A Credit Score Simulator can help with “What If” scenarios to determine what you could potentially do to raise your credit score. It can also show you what could negatively impact your credit score. It is important to see how your credit choices might affect your credit score because your credit score will impact the underwriting of your loan, your interest rate quote, and even the cost of your mortgage insurance.
Some of the various things a Credit Score Simulator can measure to see how they will impact your credit score are:
- Getting a New Loan
- Opening a New Credit Card
- Transferring Balances to a New Card
- Closing Your Oldest Card
- Having a Credit Application Denied
- Getting a Credit Limit Increase
- Increasing or Decreasing Your Balances
- Paying Off a Collection Account
You shouldn’t do anything to your credit without knowing how it will impact your credit score! Feel free to contact me or start the pre-approval process, and if necessary we can go through a Credit Score Simulator to work on your credit score.