topic Re: FICO Simulator and other useful Financial Calculators in Credit Cards

FICO Simulator & Financial Calculators

Anonymous — Sun, 19 Apr 2009 21:33:39 GMT

Here is a FICO Simulator / Estimator which is "powered by MyFICO"

http://www.bankrate.com/brm/fico/calc.asp

For those who say "what if I do x, y or z....what will my score be" here is an opportunity to "what if" and see the potential results of your hard work....and to help you determine what areas to focus on first for maximum results.

Here are some very useful financial calculators here:

http://www.bankrate.com/calculators.aspx

Use these calculators to figure out payments and budgets. You can also use the CREDIT CARD CALCULATOR to see how much you are going to pay out if you only pay minimums.

Message Edited by txjohn on 04-19-2009 02:33 PM

Re: FICO Simulator and other useful Financial Calculators

haulingthescoreup — Sun, 19 Apr 2009 21:10:37 GMT

You can also access it from the myFICO site:

FICO® Score Estimator

When you're putting in your info, just use the info from one report at a time. So don't enter all your inqs, just one bureau's worth, etc.

This is a fun way to motivate yourself to get going on the GW's --try running your history through without any lates.

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Sun, 19 Apr 2009 21:24:38 GMT

Definitely a good "motivator" to get to see your potential FICO scores.

Both links use the same simulator. Bankrate.com uses the MyFICO engine. I just like Bankrate.com because they have many other handy financial calculators, great articles and info all in a single site that I have found to be reliable.

If it weren't the MyFICO simulator on bankrate, I wouldn't have posted that link

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Sun, 19 Apr 2009 21:27:48 GMT

I hope you don't mind if I add a link to my favorite credit calculator, one I think could be useful to many people here who are trying to get out from under credit card debt.

Enter your credit balances, APRs,and minium payments and it will show you detailed instructions for paying off debt most efficiently and quickest.

http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Sun, 19 Apr 2009 21:33:00 GMT

Please feel free to add useful resouces.

I just wanted a thread that provided calculator and simulator resources for planning credit cleanup to household budgets.

So many new posts are "how will this effect my score" and others are "what rate can I expect" or "how much should I pay" or "what will my payments be"

Hopefully this might get a sticky, because these are ever needed resources for the veteran and newbie.

Message Edited by txjohn on 04-19-2009 02:33 PM

Re: FICO Simulator and other useful Financial Calculators

smallfry — Sun, 19 Apr 2009 22:44:41 GMT

When I use the Estimator I get a range of 770-820 for my TU based on what my report will look like in 1 year. The Simulator on the report I got this morning from TU Fico gives me a range of 720-740. My current score is 720. The last time I ran a Simulator for EQ the mid range score was around 770 I believe.

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Sun, 19 Apr 2009 23:09:51 GMT

Some things I like about the ESTIMATOR better than Simulator.

The Estimator allows me to calculate for things the Simulator won't, such as Derogs dropping, etc. The Simulator only allows for Payments on time, pay off, etc. But it doesn't allow you to say, what if I GW this late?

I have found the Estimator "range" to be accurate in my experience. And provide me with more incite than the simulator working from existing reports.

Re: FICO Simulator and other useful Financial Calculators

haulingthescoreup — Sun, 19 Apr 2009 23:12:37 GMT

I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.

Re: FICO Simulator and other useful Financial Calculators

smallfry — Sun, 19 Apr 2009 23:59:15 GMT

@haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.

Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.

Re: FICO Simulator and other useful Financial Calculators

haulingthescoreup — Mon, 20 Apr 2009 00:01:43 GMT

smallfry wrote:

@haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.
Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.

I think what you'd have to do is re-run the sim with all the correct figures info from your reports, but this time when it asks if you've ever had a PR, answer "no." That will calculate your score as if it hadn't happened.

This is a problem with both the estimator and the sims --they don't project the effect of negatives dropping off in the near future.

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 00:49:01 GMT

The Simulator when looking at your MyFICO reports does not seem to take into account that certain items will drop off, such as BK and collections.

Therefore, take your info and plug it into the Simulator Estimator (the link in OP) and you will be able to get decent gauge of the range you should be in with that.

Re: FICO Simulator and other useful Financial Calculators

smallfry — Mon, 20 Apr 2009 00:52:51 GMT

@haulingthescoreup wrote:
@smallfry wrote:
@haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.
Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.
I think what you'd have to do is re-run the sim with all the correct figures info from your reports, but this time when it asks if you've ever had a PR, answer "no." That will calculate your score as if it hadn't happened.

This is a problem with both the estimator and the sims --they don't project the effect of negatives dropping off in the near future.

Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 01:09:03 GMT

@smallfry wrote:
Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Okay, senior moment.....remind me what PR is? I scanned abbreviations thread and didn't notice a listing for it....so I guess I need a quick lingo lesson

Message Edited by txjohn on 04-19-2009 06:09 PM

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 01:19:27 GMT

@Anonymous wrote:
@smallfry wrote:
Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.
Okay, senior moment.....remind me what PR is? I scanned abbreviations thread and didn't notice a listing for it....so I guess I need a quick lingo lesson
Message Edited by txjohn on 04-19-2009 06:09 PM

Public Record

Message Edited by creditwherecreditisdue on 04-19-2009 06:19 PM

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 01:18:36 GMT

okay....duh....I feel stupid

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 01:21:33 GMT

smallfry -

The Estimator does ask you if you have had any of the following:

10. Please indicate if you have ever gone through any of the following negative financial events in the last 10 years: bankruptcy, tax lien, foreclosure, repossession, or account referred to collection agency.

I think these items should be broken into a few separate categories, but if you have had any, including BK, you can factor it in.

If you want to estimate score after BK drops, then you would say no, unless you have remaining baddies that it covers.

Re: FICO Simulator and other useful Financial Calculators

haulingthescoreup — Mon, 20 Apr 2009 03:04:28 GMT

smallfry wrote:

@haulingthescoreup wrote:
@smallfry wrote:
@haulingthescoreup wrote:
I like to run the Estimator every 2-3 months. It's a great time machine, letting you know where you might have been, if only.

It doesn't seem to ask quite enough questions, though, which might fine-tune the projected score range a bit better.
Does the Simulator take into account my BK dropping which will be gone in 11 months? I find it hard to believe my TU score will remain basically unchanged in two years even though my average age will be 2 years higher.
I think what you'd have to do is re-run the sim with all the correct figures info from your reports, but this time when it asks if you've ever had a PR, answer "no." That will calculate your score as if it hadn't happened.

This is a problem with both the estimator and the sims --they don't project the effect of negatives dropping off in the near future.
Hauling I know the Estimator factors in no PR's I was wondering if the Simulator does. Judging by the numbers I get from it I would say no.

Whoops, your right --I was having my own senior moment. I was calling it the sim when I was thinking about the Estimator.

You're right, as best as I can tell, the sim doesn't look at when things might fall off your reports.

Re: FICO Simulator and other useful Financial Calculators

fused — Mon, 20 Apr 2009 03:11:43 GMT

I haven't played with this Estimator in some time. I just answered all of the questions and my score range was

770-820. My current EQ score is 817, so I suppose its fairly accurate.

Re: FICO Simulator and other useful Financial Calculators

Anonymous — Mon, 20 Apr 2009 11:20:00 GMT

I plugged the numbers and it said 775 - 825 and before new accounts score was 814.

I plugged numbers for after new accounts hit plus new inquiries, said 755-805 so we'll see if that's my new range after all new accounts join new inquiries.

Message Edited by txjohn on 04-20-2009 04:20 AM