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Lender Simulator?

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fixmycred14
Established Contributor

Re: Lender Simulator?

Thanks! Got it!


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


Take the myFICO Fitness Challenge NFCU nRewards $20K Cap1 Secured $500 NFCU LOC $15K TJX $250 BOA $500
Message 21 of 28
bdhu2001
Valued Contributor

Re: Lender Simulator?


@fixmycred14 wrote:

@bdhu2001 --

 

I found the simulator for TU and EX under my myfico subscription. The best course of action suggested is to reduce my total revolving balance. Thanks for helping!


Cool.  Now that you know that, see how much you need to reduce it by to get the most points.  For instance you may only need to pay it down by 2K and anything above that amount doesn't give you a better score.  Once you know the minimum figure to get the best score.  Click on some of the other areas and slide the button or key in the amount until you get there.  In my case, the best action was to pay on time for the next 24 months (that's a given, I always pay on time).  However, by moving the button, I see I'lll obtain that score in 18 months.

 

In addition, by clicking on the "installment loan" portion, I moved the button to the right and discovered that I can pay $6425 on my student loan, I can get a better score sooner.  Since I've already paid 4K more than the ballance the simulator shows, that means that I can have a better score in less than 2 months, by paying 2500 on my installment loan instead of continuing to pay extra on my revolving accounts.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 22 of 28
fixmycred14
Established Contributor

Re: Lender Simulator?

Thank you very much!!!! I just played around with it a bit. I see exactly what you are saying. I feel much more confident going forward. The advice I originally received correlates with the simulator. Having 2 out of 3 report $0 will give me the greatest boost.

 


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


Take the myFICO Fitness Challenge NFCU nRewards $20K Cap1 Secured $500 NFCU LOC $15K TJX $250 BOA $500
Message 23 of 28
fixmycred14
Established Contributor

Re: Lender Simulator?

So, EQ doesn't provide a simulator? I only found simulators for TU & EX.


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


Take the myFICO Fitness Challenge NFCU nRewards $20K Cap1 Secured $500 NFCU LOC $15K TJX $250 BOA $500
Message 24 of 28
DallasLoanGuy
Super Contributor

Re: Lender Simulator?

always very accurate for me..... done it a million times

 

Retired Lender
Message 25 of 28
bdhu2001
Valued Contributor

Re: Lender Simulator?


@fixmycred14 wrote:

So, EQ doesn't provide a simulator? I only found simulators for TU & EX.


EQ does provide a simulator.  I paid for my EQ score so that I only have access to the EQ simulator.  I don't have access to the other two simulators.  I don't know what subscription you have, but if it's scorewatch it's from EQ so I'd expect it to also provide the EQ simulator.  Someone who also has your subscription would be able to give you a more precise answer.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


Take the myFICO Fitness Challenge
Message 26 of 28
fixmycred14
Established Contributor

Re: Lender Simulator?

Thanks @ bdhu2001 -- I needed to refresh my EQ report. The simulator appeared and I'm good to go.


Starting Score: FICO TU 591 FICO EX 581 FICO EQ 555
Current Score: FICO TU 662 FICO EX 652 FICO EQ 643
Goal Score: 700 CLUB


Take the myFICO Fitness Challenge NFCU nRewards $20K Cap1 Secured $500 NFCU LOC $15K TJX $250 BOA $500
Message 27 of 28
Anonymous
Not applicable

Re: Lender Simulator?

@Anonymous loan guy - how long is the results good for , 30days?


@DallasLoanGuy wrote:

always very accurate for me..... done it a million times

 


 

Message 28 of 28
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