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FICO simulator has my EQ reaching into the 800 club within 2 years

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llecs
Moderator Emeritus

FICO simulator has my EQ reaching into the 800 club within 2 years

I'm not a firm believer of the FICO simulator. I'm a skeptic. But when I pulled my EQ yesterday (score up 9 points in past week; likely due to aging), I decided to check out the simulator again. Using the best possible scenario, my score ranged from 751 to 801 if I continue to pay as scheduled for the next two years. Usually it would read 725-775.
 
Skepticism is good so as long as it's backed up by research. I would like to believe, but I don't see how it is possible to reach 800 without a mortgage and with an avg. age of only 4 years (assuming nothing drops off).
Message 1 of 10
9 REPLIES 9
Anonymous
Not applicable

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

I am finally under 6 months to have my score have a big change-  per the simulator
 
IMO- the simulator is fairly accurate with UTL paydowns and aging- but is very limited in taking other factors into consideration. 
 
Like my oldest accounts dropping off-
Message 2 of 10
Anonymous
Not applicable

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

     I have no mortage or auto,  TU 763   EQ  780    EX  822 as of 4/13/08.   Vicki
 
Message 3 of 10
llecs
Moderator Emeritus

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

This is good info. Thanks you'all! My thought process on what makes up an 800 score just warped.
Message 4 of 10
haulingthescoreup
Moderator Emerita

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

We've had several members here like Vicki without mortgages, but with scores around 800. That's a relief, because mortgages do eventually get paid off (or so I've been told!), and then they fall off the reports 10 years after that, and I sure don't plan to get another mortgage to keep the FICO gods happy.

llecs, is your average age 4 now, or will it be 4 in two years?
* 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
Message 5 of 10
marty56
Super Contributor

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

I probably wount make the 800 club for 4 years at least on EQ since I have a major derog.  I  gladly trade the 800 for a PIF mortgage in the same time period.  As Dave Ramsey would say that would be a great status symbol.
1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 6 of 10
llecs
Moderator Emeritus

Re: FICO simulator has my EQ reaching into the 800 club within 2 years



haulingthescoreup wrote:
We've had several members here like Vicki without mortgages, but with scores around 800. That's a relief, because mortgages do eventually get paid off (or so I've been told!), and then they fall off the reports 10 years after that, and I sure don't plan to get another mortgage to keep the FICO gods happy.

llecs, is your average age 4 now, or will it be 4 in two years?

My avg. history is at 2 years now. I do have one old closed Zales account from 1997 still listed on my CR. Should have dropped off by now, but is listed as open rather than closed. Won't complain any.
 
To echo Marty's comments, baddies include: one 30 and one 90 day late from early 2002, one CO from 2006, one CA from 2004, and several lates from a 2001-2005 car loan. While this simulation was for EQ, TU does not read any lates at all (listed as such as a positive factor). So, it is a matter of removing two toughies: AFNI and Verizon Wireless. I wonder what the range would say if these were removed.
Message 7 of 10
MidnightVoice
Super Contributor

Re: FICO simulator has my EQ reaching into the 800 club within 2 years



@haulingthescoreup wrote:
That's a relief, because mortgages do eventually get paid off


I am convinced that is an urban legend Smiley Sad
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 8 of 10
psychic
Moderator Emeritus

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

I don't have a mortgage or any installment loans showing on my reports.
EQ 814 / TU 815 / EX 842
Message 9 of 10
Anonymous
Not applicable

Re: FICO simulator has my EQ reaching into the 800 club within 2 years

I've got a score of 810 and no mortgage.
 
I had LOTS of CC debt about 5 years ago as a freelancer - I would be forced to use my cards until my client payments would roll in evey quarter.  I finally beat it back and got caught up.  My cards are now at $0.  
 
My oldest account is from 1996; no lates.   I've got an auto loan, but no student loans. 
 
 
 
 
Message 10 of 10
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