What increase of points would I receive on the Equifax/Fico Score model when I make a $1000 payment on a 12k credit card balance with limits totaling around $17,000? Thanks in advance for a response.
There is no way to determine that. As George would say, "I paid off $30,000 in one month, and lost points..." You could gain points, you could lose points.
On the Experian credit simulator you GAIN points when payments are made. Sorry that happened to you, George.
CE's simulator is just that, a simulator. It's not your true FICO score, which is through Equifax. As far as paying off $1k on a bal. of $12k on a $17k limit card, you'll "probably" see a 0-10 point jump, but no one knows for sure. It's always good to keep your bal. to limit ratio at no higher than 33%-40% for optimal score performance.
Thank you, Mind Crime. Would you comment on the strategy others here on the board have mentioned concerning balance to limit ratios, being ideal balance on cards is 10-15 percent of total limits. Is that better than what you said or does it matter?
Sure, the lower your balance to limit ratio, the better. However, keeping your ratio at no more than approx 33% is a good rule of thumb.
