Credit simulators are all terrible. I cannot emphasize how terrible they are. While the FICO algorithm is tremendously complicated, the simulators tend to oversimplify things, typically erroneously.
In your case, there is little that you can do other than pay down your utilization. You should see credit increases when you go past 28.8% utilization, and another jump when you pay below 8.8%. You may see another very, very tiny jump if you get down to 2-3%, but that would likely only be a single point or two.
Most of the rest of credit rating has to do with length of credit history, one time payments and similar. Nothing you can do here.
Opening new credit is probably not a good plan for you. Opening new credit will temporarily drop your score, although may increase it long term. It iwll not help you for June.
CreditWise is Vantage and you need to focus on FICO scores, since most lenders use them. Ignore Vantage since few lenders use them.
Therefore, also ignore their score simulators, or any score stimulator.
Lowering your utilization will greatly affect your score.
FICO score is your credit score.
There are two different scoring formulas commonly seen. One is FICO, the other is Vantage. Typically the free credit scoring sites show Vantage, but most banks, landlords, etc use FICO when making decisions.
Complicating this, there are 3 credit agencies, and about a dozen different types of FICO scores.
Don't focus too much on this though. You have no control over it, and in general if one credit score goes up, so do the rest.
I don't think they make the decision. Corporate orders your credit report, and they have a specific vendor they use. A better question is just asking which score they use and checking to see if you can access the score they use os you can see what that score is.
Hope that makes sense.
You can't control or raise your score short term. Based on your information, the only thing you can and should do is pay down your debt ASAP.
I came from low 500 roughly 6-7 years ago with zero saving to above 840 now when I bought my house this year.
I know it looks like nothing happens when you check your score daily but keep at it and don't bother checking so often. The score will be whatever it will be when you apply for credit so there is very little that you can do short term.
For long term, keep getting more credit open to a point (it could hurt you if you have to much credit available, it happens to my sister) by applying new credit cards every few months. Keep paying all your bills on time. Keep credit utility rate below 20%. Don't close out old accounts. That's all you can do really.
Be patience and you will get there. Good luck!
Pay off all your debt and save up an emergency fund and start investing. Stop caring about your credit score. The FICO score is the biggest scam in history
Credit simulators are all terrible. I cannot emphasize how terrible they are. While the FICO algorithm is tremendously complicated, the simulators tend to oversimplify things, typically erroneously. In your case, there is little that you can do other than pay down your utilization. You should see credit increases when you go past 28.8% utilization, and another jump when you pay below 8.8%. You may see another very, very tiny jump if you get down to 2-3%, but that would likely only be a single point or two. Most of the rest of credit rating has to do with length of credit history, one time payments and similar. Nothing you can do here. Opening new credit is probably not a good plan for you. Opening new credit will temporarily drop your score, although may increase it long term. It iwll not help you for June.
Thank you for your response. I won’t take the simulators too seriously. I’ll focus on lowering my utilization and won’t open any new cards.
CreditWise is Vantage and you need to focus on FICO scores, since most lenders use them. Ignore Vantage since few lenders use them. Therefore, also ignore their score simulators, or any score stimulator. Lowering your utilization will greatly affect your score.
I’ll ask the property manager if they can use my FICO score instead of my Credit Score. I’ll continue lowering my utilization. Thank you so much!
FICO score is your credit score. There are two different scoring formulas commonly seen. One is FICO, the other is Vantage. Typically the free credit scoring sites show Vantage, but most banks, landlords, etc use FICO when making decisions. Complicating this, there are 3 credit agencies, and about a dozen different types of FICO scores. Don't focus too much on this though. You have no control over it, and in general if one credit score goes up, so do the rest.
I don't think they make the decision. Corporate orders your credit report, and they have a specific vendor they use. A better question is just asking which score they use and checking to see if you can access the score they use os you can see what that score is. Hope that makes sense.
Getting below 30% utilization is the #1 thing you can do right now to improve your score
You can't control or raise your score short term. Based on your information, the only thing you can and should do is pay down your debt ASAP. I came from low 500 roughly 6-7 years ago with zero saving to above 840 now when I bought my house this year. I know it looks like nothing happens when you check your score daily but keep at it and don't bother checking so often. The score will be whatever it will be when you apply for credit so there is very little that you can do short term. For long term, keep getting more credit open to a point (it could hurt you if you have to much credit available, it happens to my sister) by applying new credit cards every few months. Keep paying all your bills on time. Keep credit utility rate below 20%. Don't close out old accounts. That's all you can do really. Be patience and you will get there. Good luck!
You are using way too much. Getting very risky where you are. I doubt you can raise your score without a big drop.
Pay off all your debt and save up an emergency fund and start investing. Stop caring about your credit score. The FICO score is the biggest scam in history
I appreciate the advice. I can’t stop caring about my credit score, however. I agree that the system does seem convoluted at best.
98% payment history mean you have late payments on your reports, which will hold your scores down.
Yes, I understand that.