topic Re: Is the simulator accurate? Specific question in post. in Understanding FICO® Scoring

Is the simulator accurate? Specific question in post.

Anonymous — Sun, 10 Feb 2013 00:49:02 GMT

I'm not sure if anyone will be able to help here but I am a little confused with the score simulator. I have a Charge Off with capital one that is almost 6 years old. I have to pay it for my mortgage to go through which I have no problem doing. The balance is 6032.00. When I put the balance in paying it over 1 month in the simulator it has my scoregoing to 696-736. It is currently low 600's. When I do the 6034 in the box below it, where it is just paying whatever of the total revolving debt and I put it in the same amount of 6032, it only has my score going to 646-686. I am just wondering why there is such a big difference between the two? Aren't the essentially the same thing?

Thanks for all of your help.

Re: Is the simulator accurate? Specific question in post.

Anonymous — Sun, 10 Feb 2013 04:34:26 GMT

You really cant judge by a simulator.

While I have seen the ranges fall into place, I have also seen the ranges useless and no where even close.

YMMV .. I guess on the bright side its still an increase in either scenario. Maybe the difference is paying off a charge off compared to just paying off revolving debt.

Re: Is the simulator accurate? Specific question in post.

Anonymous — Sun, 10 Feb 2013 13:58:06 GMT

Thanks. it does make somewhat sense for a big jump because not only will it be paid in full but my utilization will go from 200% to low single digits. Do you think that alone can make a big jump?

Re: Is the simulator accurate? Specific question in post.

basballguy — Sun, 10 Feb 2013 17:12:06 GMT

Not accurate for me.

It told me if i paid down my utilization from 81% to less than 10% my score would go from 609 to 659-699.

It went to 636

Re: Is the simulator accurate? Specific question in post.

Anonymous — Sun, 10 Feb 2013 20:00:25 GMT

@Anonymous wrote:
Thanks. it does make somewhat sense for a big jump because not only will it be paid in full but my utilization will go from 200% to low single digits. Do you think that alone can make a big jump?

Yes I think it is possible..

Re: Is the simulator accurate? Specific question in post.

KBraggs — Sun, 10 Feb 2013 20:39:02 GMT

When I use the score simulator, the advice given is typically followed by "...over the next 12-24 months."

So I think it takes into consideration the ages of your accounts, impact of inquiries, etc. as well which is why the score immediately following your intervention may not be as projected.

Re: Is the simulator accurate? Specific question in post.

Anonymous — Sun, 10 Feb 2013 20:52:13 GMT

I know it has the option for best case scenario which factors 12-24 months but I doing the option of everything happening within 1 month.