Equifax has just updated CreditWatch. A credit simulator is now included among other upgrades. If the credit simulator is accurate two (2) interesting facts arise from the website update. 1. Voluntary inquiries only affect a credit score for 12 months. I have five (5) in the last two (2) years. However only one (1) is in the last 12 months. Therefore, I am not concerned about my inquiries. 2. The simulator allows the user to view the effect of additional credit requests, credit balance payoffs, additional credit expansion, late payments and Bankruptcy on the individual's credit score. What is remarkable is that the simulaltor appears to demonstrate the immediate strong negative effect of a 30 day late payment on the score. I am a BK from 1998. I have recovered quite well considering that I did have to BK. If the simulator is accurate - It appears that a 30 day late is just deadly to a credit score. This is something that I did not expect in days gone by when I was never late on a credit card payment. It also reinforces what I have read here on the board for 18 months; that late payments and chargeoffs are sometimes more deadly than a Bankruptcy on a credit score. Despite my BK in 1998, I have never had a chargeoff or late payment recorded on my credit reports. I intend to pay my statements ( bills ) on time. Has anyone else examined the new CreditWatch website. What is your opinion? As a side issue - I view this new EQ simulator differently than the EX CreditExpert simulator. Best regards, Jim
Personally I think this is a crock. One 30 day on my report is killing me, but someone that got rid of all their personal debt is sitting pretty with a higher score. 0 collections, 8 positive accounts, 1 30 day late Score 631 BKer 0 collections (because they got to toss them all), 1 positive (from a secured card) score 650. Now don't all you BKers jump on me about this. I understand that things happen sometimes forcing you to file. Loss of spouse, MAJOR income loss ect.
I have a really hard time believing that my score will go up more than 30 points if I pay my bills on time for the next three months. If that were the case, my FICO should be topping 850...lol. L
I just signed up for this service, how often does it update? Is it only when there is a change to your credit profile? This morning it still says my credit score as of 5/9/02.
In answer to a question, the simulator is viewed when you request your score via Credit Watch. I noticed that when we do something positive or negative on the simulator, we get a range of posible changed scores. For instance 710-740. That is quite a range. As a joke, I tested the simulator by suggesting that I would do a BK. My score could in theory drop in excess of 150 points. I really don't know what to think about the simulator yet except that apparently "hard inquiries" do only count against us for 12 months. If true, this is a benefit for me. Best regards, Jim
If inquires only HURT for 6-12 months...WHY keep them for 24 months??? Years ago it was only 12 months...
These simulators are kind of unreliable. I think the simulator has been put in to help sell Creditwatch. But ya know, when a CRA puts in a simulator they are going to get comments and it may become accurate over time. The CE simulator seems off but it only considers 6 factors. Creditwatch does not say how many factors they really figure into a score.
