Missing options in the FICO Score Simulator. Please add the following . . .

[OneBrokeMan]

I find MyFICO to be a useful resource. However, I see the same self-imposed  limitation here as I do elsewhere with the Score Simulator. Two options that are missing from the FICO Score Simulator are:

1. Reduce balance on accounts (other than credit cards)
2. Remove a collection

I have a personal loan of $8000 with a 36 month payment plan. The payments are $336/month. Each month I send an additional $1000 with the statement "Apply to Principal Only". Once the new balance is reported my credit scores and FICO scores go up. The current balance is $3900. However the current reported balance is $4900. I would like the FICO Score Simulator to show what might happen to my scores if I pay down the balance by X amount, and if I payoff the loan altogether. This would help me prioritize the $1000/month that I have been using to pay down debt. If that money is better spent on a credit card versus this loan (in regards to my FICO score, not the interest rate), I would like to know.

Additionally, I have one collection remaining on two of three reports as well as a BK on one report. It would be very useful if the FICO Score Simulator would offer the option of "Remove Collection". Again, this would serve to help subscribers prioritize their efforts. If the collection is legitimate (which in my case it is not) I could choose to either pay down the personal loan OR pay the debt collector.

These are simply two real examples of why I would like to have these options added to the FICO Score Simulator. I am certain there are other good (if not better) reasons to do so. I do not see this feature on any of the few simulators I have found thus far.

Any input will be welcomed. Thank you.

PS: Why doesn't MyFICO have a "Suggestions" link on their main website? This Community Forum is the only avenue I found for this feedback. If I did not join the community I would not know where to provide these suggestions. I looked in the "Contact Us" section. This feedback does not seem to fit any of the pre-determined subjects you have to choose from.

[Anonymous]

I think the problem with all FICO simulators is that they're all copies of the same one.  I wonder if this is because Fair Isaac has a patent on credit score simulations: https://www.google.com/patents/US8321334

Basically, they're all cr*p.  I am slowly working on my own FICO score simulator (I'll just call it a "credit score simulator" lol) based on getting people to volunteer their data and score and looking for commonality in the crowdsourced material.

No simulator offers anything of value to me, and all of them have been notoriously wrong .

[OneBrokeMan]

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@Anonymous wrote:

I think the problem with all FICO simulators is that they're all copies of the same one.  I wonder if this is because Fair Isaac has a patent on credit score simulations: https://www.google.com/patents/US8321334

Basically, they're all cr*p.  I am slowly working on my own FICO score simulator (I'll just call it a "credit score simulator" lol) based on getting people to volunteer their data and score and looking for commonality in the crowdsourced material.

No simulator offers anything of value to me, and all of them have been notoriously wrong .

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If what you state is correct, it explains why the few I have found offer the same options and do not offer the options I requested. Interesting.

Although I applaud your efforts, I find it doubtful you will obtain enough data to calculate meaningful correlations. If possible, I am a believer in building and/or improving upon what has already been established. Even though I suspect the numbers (micro-level) are off on existing simulators, the impact (macro-level) comparisons may be somewhat accurate to help prioritize one's efforts.

That said, do not let my speculation deter you in any way as you have my full support. Thank you for your response.

[Anonymous]

I could be way off, I never searched simulator sites to see if they were licensed by Fair Isaac, but it seems like a solid theory.

[OneBrokeMan]

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@Anonymous wrote:

I could be way off, I never searched simulator sites to see if they were licensed by Fair Isaac, but it seems like a solid theory.

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I think you are spot on. Even if they are not using the identical program, they all seem to derive their simulation programs from it. If MyFICO adds additional features such as the ones I requested, they could stand out a bit from the pack. Again, the numbers do not have to be 1005 accurate. The overall impact of doing one thing versus the other, or a combination of actions one can postulate from the numbers is what I am after. Of course, the more accurate the numbers, the better the postulation will be.

[Anonymous]

Yep I agree.

My plan this summer is to get people to volunteer their credit report data (not account numbers or names or anything) and their FICO scores from that data -- mostly during MyFico report pulls or CCT report pulls.

Once I put it all into a database, we can create the ultimate FICO score simulator.