topic Re: Question about Score Simulators in Understanding FICO® Scoring

Question about Score Simulators

ScoreBooster — Wed, 12 Jun 2013 19:42:32 GMT

Hi!

I was curious if some of the FICO-gurus on this forum have an answer to my question:

I filed for BK CH7 in 09/2010 but all my derogatory TLs on my credit-reports will reach their 7 1/2 year DOFD-mark within the next 12 months. My current EQ-score is 626 and once I click on the "Best Action"-button, I'm told that when I'm going to pay off between 90-100% of my revolving debt over the next 24 months, my score would be between 736-766. Not that I would complain about such a score, but I always wanted to know the following:

Is the simulator actually able to take the dropping of my derogatory accounts over the next 12 months into consideration? If not, could my potential "score-gain" be even bigger?

I do know that the aging of positive accounts and probably the aging of derogatory accounts is considered - but does that apply to the complete removal of derogatory accounts due to their DOFD, too? Any ideas?

Thanks!

Re: Question about Score Simulators

ScoreBooster — Sun, 16 Jun 2013 21:28:55 GMT

Hmm, obviously a good questions because nobody seems to have a clue..

Re: Question about Score Simulators

llecs — Mon, 17 Jun 2013 01:20:01 GMT

I have only a little experience with the simulator via myFICO but I'm not much of a fan. I do know if you choose the 24-month option it assumes that all of your accounts are 24 months older and that the debt is paid down, and that accounts for a higher score guesstimate over choosing a 1-month paydown, for example. But I think it assumes that all of your TLs will continue to report (even the baddies) 24 months out.

Re: Question about Score Simulators

Anonymous — Mon, 17 Jun 2013 10:02:51 GMT

Don't put too much stock in the simulators. If they were true I would have a score around 800 by now, but i dont.

Re: Question about Score Simulators

ScoreBooster — Mon, 17 Jun 2013 16:28:03 GMT

Thanks, Folks!

I'll wait and see how this checks out.