Playing With the Numbers
If you want to see how certain actions on your part will affect your credit
score (both directly and indirectly), the best way is to use a credit score
simulator. There are many of these; but probably the best-known simulator
is the one Fair, Isaac & Co. provides when you purchase a credit score
from it’s Internet Web site, www.myfico.com.
With these simulators, you can see how paying off an auto loan will affect
your credit score, compared with taking that same money to pay down credit
card debt or pay off a student loan. Or you can see how missing several
payments will affect you.
You also can see how opening another credit account will affect your credit
score. Or you can see how much your ratings will improve once a bankruptcy
or a late payment comes off your credit reports.
Next: Time Heals All
Wounds |
