Impact:

Trade lines and account history are the fundamental building blocks of your credit score. By simulating new loan accounts, we can test the effects these new types of loans will have on your credit score.

Select the type of loan:

Mortgage

Auto

Personal

 

Enter the estimated amount of loan:

$

How a new loan affects a credit score varies from consumer to consumer. It also depends on the loan type and the current mix of your existing loans. For some consumers, it may build history and increase credit score. For others, it may add more debt and reduce credit scores. The only way to see how it will change your credit score is to simulate the credit score.

Click "Simulate Score" to calculate effect on your score

Impact:

Every time you apply for credit an inquiry is made on your credit report. Inquires can be a sign of risk, therefore limiting the number of inquires on your credit file is a good idea.

How many accounts are you applying for?

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0

1

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Unfortunately...
Adding more than a few inquiries can significantly lower your credit score. However please note that multiple inquiries for auto loans and mortgages within a short period of time (for example 3 weeks) are not bad since users often shop for the best pricing.

Click "Simulate Score" to calculate effect on your score

Impact:

Available credit is a good indicator of how much default risk you pose to any lender. By increasing your credit limit, you decrease your overall utilization and often will increase your credit scores.

Enter the amount of your desired credit limit increase:

$

Click "Simulate Score" to calculate effect on your score

Impact:

Anytime you open a new credit card, there are a number of factors you have to take into consideration... especially when you transfer funds from another credit card. CCU, how long the original card has been open, good payment history and amount of debt to be transferred are all determining factors in your credit score.

Enter the estimated amount of transfer:

$

Generally, creating more available credit while keeping your balances the same will improve your credit.

Click "Simulate Score" to calculate effect on your score

Impact:

One of the largest contributors to your credit score is credit history and the age of your oldest accounts. Closing your oldest credit card account will most likely have a negative affect on your credit score.

Unfortunately...
By closing that credit card account, you will likely decrease your credit score. Consider keeping the account open or paying off some of the balance.

Click "Simulate Score" to calculate effect on your score

Impact:

Paying off the entire balance of all of your credit cards is not only a wonderful feeling; it can greatly improve your credit score.

Good news...
Paying off your cards will often significantly improve your credit score by lowering your CCU

Click "Simulate Score" to calculate effect on your score

Impact:

There are many parts to determining poor or "bad" credit, delinquency in paying is a significant factor. The longer your accounts are delinquent, the greater impact it will have on your credit score.

Unfortunately...
This delinquency will decrease your credit score. To protect your credit score it is important to bring this account up-to-date as soon as possible. Each 30-day period will have a negative effect on your credit score and will be reported in your credit history.

Click "Simulate Score" to calculate effect on your score

Impact:

Another determining factor in "bad" credit is the number of accounts that are in delinquency. Each instance of delinquency will negatively impact your credit score.

Unfortunately...
These delinquent accounts will decrease your credit score. To protect your credit score it is important to bring all past-due accounts up-to-date as soon as possible. For every account, each 30-day period will have a negative effect on your credit score.

Click "Simulate Score" to calculate effect on your score

Impact:

A good, on-time payment history is an important factor to any lender. It gives them a roadmap as to how you will repay any future loans. By simulating a long credit history, you can see the improvement in your credit score over time.

Select the expected number of months of on-time credit history:

0

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3

6

9

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15

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24

Good news...
The payment history you've selected may improve your credit score if you have missed payments recently. However, there's still room for improvement. A longer on time payment history will increase your credit score.

Excellent...
The payment history you've chosen may significantly improve your credit score if you have missed payments recently. Continuing on-time payment practices is the best way to protect your credit score.

Click "Simulate Score" to calculate effect on your score

Impact:

An account that goes into collections will have a major negative effect on your credit score. A collection account stays on the credit report for 7 years, including the period from the original account delinquency.

Unfortunately...
This account in collections will decrease your credit score. To protect your credit score it is important to bring all accounts in collections up-to-date as soon as possible.

Click "Simulate Score" to calculate effect on your score