Credit score simulator

[Nutria]

Chase now offers a simulator as part of their Credit View Dashboard. It's pretty fascinating.

For example, a simulated credit inquiry hit my score by -4 points, and cancelling my oldest card by -8 points. However, letting one account be deliniquent by 30 days hit it by -103 points!!

Yikes!!

[amarowsky]

Yea I have a credit simulator on capitol one that I just tried out for the first time.

I was kind of confused and disappointed with the results....

Apparently my credit score now is only a 760. This is odd because it use to be over an 800 (to my knowledge).

Last year I bought my wife and I new cars (2013 pre-owned) totally 31,000 for both. I wonder if this increase on my debt was enough to shoot my credit score down by 40-60 points. I suppose it did make a large impact on my debt/income ratio. But I didn't think it would make that big of a difference.

*Worth noting, Capitol One had some information on there saying that FICO recently changed the system/formula they use to calculate credit. I wonder if that, in tandem, with the large purchase is what caused my score to go down. As there have been no negative actions (late payments or fraud) that I have committed since I last checked my credit.

This helped me to make my decision to pay off all of my debt instead of further investing into my taxable accounts.