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Frequent Contributor
Posts: 350
Registered: ‎08-20-2010
0

How accurate is CreditXpert?

My lender is using a program called CreditXpert to tell me how much my scores would rise based on doing different things. basically, it is a credit score simulator. Does anyone know how accurate it is?

 

according to this program, my scores can go up like 50 points by paying off a couple of 6 year old charge offs for 600 and 800. Does that sound right?

Last app 1/2/2017.
In the garden until at least 6/2/2017.
Contributor
Posts: 87
Registered: ‎06-21-2011

Re: How accurate is CreditXpert?

Unless they are pay for deletes AND your only baddies, I don't see how that's accurate. Paying a charge-off or collection will not improve your scores. It would only make you look good in manual underwriting.

Frequent Contributor
Posts: 350
Registered: ‎08-20-2010
0

Re: How accurate is CreditXpert?

Well I paid them today. Once I have the proof they are pif and settled my guy is going to do a rapid restore. I'll let you know what happens. I hope it's correct.
Last app 1/2/2017.
In the garden until at least 6/2/2017.
Frequent Contributor
Posts: 350
Registered: ‎08-20-2010
0

Re: How accurate is CreditXpert?

Btw, they were not pay for delete and not my only baddies. But that program said my scores would go way up if they just showed as settled. We'll see.
Last app 1/2/2017.
In the garden until at least 6/2/2017.
Valued Member
Posts: 53
Registered: ‎01-06-2017

Re: How accurate is CreditXpert?

[ Edited ]

We use CreditPlus as our credit vendor. They have a similar program called Credit Wizard. I don't think I've heard any loan officer say to someone to pay off a collection to raise their score, not saying it wouldn't work in the OP's situation. Usually the request to pay off a collection or debt is an underwriting condition to free up DTI space. Some things I have heard, "go open up a credit card and charge a tank of gas on it" and "go buy something for $40 at Walmart" (not saying the OP should do this). Some of the simulations are pretty interesting, but they do seem to work, especially if you need to bump just a few points higher for approval or better rates. They do a rapid rescore at that point.

Starting 12/27/16 FICO Score 8 EQ 645 TU 643 EX 618
Current 3/27/17 FICO Score 8 EQ 716 TU 692 EX 681


Goal 740+ ACHIEVED 4/5/17 FICO Score 8 EQ 776 TU 762 EX 748
Frequent Contributor
Posts: 350
Registered: ‎08-20-2010

Re: How accurate is CreditXpert?

My rapid re score came back yesterday. The program was correct. My equifax went up 40 points, transunion went up 59 points, and experian went up 52 points.

Mortgage guy said it had something to do with the WAY capital one was reporting the charge offs. I paid them off for less than full amount and they still show up but now have a zero balance and say settled for less than full balance.
Last app 1/2/2017.
In the garden until at least 6/2/2017.
Contributor
Posts: 91
Registered: ‎11-08-2015

Re: How accurate is CreditXpert?

This seems to be a common misconception around here. Paying charge-offs most certainly can increase your score IF the charge-offs are for revolving credit accounts and if they are reporting a balance. I had a Macy's charge-off that was reporting a balance and it was killing my utilization (this was before I gathered a lot of other available credit). Once I paid it, my score shot up from the loooow 500s and my utilization dropped to under 7% from 80ish%.
11-8-15: EQ-594 TU-599 EX-579
4-25-16: EQ-644 TU-625 EX-649

5-5-17: EQ-687 TU-670 EX-655

Contributor
Posts: 91
Registered: ‎11-08-2015
0

Re: How accurate is CreditXpert?

Collections and charge-offs are not one and the same.
11-8-15: EQ-594 TU-599 EX-579
4-25-16: EQ-644 TU-625 EX-649

5-5-17: EQ-687 TU-670 EX-655

Established Member
Posts: 29
Registered: ‎03-22-2017
0

Re: How accurate is CreditXpert?

I am currently in this situation. My lender talked to someone at the credit bureau and they both said if I pay off my old Macys card that I would get a 60 point jump. Macys was a charge off. Macys said that it was in collection though? Anyways Macys was reporting 163% utilization. I paid it off to 0 and I'm waiting to see the jump. Hopefully It will be substantial

Frequent Contributor
Posts: 350
Registered: ‎08-20-2010
0

Re: How accurate is CreditXpert?

I'm sure you will be pleased with the results!
Last app 1/2/2017.
In the garden until at least 6/2/2017.

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