The What-If Credit Simulator
The What-If Credit Simulator is a credit analysis tool provided to me by the
company that I obtain credit reports from . The What-If Simulator allows me to
explore how various actions might affect your credit score. I can experiment
with making payments, paying off balances, opening or closing accounts,
transferring balances, applying for additional credit and much more. The What-If
Simulator does not change credit scores or information in credit reports. It
simply provides the expected effect on the credit score if a given action would
Here is an example of the output of the What-If Simulator. I recently ran a
credit report for a client and then I asked the What-If Simulator what would
happen to her credit score from Experian, 576, if she paid off three accounts.
These accounts were a Capital One credit card, a USAA credit card, and an
American Express card. The What-If Simulator estimated that these actions would
increase that credit score by approximately 62 points. This is very fortunate
because this increase in credit score will now make the client eligible for most
of the first-time homebuyer assistance programs.
Click here to see the output of
this What-If simulation.
I then ran another simulation on the What-If Simulator. I asked the simulator
how I could allocate $5,500 toward paying various accounts to achieve the
highest increase in credit score. The simulator showed how to best distribute
that $5,500 toward the various balances to obtain the highest increase in the
client's Experian credit score. The suggested actions were expected to raise the
credit approximately 86 points.
Click here to see the
results of this What-If simulation.
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