Friends. Working on my rebuild and noticed the Experian simulator.
How accurate is this - it is saying I can have an 850 score lol !
@FriendshipSoft wrote:Friends. Working on my rebuild and noticed the Experian simulator.
How accurate is this - it is saying I can have an 850 score lol !
Congrats on 850....hypothetically lol. Nice work!
is your newest account 3 months old?
@FireMedic1 wrote:Are rebuilding from the 780-800 range? Simulators are not accurate.
Every month the simulators will show me that I'm only just 3 months away from 800+ scores...Been that way for a few years now.
Somehow I don't think the simulators are telling me the truth. Which then makes me wonder what the real purpose of them actually is?
As far as I can tell they are nothing but another marketing tool used to string people along.
3/3/24
The best simulator even though none of them are spot on is here on MyFICO. FWIW.
https://www.myfico.com/fico-credit-score-estimator/estimator
@tebtengri wrote:Does experian license the algorithms or do they merely submit the data to FICO and ask for a score based on that?
if they've licensed the actual algorithm I don't see how it wouldn't be pretty accurate unless they're deliberately choosing to not use the real algorithm.
Simulators arent accurate. Kinda got it backwards. FICO is the main scoring system program. Each of the 3 CRA's tweak the base FICO program and tweak it the way they want it to fit their algorithm. Theres no CRA that reports to FICO.
@FireMedic1 wrote:The best simulator even though none of them are spot on is here on MyFICO. FWIW.
https://www.myfico.com/fico-credit-score-estimator/estimator
Even it's not very good IMO. It tells me I'm going to lose points on EQ8 and TU8 for getting a CLI. Maybe it's assuming a HP for a CLI request (though all of my cards are SP for CLI requests).
Get a pen and paper. I'll give you the megamillions numbers. Bout how accurate simulators they all are. 