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Super Contributor
ShanetheMortgageMan
Posts: 8,253
Registered: ‎09-28-2007
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Re: Lender Simulator?

New Contributor
Chitwngrl
Posts: 111
Registered: ‎08-20-2012
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Re: Lender Simulator?

Thanks Shane! I'm on pins and needles until I get the results next week. I'm at 627 and my broker's simulator predicted +27. 

 

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


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Regular Contributor
physicist82
Posts: 174
Registered: ‎06-06-2014
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Re: Lender Simulator?

The report we got when our broker pulled had potential point amounts for the rapid rescore, but we can never get him to tell us what it says to do. He says he just goes by his knowledge from the past 20 years blah blah. However, whatever the rapid rescore would have told us when he pulled in May, we far exceeded it. Our Rapid rescore said +60 points for EQ and it went up 130. Our TU said +27 and it went up at least 50 and our EX only went up 15 even though it said +60.

 

I even straight out asked him once just to tell us what the rapid rescore advice was so we could continue to improve our score after being qualified and he said oh it never really gives very much info.

Frequent Contributor
bdhu2001
Posts: 490
Registered: ‎04-24-2014
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Re: Lender Simulator?


physicist82 wrote:

The report we got when our broker pulled had potential point amounts for the rapid rescore, but we can never get him to tell us what it says to do. He says he just goes by his knowledge from the past 20 years blah blah. However, whatever the rapid rescore would have told us when he pulled in May, we far exceeded it. Our Rapid rescore said +60 points for EQ and it went up 130. Our TU said +27 and it went up at least 50 and our EX only went up 15 even though it said +60.

 

I even straight out asked him once just to tell us what the rapid rescore advice was so we could continue to improve our score after being qualified and he said oh it never really gives very much info.


Either the broker's statement is not true or he doesn't have a good simulator.  I was interest rate shoping with brokers so they were more specific with me "hold onto your money and don't continue to pay down accounts, that way if there is a specific account we need paid off, you'll be able to do it." Send the letter you got for your auto loan to CBAs and dispute charge off.  It's still showing charge off & your score will go up 60pt TU, 40Ex, etc."

 

Because I had a letter from my creditor that proved the charge off on my file was a mistake( I mistakenly believed the charge off wasn't on my record; because the lender sent the letter to me and the CBAs) my broker stated that disputing it directly with the CBAs would have a dramatic affect, I was advised to just save money.

 

Of course having researched and obtained all this information about debt , CL, I couldn't just not use the new information.  Thus I continued to pay off & down credit card accounts while I looked for my house.  I figured less debt wouldn't hurt.  After paying for my report on myFico and having access to myFICO, I discovered that I should have paid $6400 on an installment loan instead of paying off revolving balances.  

 

The handicap with the myFICO simulator is that it only tells you the affect of doing one thing, it doesn't allow multiple items at the same time.  I believe the lender's simulator allows for multiple events (i.e paying down revolving debt by 1K, installment by 3K, etc).

 

Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+
New Contributor
Chitwngrl
Posts: 111
Registered: ‎08-20-2012
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Re: Lender Simulator?


ShanetheMortgageMan wrote:

I've found the accuracy to normally be within 10% of the expected result.


Shane! My rapid came back! You were right!!! THanks so much! Now we are going to UW today. LO said we should hear something by end of next week. 

 

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


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Established Contributor
fixmycred14
Posts: 540
Registered: ‎08-04-2013
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Re: Lender Simulator?

I would really like my LO to do a simulation. She started off really great in the beginning but not so much anymore. I am in the home stretch and should close October/November. I would love to have someone do a simulation so I don't make a mistake and get the points I need.

 

Is there someone else I can contact?


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


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bdhu2001
Posts: 490
Registered: ‎04-24-2014
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Re: Lender Simulator?


fixmycred14 wrote:

I would really like my LO to do a simulation. She started off really great in the beginning but not so much anymore. I am in the home stretch and should close October/November. I would love to have someone do a simulation so I don't make a mistake and get the points I need.

 

Is there someone else I can contact?


I'm not an expert, but I believe the simulation is based on the credit report & FICO score they received when they pulled your Trimerge.  The further you get from when they pulled the report, the less accurate the simulation would be.  In addition, they wouldn't want to keep doing hard pulls on your report (which will affect your FICO score) just to give you a new and more accurate simulation.

 

My advise is that if your loan is that far off, pay for your score here on myFICO, so you can have access to the simulator. Utilize the simulator, for the 30 days that you have access, and trust that if what you're doing affects your FICO 08 score, it also affects your FICO 04.  Test the different ideas you're considering (i.e paying down revolving balances, paying down installment loans) and note the cut off point that each area shows a possitive impact.  For instance, I can pay my revolving balance down to zero, but FICO simulator doesn't show any possitive affect toward my score.  However, if I pay  $6425 toward my student loans, I get a boost.  

 

Make sure and note the balances the Simulator states that you have in each area, because it may not be counting your recent payments.

Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+
Established Contributor
fixmycred14
Posts: 540
Registered: ‎08-04-2013
0

Re: Lender Simulator?

Oh I see...I didn't know that's how it works. I have a myfico subscription. How do I access the simulator?


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 $7K Cap1 Secured $500 NFCU LOC $15K
Established Contributor
fixmycred14
Posts: 540
Registered: ‎08-04-2013
0

Re: Lender Simulator?

@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!


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 $7K Cap1 Secured $500 NFCU LOC $15K
Frequent Contributor
bdhu2001
Posts: 490
Registered: ‎04-24-2014
0

Re: Lender Simulator?


fixmycred14 wrote:

Oh I see...I didn't know that's how it works. I have a myfico subscription. How do I access the simulator?


Click My Account at the top right hand corner and scroll down until you see "Tools and Resources" (it's under the big "Shop Now" orange button); select "FICO score simulator."

Current Score: EX 839 EQ 794:TU 792 on 7/4/14; EQ from myfFico on 6-26-14
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Goal Score: 800+

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