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myfico.com simulator


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With two outstanding collections from several years ago (both paid off this week and not yet showing), totalling $1,014 (one a Providian card charge off for 900 and change; the other an outstanding vet bill for about 100), the myfico.com simulator _suggested_ that my score will increase from its current 546 to somehwere between 626 and 666 with the 1,014 paid. Obviously I hope the simulator is on the mark.

Has anybody here had success with the myfico.com simulator or can speak to its accuracy?

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Welcome to the board-

You're goal should be to completely remove all derogatory information from your files. A collections/charge-off will always be negative no matter how it's listed, paid, unpaid or settled. Once you pay, you also lose a lot of leverage.

Also, most creditors look at what's actually on your files and not just the scores. You need to focus on that as well.

For right now, read up on the board and ask questions and DO NOT PAY. Negotiataions should be saved for last when you've tried all other avenues.

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Thank you for the advice. My long-term goal is to rehabilitate my credit (not terrible, just one or two negatives and not much positive). In the short term, I need to raise my score up to 550 to qualify for a home loan. This didn't come out until the underwriting phase some two days before closure. We're on an extension hoping for a four point bump by a process called rapid rescoring -- which will delete the remaining paid items leaving me with nothing outstanding or showing a past negative history.

I was able to get the $100 vet deleted completely, which should have _some_ positive impact. The only other item was the Providian charge-off, which I just paid earlier this week. Amazingly, the whole thing, including the seller's purchase and so on, are held up until this four point bump.

Are the simulations usually close?

[Edit by resiboydave on Tuesday, April 29, 2003 @ 05:01 PM]

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<blockquote>Originally posted by breathing_easier

resi: I've been to myfico.com, and have searched under the "Calculators" tab, but don't see the FICO score simulator. Can you post a link?

</blockquote>

The myfico.com simulator was available when I paid $12 to view my report.

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Belated thanks for the warm welcome, by the by.

The simulator isn't very robust, but it has a feature that lets you view _possible_ (no guarantees) impact under certain models, one of which is paying off outstanding revolving debt. When I punched in the total amount of my outstanding revolving debt my score raised to a range between 626 and 666. Obviously, as my whole life is apparently hanging on a mere four point bump, I was thrilled. Just hope the simulator is reliable.

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Very kind of you. It all sort of happened unexpectedly. My wife and I weren't necessarily thinking of buying a house at this time but our landlord decided to sell the house we rent (to us).

I've spent about two hours reading various messages here and want to thank everybody for participating in a great forum that provides immeasurably good information.

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<blockquote>Originally posted by resiboydave

one a Providian card charge off for 900</blockquote>

Can you tell me did you settle with providian or pay full amount owed? Was it Providian you did this with or a CA. If CA, which one? I have a co providian around 848 now. CO 5-2002, would like to offer settlement, but am afraid to open a quite can of worms. No contact from them in more than a year now. If you don't mind, can you please share your experience with me?

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Just to let you know, I disputed my Providian charge-off(9/99) at the beginning of April and within 1 week it was off my report. They too had Sherman chasing me so I sent them a DV letter, CMRRR at the beginning of the month as well, then REALLY threatened them with violations by fax about 5 days ago, and GUESS WHAT??? it came off my EXP today!!! :D Whoopeee!

I am in Ca, so the SOL is 4 years.....it's important for you to factor that into your next move.

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I paid the full amount of the original debt. Getting Sherman to agree to delete from my CR rather than listing as paid required several phone calls over a three hour period. I literally called until I got the desired answer -- which didn't come until I'd done enough web research on Sherman that allowed me to say I'd received a letter from an attorney inviting me in on a class action suit against them. I offered not to follow up on that invitation if they deleted the record. They agreed to do so and sent me a fax to that effect. Time will tell if it's actually removed from my report or not.

The attorney's letter doesn't exist, of course and, again, it took several calls to get someone on the phone that believed it did.

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Thanks for the info. I am in MI so I think the SOL is 6 years. I don't know, it says 6 years for everything. Is a credit card under state statues sol or ucc sol? If ucc it might be 4. But either way, I am in sol still. And it has not gone to ca as of yet. Seems weird that they have had no payment on the account for over a year an a half and dont send to ca or even letters to me. Might just sit on it and see what happens. Though I do see central portfoli pulled my tu report this week. Don't know if they are ca for providian, orchard bank or cross country. I know orchard is actually hhbk, and sold to wolpoff and abramson, whom i did dv with and they seem to have sold to credit managment, just did dv with cm and now there is a new ca pulling. It could be the orchard card they are pulling for, hard to say. I don't figure who ever has orchard card can validate, so I am taking my chances with them. Any advice or knowledge would be greatly welcome!!!!!!!!!!

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Dear Resiboydave,

Yes, the Attorney's letter about "Sherman" DOES EXIST! You just didn't get one.

You need to visit EdCombs@aol.com or Edelman, Combs, and Latturner

They have "Sherman" listed in a class action suit if I am not mistaken.

You should also see info on "Sherman" at Buddhibbs.com

Best Of Luck!

[Edit by churchmouse on Tuesday, April 29, 2003 @ 07:13 PM]

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<blockquote>Originally posted by resiboydave

Hehe. Not to be overly-persistant, but the original question remains unanswered.

Has anybody had success with the simulator on myfico.com? Is it usually close or off-the-mark?

</blockquote>

HAHAHA.....yea, it's usually pretty close if that answers your question ;)

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