topic Re: An Experiment - How Accurate is the Score Simulator in Understanding FICO® Scoring

An Experiment - How Accurate is the Score Simulator

checkach — Thu, 27 Jun 2013 20:04:30 GMT

Lately I have accummulated quite a bit of credit card debt, and now it's time to pay up. My score is currently 689, (down from 739) partly because of high utilization. The FICO score simulator estimated that if I pay off all my revolving credit, my score would rise to 699-739. So I paid all of my cc debt (still have an auto loan and a heloc) down to zero. Let's see if score simulator is right. Here are the (former) balances and the credit limits.

Orchard Bank CC BAL - 839/ LIM 900

US Bank CC BAL 4041 / CL 4500

Citibank CC BAL 7369 / LIM 10000

Amazon CC BAL 1700 / LIM 2200

I wonder how long it will take.

Re: An Experiment - How Accurate is the Score Simulator

Anonymous — Thu, 27 Jun 2013 20:14:01 GMT

You should have an answer after each of those accounts reports (a day or two after the statement closing date). I would like to know what your results are, also. Wishing you the best- good luck!

Re: An Experiment - How Accurate is the Score Simulator

djc1puno — Thu, 27 Jun 2013 20:21:12 GMT

Im curious as well to how accurate the simulator is... Please keep ut posted i would expect a significant increase since those ccs u paid off were showing high util that has now gone to zero. Great job

Re: An Experiment - How Accurate is the Score Simulator

pizzadude — Thu, 27 Jun 2013 20:45:16 GMT

Moved to understanding FICO scoring.

Re: An Experiment - How Accurate is the Score Simulator

Anonymous — Thu, 27 Jun 2013 23:35:53 GMT

IM curious also , it gives such a broad range its sometimes almost like a huge guesstimate

Re: An Experiment - How Accurate is the Score Simulator

bfranklin825 — Fri, 28 Jun 2013 19:32:46 GMT

I would love to know how correct that simulator is. If it is actually close I might tailor my plan to it

Re: An Experiment - How Accurate is the Score Simulator

checkach — Wed, 10 Jul 2013 21:11:00 GMT

Well, payments posted to all credit card accounts by the end of June, but not a single one has reported to the credit bureaus yet, not even the ones with a statement due date between the payment and now. I really want to refinance before the rates go up any further. Will the rapid rescore work if the credit card companies haven't reported yet? Does the rapid rescore seek the latest balances, or just take what is currently on the report and recalculate the score?

I wish I was a more patient person...

Re: An Experiment - How Accurate is the Score Simulator - Update

checkach — Sat, 27 Jul 2013 03:15:02 GMT

I finally let the lender pull my score, and even though statement dates passed, the original balances were still reporting. After a rapid rescore, here is where I am:

My fico EX 706
Lender pull fico EQ 734

Hmmmmm