Re: How accurate is the MYFICO score simulator?[ Edited ]
03-03-2013 03:17 PM - edited 03-03-2013 03:17 PM
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?"
P.S. I did search and read the thread from 2011 on this but wanted to see if anyone had any newer opinions.
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).
I basically paid down my util from 90% to less than 5% and am just waiting on the last couple cards to cut statements and report.
Additionally while I have been waiting for statement cuts and reporting, I managed to eject the last baddie on any of my reports from my Eq report. (It was already gone from EX and TU). So now my reports across all three bureaus are crystal clean of derogs or baddies of any type.
I mananged to get some CLI action last week out of Cap 1 with only a SP after letting a couple of the larger balances report their payoffs so Cap 1 Exec Office could see it and they tripled my Cash reward limit to 1500. Also got my wife's Disc a 1K increase of which I am an AU.
My inquiries are pretty low with Ex having the most. (see siggy)
The main thing which hurts me is my AAoA of about 1-1.5 years only. (While I rebuilt and repaired I just abstained from credit for the most part til about two years or so ago)
I think I am in good shape for Prime land but I just was having trouble believing the Score Sim because 749 to 799 just seemed crazy high. I hope it is fairly accurate of course and in about a week or so, I am going to find out. hehe
NFCU #1 Fan!! NO MOAR APPS TIL 10/13 Minimum!!
TU -746, EX - 721, EQ -745
Cards:NFCU Flag Visa Sig $10000, CSP $8500, AMEX BCP $2000 Freedom $3500, Disc IT $5000, Cap 1 Green $2100, Credit 1 CLOSED! AU on Amex Green, Discover $2000, Cap One Plat $1000