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Frequent Contributor
anca21bi
Posts: 353
Registered: ‎07-27-2008
0

Lender Simulator?

Has anybody used one and they worked to bring your scores up? I applied for a 0 down payment program yesterday and my lender said my fico was close to approval for the program. He told me he would run a simulator to see what to do to get my scores up. Every time I did the simulator here I never got the expected results. So I was just wondering if anybody got expected results from a lender.
Member
onrails
Posts: 29
Registered: ‎01-30-2014
0

Re: Lender Simulator?

[ Edited ]

Well, I'm in the process of doing the same thing so I'll let you know how it works.  From what I am told though it is very accurate.  Like within a few points accurate.  What they have access to is much more sophisticated (and propritery).

Valued Contributor
ezdriver
Posts: 1,916
Registered: ‎08-24-2013
0

Re: Lender Simulator?

It is called a credit simulator. A computer program that uses the data in your credit report to compare possible effects on credit scores for various scenarios. For example, the operator can input payment data for selected tradelines and the program will responded with a "predicted" outcome. It is best used to determine the most effective use of available funds. Essentially the program is being asked questions like "What impact on the scores will paying down a tradeline by $100 have?"

 



Starting Score: 618
Scores on 10/9/13: EFX 652, XPN 669, TUC 662
Scores on 3/17/14: EFX 649, XPN 677, TUC 681
Goal Score: 720 ALL


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Contributor
Mysticuno
Posts: 86
Registered: ‎07-25-2013
0

Re: Lender Simulator?

Same as @Onrails I recently had the lender do a score simulation and will let you know if I make it to the estimated pt increase. My understanding from a few others before purchasing was that it is very accurate. Will keep you posted.


Starting Score: EFX 545, XPN 561, TU 539
Current Score: 4/3/14: 660 EFX (MyFico), 635 XPN , 680 TU
Closed on my new home 5/5/14!
Regular Contributor
n0smirc
Posts: 205
Registered: ‎08-22-2013
0

Re: Lender Simulator?

I keep hearing that it's very accurate - I believe this is an example of one and what it can do:

 

http://www.creditxpert.com/Products/wis.asp

Valued Contributor
BrianB_The_Loan_Professor
Posts: 1,381
Registered: ‎07-29-2008
0

Re: Lender Simulator?

In my experience they are very close to spot on in most cases

Good Luck

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Brian B The Loan Professor
Mortgage Banker Lending in all 50 states -
Frequent Contributor
anca21bi
Posts: 353
Registered: ‎07-27-2008
0

Re: Lender Simulator?

Thanks everyone for the response, I think it is being completed tomorrow or Monday. I will keep every posted.

Member
onrails
Posts: 29
Registered: ‎01-30-2014
0

Re: Lender Simulator?

[ Edited ]

Just thought I'd update this thread.  My lender repulled my scores yesterday and the predicted increase by the simulator was exactly right to the point.  So in my experience they are very accurate!  :smileyhappy:

 

Middle score went from 678 to 735!  :smileyvery-happy:

Contributor
Mysticuno
Posts: 86
Registered: ‎07-25-2013
0

Re: Lender Simulator?

@Onrails Congrats that's awesome! I have even more faith now when my lender repulls later this month. Thanks for the update and best of luck.


Starting Score: EFX 545, XPN 561, TU 539
Current Score: 4/3/14: 660 EFX (MyFico), 635 XPN , 680 TU
Closed on my new home 5/5/14!
New Contributor
Chitwngrl
Posts: 111
Registered: ‎08-20-2012
0

Re: Lender Simulator?

Anyone else have experience with lender's score  simulator? My lender predicts +20 on my mid. Is it accurate?

 

Starting Score:EQ 653, TU 612, EX 618 (pulled by Mort Broker)
Current Score:EX643TU637EQ659
Goal Score: 700's


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