Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: How accurate is the MYFICO score simulator?

Pilotdude wrote:

I am curious as to whether or not folks think the score simulator here is accurate or not.

 

For the record + or - 50 points is not accurate in my opinion.

 

I used it to see what my score might look like once the last three accounts I paid off report and it tells me to expect a jump from my current score (see siggy) to 749-799...and I am thinking; "That can't be correct...can it?"

 

Thanks

 

P.S.  I did search and read the thread from 2011 on this but wanted to see if anyone had any newer opinions. :smileyhappy:


I played with the simulator a few times. There were times it was spot on and others not so much. Some on here swear by it and others not. The only time I closely examined it was when I paid down my CCs in one month and my new FICO was right in the middle of the range. Paid down CCs from 89% to 1% and saw a 125 gain. I doubted the simulator but it was spot on then.

 

The simulator has different options, like paying down debt in one month vs. 24, etc. If you choose an option over time it assumes you will not add any new credit in that time and assumes that no accounts will drop thereby impacting the AAoA or length of history. I think if you pay down bad debt, then it assumes that the negatives will go away, which isn't always the case (e.g. paying off a $10k CA won't help your FICO).