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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: FICO Simulator and other useful Financial Calculators

The Simulator when looking at your MyFICO reports does not seem to take into account that certain items will drop off, such as BK and collections.

 

Therefore, take your info and plug it into the Simulator Estimator (the link in OP) and you will be able to get decent gauge of the range  you should be in with that.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: FICO Simulator and other useful Financial Calculators


haulingthescoreup wrote:

smallfry wrote:

haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.

Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.


I think what you'd have to do is re-run the sim with all the correct figures info from your reports, but this time when it asks if you've ever had a PR, answer "no." That will calculate your score as if it hadn't happened.

This is a problem with both the estimator and the sims --they don't project the effect of negatives dropping off in the near future.

Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: FICO Simulator and other useful Financial Calculators

[ Edited ]

smallfry wrote:

Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Okay, senior moment.....remind me what PR is?  I scanned abbreviations thread and didn't notice a listing for it....so I guess I need a quick lingo lesson :smileyhappy:

Message Edited by txjohn on 04-19-2009 06:09 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
creditwherecreditisdue
Posts: 4,923
Registered: ‎04-19-2009
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Re: FICO Simulator and other useful Financial Calculators

[ Edited ]

txjohn wrote:

smallfry wrote:

Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Okay, senior moment.....remind me what PR is?  I scanned abbreviations thread and didn't notice a listing for it....so I guess I need a quick lingo lesson :smileyhappy:

Message Edited by txjohn on 04-19-2009 06:09 PM

Public Record

Message Edited by creditwherecreditisdue on 04-19-2009 06:19 PM
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: FICO Simulator and other useful Financial Calculators

okay....duh....I feel stupid :smileyhappy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: FICO Simulator and other useful Financial Calculators

smallfry -

 

The Estimator does ask you if you have had any of the following:

 

10. Please indicate if you have ever gone through any of the following negative financial events in the last 10 years: bankruptcy, tax lien, foreclosure, repossession, or account referred to collection agency.

 

I think these items should be broken into a few separate categories, but if you have had any, including BK, you can factor it in.

 

If you want to estimate score after BK drops, then you would say no, unless you have remaining baddies that it covers. 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: FICO Simulator and other useful Financial Calculators


smallfry wrote:

haulingthescoreup wrote:

smallfry wrote:

haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.

Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.


I think what you'd have to do is re-run the sim with all the correct figures info from your reports, but this time when it asks if you've ever had a PR, answer "no." That will calculate your score as if it hadn't happened.

This is a problem with both the estimator and the sims --they don't project the effect of negatives dropping off in the near future.

Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.



Whoops, your right --I was having my own senior moment. I was calling it the sim when I was thinking about the Estimator.

You're right, as best as I can tell, the sim doesn't look at when things might fall off your reports.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
fused
Posts: 16,374
Registered: ‎03-12-2007
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Re: FICO Simulator and other useful Financial Calculators

I haven't played with this Estimator in some time. I just answered all of the questions and my score range was

770-820. My current EQ score is 817, so I suppose its fairly accurate.

Credit Profile -
FICO 08 Scores (09-16-2014): EQ 824, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1 (Amex 07-15-2014)

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: FICO Simulator and other useful Financial Calculators

[ Edited ]

I plugged the numbers and it said 775 - 825 and before new accounts score was 814. 

 

I plugged numbers for after new accounts hit plus new inquiries, said 755-805 so we'll see if that's my new range after all new accounts join new inquiries.

Message Edited by txjohn on 04-20-2009 04:20 AM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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