2yr onWednesday, January 1, 2025 INQ 2yr in3 months, 24 days, 3 hours, and 10 minutes

Cassie wrote: ↑Sun Nov 27, 2022 5:15 pm All CRA score model versions can be very sensitive to individual accounts reporting at 50%+ utilization, so anything you can do to get all cards under 49.5% will help. (See our Utilization chart here to calculate this accurately. Credit score models use truncated balances, and when you're trying to save every penny, this can help you!)

So, say if I have 9400 to spend, instead of spending 9400 to pay off chase, I should pay 5000 on chase, 3,000 on Capital quicksilver, 1,400 Capital quicksilver2, which would give me 3 cards coding experian under 50.5% utilization. Sounds like a good plan - thanks!! This is rough breakdown of my debt: Capital one quicksilver (25.9%) 4,800 - available 200 Capital one quicksilver2 (18%) 2100 - available 400 Capital Venture (21%) 24,000 - available 6,000 Chase (25.9%) 9,400- available 600 barclay (25.9%) 7,900 - available 600 Citi (0% balance transfer) 3,000- available 500 Discover (15%) 12,000 - available 500 credit union loan (uses experian 6.95%). 11,200 credit union loan (uses experian 6.95%) 14,300 NFCU visa (0% balance transfer). 2,500 - available 5,000 (recent increase but can't use balance transfer anymore)

2 years ago

Sun Nov 27, 2022 8:06 pm

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 50 minutes Next Level in6 days, 3 hours, and 10 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 50 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 50 minutes ago

NoMoneyNoHoney wrote: ↑Sun Nov 27, 2022 5:52 pm This is rough breakdown of my debt: Capital one quicksilver (25.9%) 4,800 - available 200 Capital one quicksilver2 (18%) 2100 - available 400

What does available mean here? What is the credit limit and last statement balance reported on both of those cards? For example: Limit: $9,000 Last Statement Balance reported: $4,500 Utilization would be: ( 4,500 / 9,000 ) = 0.5 x 100 = 50% To be under 50%, the highest dollar amount you can put on that card would be: $4,454.99 , which will be $4,454.00 for scoring $4,454 / 9000 limit = 49.48% which will be rounded down to 49%. (Credit score models only use whole number/integer percentages. 49.5 rounds up to 50%.)

2 years ago

Sat Dec 03, 2022 5:58 pm

NoMoneyNoHoney

Seasoned RebelNeed BTC card

NoMoneyNoHoney has passed the 12 month threshold!
No scorable inquiries on file!

Level20 Last INQSunday, January 1, 2023 Gardening For1 year, 8 months, 6 days, 20 hours, and 50 minutes Next Level in23 days, 3 hours, and 10 minutes on October 1st INQ 1yr onMonday, January 1, 2024 INQ 1yr reached8 months, 6 days, 20 hours, and 50 minutes ago INQ 2yr onWednesday, January 1, 2025 INQ 2yr in3 months, 24 days, 3 hours, and 10 minutes

Cassie wrote: ↑Sun Nov 27, 2022 8:06 pm
NoMoneyNoHoney wrote: ↑Sun Nov 27, 2022 5:52 pm This is rough breakdown of my debt: Capital one quicksilver (25.9%) 4,800 - available 200 Capital one quicksilver2 (18%) 2100 - available 400
What does available mean here? What is the credit limit and last statement balance reported on both of those cards?

Capital one quicksilver (25.9%) 4,800 - available 200 = means $5,000 credit limit, last statement balance around 4,800. Capital one quicksilver2 (18%) 2100 - available 400 = means $2,500 credit limit, around $2,100 balance. I guess paying off more than half of capitalone quicksilver2 would be the first thing I should do if getting a card under 50% revolving credit causes my rating to go up. Then work on the other Capitalone quicksilver and then move on to Chase. thanks

2 years ago

Sun Dec 04, 2022 12:52 am

Cassie

DeveloperLoves long talks on the beach

Cassie has been gardening for over 2 years.

Level54 Last INQFriday, February 14, 2020 Gardening For4 years, 6 months, 24 days, 20 hours, and 50 minutes Next Level in6 days, 3 hours, and 10 minutes on September 14th INQ 1yr onSunday, February 14, 2021 INQ 1yr reached3 years, 6 months, 24 days, 20 hours, and 50 minutes ago INQ 2yr onMonday, February 14, 2022 INQ 2yr reached2 years, 6 months, 24 days, 20 hours, and 50 minutes ago

NoMoneyNoHoney wrote: ↑Sat Dec 03, 2022 5:58 pm
Cassie wrote: ↑Sun Nov 27, 2022 8:06 pm
NoMoneyNoHoney wrote: ↑Sun Nov 27, 2022 5:52 pm This is rough breakdown of my debt: Capital one quicksilver (25.9%) 4,800 - available 200 Capital one quicksilver2 (18%) 2100 - available 400
What does available mean here? What is the credit limit and last statement balance reported on both of those cards?
Capital one quicksilver (25.9%) 4,800 - available 200 = means $5,000 credit limit, last statement balance around 4,800. Capital one quicksilver2 (18%) 2100 - available 400 = means $2,500 credit limit, around $2,100 balance. I guess paying off more than half of capitalone quicksilver2 would be the first thing I should do if getting a card under 50% revolving credit causes my rating to go up. Then work on the other Capitalone quicksilver and then move on to Chase. thanks

Oh I see now....the % is the APR and there is no limit listed outright, like Capital One Quicksilver limit of $5,000. That confused me. lol I'm used to seeing BALANCE / LIMIT = UTILIZATION PERCENTAGE. Like 4800/5000 = 96% util. Pay $326 on that card to bring it to $4,474, or 89% utilization. That 90% threshold has been reported before, and it's really harsh on some files. Get all cards under 90%, then under 80%, etc, etc. Do the best you can across the board. Never be at 100% reporting a balance - even $0 on a single account will help some.

2 years ago

Tue Dec 06, 2022 5:05 pm

ptatohed

Seasoned Rebel

Chase Credit Journey has a credit score simulator. I haven't played with it yet though.

2 years ago

Tue Dec 06, 2022 5:35 pm

NoMoneyNoHoney

Seasoned RebelNeed BTC card

NoMoneyNoHoney has passed the 12 month threshold!
No scorable inquiries on file!

Level20 Last INQSunday, January 1, 2023 Gardening For1 year, 8 months, 6 days, 20 hours, and 50 minutes Next Level in23 days, 3 hours, and 10 minutes on October 1st INQ 1yr onMonday, January 1, 2024 INQ 1yr reached8 months, 6 days, 20 hours, and 50 minutes ago INQ 2yr onWednesday, January 1, 2025 INQ 2yr in3 months, 24 days, 3 hours, and 10 minutes

ptatohed wrote: ↑Tue Dec 06, 2022 5:05 pm Chase Credit Journey has a credit score simulator. I haven't played with it yet though. Capture.JPG

It's absolute garbage. Please don't ever recommend that.

2 years ago

Tue Dec 06, 2022 5:36 pm

NoMoneyNoHoney

Seasoned RebelNeed BTC card

NoMoneyNoHoney has passed the 12 month threshold!
No scorable inquiries on file!

Level20 Last INQSunday, January 1, 2023 Gardening For1 year, 8 months, 6 days, 20 hours, and 50 minutes Next Level in23 days, 3 hours, and 10 minutes on October 1st INQ 1yr onMonday, January 1, 2024 INQ 1yr reached8 months, 6 days, 20 hours, and 50 minutes ago INQ 2yr onWednesday, January 1, 2025 INQ 2yr in3 months, 24 days, 3 hours, and 10 minutes

Cassie wrote: ↑Sun Dec 04, 2022 12:52 am
NoMoneyNoHoney wrote: ↑Sat Dec 03, 2022 5:58 pm
Cassie wrote: ↑Sun Nov 27, 2022 8:06 pm What does available mean here? What is the credit limit and last statement balance reported on both of those cards?
Capital one quicksilver (25.9%) 4,800 - available 200 = means $5,000 credit limit, last statement balance around 4,800. Capital one quicksilver2 (18%) 2100 - available 400 = means $2,500 credit limit, around $2,100 balance. I guess paying off more than half of capitalone quicksilver2 would be the first thing I should do if getting a card under 50% revolving credit causes my rating to go up. Then work on the other Capitalone quicksilver and then move on to Chase. thanks
Oh I see now....the % is the APR and there is no limit listed outright, like Capital One Quicksilver limit of $5,000. That confused me. lol I'm used to seeing BALANCE / LIMIT = UTILIZATION PERCENTAGE. Like 4800/5000 = 96% util. Pay $326 on that card to bring it to $4,474, or 89% utilization. That 90% threshold has been reported before, and it's really harsh on some files. Get all cards under 90%, then under 80%, etc, etc. Do the best you can across the board. Never be at 100% reporting a balance - even $0 on a single account will help some.

Thanks, I'll try to get everything under 90% utilization in next month or so and report back and what it does to my score.

2 years ago

Tue Dec 06, 2022 6:24 pm

BrutalBodyShots

Senior AdministratorGoodwill Saturation Technique Author

BrutalBodyShots has been gardening for over 2 years.
BrutalBodyShots has achieved the Garden Goal !!

Level27 Last INQMonday, May 23, 2022 Gardening For2 years, 3 months, 15 days, 20 hours, and 50 minutes Next Level in15 days, 3 hours, and 10 minutes on September 23rd INQ 1yr onTuesday, May 23, 2023 INQ 1yr reached1 year, 3 months, 15 days, 20 hours, and 50 minutes ago INQ 2yr onThursday, May 23, 2024 INQ 2yr reached3 months, 15 days, 20 hours, and 50 minutes ago Goal24 months Goal DateThursday, May 23, 2024 Goal Achieved3 months, 15 days, 20 hours, and 50 minutes ago

NoMoneyNoHoney wrote: ↑Tue Dec 06, 2022 5:35 pm It's absolute garbage. Please don't ever recommend that.

All credit simulators are garbage, unless you count the well versed members of this forum.

2 years ago

Fri Dec 09, 2022 6:09 pm

NoMoneyNoHoney

Seasoned RebelNeed BTC card

NoMoneyNoHoney has passed the 12 month threshold!
No scorable inquiries on file!

Level20 Last INQSunday, January 1, 2023 Gardening For1 year, 8 months, 6 days, 20 hours, and 50 minutes Next Level in23 days, 3 hours, and 10 minutes on October 1st INQ 1yr onMonday, January 1, 2024 INQ 1yr reached8 months, 6 days, 20 hours, and 50 minutes ago INQ 2yr onWednesday, January 1, 2025 INQ 2yr in3 months, 24 days, 3 hours, and 10 minutes

BrutalBodyShots wrote: ↑Tue Dec 06, 2022 6:24 pm
NoMoneyNoHoney wrote: ↑Tue Dec 06, 2022 5:35 pm It's absolute garbage. Please don't ever recommend that.
All credit simulators are garbage, unless you count the well versed members of this forum.

You would think in today's digital age, there would be a decent simulator that would be useful. Someone on this forum prob knows enough to invent one with the right tech skills - prob could make some money doing it. I'm also interested in how credit unions have their own internal score. I know NFCU has one thats different from FICO or only uses part of FICO in their score, and I wonder if there was a way I could acquire more credit through them faster than going outside. Patelco, also, which I plan on targeting them once i can get my experian score up to their minimum threshold. If I could just get a 10k or 20K credit card with a balance transfer, would save me a lot of money. Or possible personal loan if they aren't super strick on income verification.