topic Re: Credit score simulator? in Understanding FICO® Scoring

Credit score simulator?

Anonymous — Sat, 01 Sep 2018 18:03:00 GMT

I have seen referene to a fico score simulator where it looks like you can experiement with what would happen if you for instance apply for a new credit card an get a new credit line of X dollars with it. I have looked but I only found: https://www.myfico.com/fico-credit-score-estimator/estimator/

Is this what others are talking about, or have I missed the correct simulator.

Thanks in advance,

Re: Credit score simulator?

Anonymous — Sat, 01 Sep 2018 18:59:34 GMT

Probably people are referring to the score simulator that uses your actual score and different scenarios with a myFICO paid subscription.

Re: Credit score simulator?

Anonymous — Sat, 01 Sep 2018 19:12:56 GMT

I think you have to have a myFICO membership to use the score simulator you are thinking about. It offers many ways to vary credit behavior for a FICO score.

There are a lot of free simulators/estimators. CreditWise has a free TU V3 with Capitol One. Amex has a free EX FICO version, with a Amex accounts. Chase also has a free V3 with Chase accounts.

Re: Credit score simulator?

Anonymous — Sat, 01 Sep 2018 21:47:01 GMT

One thing to keep in mind, I have used just about every score simulators and none are accurate for the most part except for the standard 5 point penalty for inquiries, even that is only relatively accurate up to 3rd inquiry of the last 12 months.

Last night I ran the simulator on Experian knowing my youngest account was reaching 1 year mark today, aging my report for 1 month yielded no scoring change on the simulator, when 3AM update came around, Ex score jumped from 806 to 827.

Take results from simulators with a bucket of salt.

Re: Credit score simulator?

Anonymous — Sun, 02 Sep 2018 07:01:00 GMT

Thank you Cole615, sjrn, and oldman87 for the clarifictions. That explains things nicely. Thanks!

Re: Credit score simulator?

juniornj23 — Wed, 05 Sep 2018 20:20:52 GMT

That simulation doesnt work ,so last month said if I pay 500 my score will go up my ex will go up 20 points my tran will go up 32 and my eq will go up 40 points I pay 2k and just went up 10 to 13 points

Re: Credit score simulator?

Anonymous — Wed, 05 Sep 2018 20:25:22 GMT

Simulators don't take into enough profile data to be able to give a solid prediction on what would happen to to scores. If they are somewhat right, it's a lucky guess and your profile simply matches the norm. Many are not the norm, though and people are often misguided by simulators.