Good ol' score simulator nonsense

[Anonymous]

Equifax is at 701, I've still got the dumbo Midland which I hope comes off after letter to FTC and to their CEO.

I have my parents Visa AU but they put me on wrong one ($8k out of $55k Limit) as i found out over $50k or so they don't report line so I just had the balance and not the limit.

Anyway they swapped out to their $0 out of $20k which should help a lot.

So I asked Fico Score Simulator and they said 801-850.  That HAS to be soooo off.  How can an account with a 6 3/4 Cap1 Charge Off and an unpaid Collection get an 850? I think that simulator is wayyyy off.

I had also asked it what my bump would be when my 14k balance went down to 10k once my Amex payment posted.  It said 50 points or so it was in fact 7 points.

[fused]

- score sim has never been accurate for me

[Anonymous]

When I first tried that thing out it got my hopes up all for nothing. I just use it now to give me an idea if my score will go up or down, not to what degree. And for that, well, its pretty much common sense anyway. Still, I cant help playing with the program. After all, hope springs eternal.

[Anonymous]

I'll be happy if with the Visa AU swap ($7k with unreported $55k limit vs $0k with reported $20k limit) and the Midland removal (if the CEO sees the light after FTC filing, threat of BBB, AG, court and an out of SOL due to drop off in 3 months item) I can get a total of 30-50 points, which would give me a 700 - 750 range on all.  Seeing as I was low 500s last year 'taint bad.

[marty56]

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fused wrote:

- score sim has never been accurate for me

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I agree. 

I really dont see much use in it since we all know what to do to get our score higher and what will lower them so we should focus on making our score higher and let the actual values fall were they may.

[RobertEG]

The score sims are a marketing ploy for the FICO uneducated.  Anyone who has spent some time on these forums can give a better projection than the totally one dimensional sims.

The problem with the sims is that they only key into single intems of the CR, and dont offer a broad, multi-dimensiional view of the impacts on all categories, or allow the input of multiple actions at the consumer's option.

The reason for this, IMHO, is that making the sims too comprehensive would requre that the sellers of the scores (e.g. FaifIsac/FICO) would thus  reveal too much of how their proprietary scoring algorithms calculate the effects against total FICO score, rendering their algorithm more easily susceptible to reverse engineering, and thus duplication.

I do not fault FairIsaac for this, for it is their business to derive profit from their proprietary intellectual property.  We have to come to them and pay for their product

The sims are their baby product........  If i want their main product, I pay for it.  If I want their stupid sim, I get what I pay for..... nothing.

Message Edited by RobertEG on 05-19-2008 12:35 AM