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MyFICO simulator has me at 815 in 24mo?

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Discover2016
Valued Contributor

MyFICO simulator has me at 815 in 24mo?

The myFICO simulator has me at 815 estimated in 24 months, that seems off to me? I only got my first credit card in September of 2014 and added 8 more credit cards in 2015. I don't have installment loans of any type, just cc's. I assumed you needed at least 7+ years to reach 800? 

Gardening until September 2025
Next app: Mortgage in September 2025
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: MyFICO simulator has me at 815 in 24mo?

It sounds like the simulator might be being over optimistic.  Though bear in mind, one thing the simulator is doing is assuming that all of your accounts age a full 24 months and no new accounts (including especially credit cards) are added.  If you were to add no new accounts, your'd increase your AAoA to close to 3.0.  When your AAoA crosses into > 3.0, and assuming you then (after that) optimize your CC balances (all CCs at $0 except one with a fairly low positive balance), I wouldn't be that surprised if you were in the 800 club.  A little surprised but I'd still find it quite believable.

 

Note that, according to FICO, a recently opened credit card is a drawback to your score -- aside from what it does to your AAoA and the inquiry.  So again. the simulator may be giving you points for having all of your CCs being two years old or more.

Message 2 of 5
Kenny
Moderator Emeritus

Re: MyFICO simulator has me at 815 in 24mo?

lol it also said i'd be at 850 in 24 months.. i paid off all credit card debt and it changed to 836 or something.. it's a simulator not a set in stone this is what will happen. Smiley Wink
Message 3 of 5
Discover2016
Valued Contributor

Re: MyFICO simulator has me at 815 in 24mo?

Thanks for the responses! I am curious now, I was going to add a Venture this September but now I will garden for 24 months instead, I just want to see how high my score will go. Even if I just get up to 770-790, I will be very happy with that score!Woman Very Happy

Gardening until September 2025
Next app: Mortgage in September 2025
Message 4 of 5
bdhu2001
Valued Contributor

Re: MyFICO simulator has me at 815 in 24mo?


@Discover2016 wrote:

Thanks for the responses! I am curious now, I was going to add a Venture this September but now I will garden for 24 months instead, I just want to see how high my score will go. Even if I just get up to 770-790, I will be very happy with that score!Woman Very Happy


The garden is your friend; but according to my husband, anything over 740 is unnecessary, because that's the score you need for the best interest rates. Based on my signature you can see that I listen, but hedge my bets to be safe.

 

On another note, I love the simulator and when I have access to it. I've used it and it works pretty well. I'm always doing other things so it gives me a general idea,but I've been unable to truly test it. It show that in a year, I'll be able to get all my FICO 08 scores above 800.  In 3 months I'll have two of them above 800.  Currently my bankcard scores are above 800, but only my EX 08 is above 800. But before a year is up, Costco will have switched cards and I'll have a new trade-line.

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


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