topic Re: Fico score simulator in General Credit Topics

Fico score simulator

Anonymous — Wed, 13 Apr 2016 16:45:56 GMT

I pay for the package that gives the 3 fico 8 scores, but then has the like 15 different ones that update quarterly. The fico score simulator only goes off the quarterly scores. How does that help? I want to know what will happen to my scores right now if I performed one if the actions listed. If I open up a new card, I don't need to know how my scores from 2 months ago would be affected, I need to know what happens to my current scores. Is this how the product is supposed to work?

Re: Fico score simulator

RobertEG — Fri, 15 Apr 2016 07:26:19 GMT

Yes, it is intentional.

The FICO scoring models are protected as trade secrets, not under patents.

Thus, they must prevent the ability to reverse-engineer the algoritms.

They therefore present scenarios where time and multiple scoring parameters are always a factor, thus preventing one from gaining specifics about the innards of the algoritms by a few repeated runs.

Re: Fico score simulator

takeshi74 — Fri, 15 Apr 2016 13:03:30 GMT

@ncochran1989 wrote:
I need to know what happens to my current scores.

There's no good way to determine exact point impact. A person familiar with a model and data points may be able to make a guess and you can get yourself to a point where you can have a very rough idea of scoring impact. However, your score after opening doesn't really matter much unless you intend to open additional credit accounts after that. If you're not intending to apply for more credit then your profile will probably recover from the short term negative impacts in a relatively short (for the credit world) period of time.

If you need help then ask us and we can chime in but you're not going to find what you're looking to find. Understnding FICO Scoring would be the best place to ask such questions. Make sure you mention the specific scoring model. FICO doesn't have just one model and different models evaluate report data differently (and can have differing scoring ranges).

Re: Fico score simulator

Anonymous — Sun, 17 Apr 2016 13:10:19 GMT

They also need a reason to charge you for the 3b reports and what not.... If it ran the credit simulator off your current scrores instead of a month or 2 old ones then there'd be no justification for you to pay for the updated scores..... So the choice is to wait on your quarterly update or pay extra for instant gratification.... "That's how they get ya!!!" :

Re: Fico score simulator

Anonymous — Sun, 17 Apr 2016 20:47:59 GMT

Yeah I actually really liked Myfico and now I'm beginning to think twice. I have paid the $29 a month for several months and just now realized after my American Express application how lagged the scores really are. My free credit scores through my credit card updated in the morning and these ones don't update till evening or later. Also the simulator of course is frustrating. Right now I can't even see my scores after signing up. I thought it was pretty real time but it's not as good as I thought it was. They need to do some updating to keep my business. The thing with the AmEx really made me mad because I applied for an AMEX card when my score was 24 points lower than what I thought it was. :-( frustrating.

Re: Fico score simulator

Anonymous — Sun, 17 Apr 2016 20:49:36 GMT

A lot of people talk crap about Credit Karma but in reality it's free to the consumer, has updated information and at least some sort of score that fluctuates whether it's real or not. When I'm paying $360 a year for something that is not always correct it's frustrating. With technology the way it is now a days there's no reason you have late information

Re: Fico score simulator

Anonymous — Mon, 25 Apr 2016 00:13:50 GMT

I use credit karma as well. Myfico has worked well for me for the past couple months. I had a lot change and it was cool to see my score rise consistently, but I can get TU from my barclaycard, and my new Credit union gives me eq montly. KC gives me free reports weekly. Just need to get EX and I think I'm able to get Ex at a discount, sooooooo.
Maybe I'll keep this product for a little longer. I do like the fico 8 updates, but the simulator is pretty useless when the credit info it's using is 2 months old and the balances aren't correct.

Re: Fico score simulator

Anonymous — Sat, 15 Apr 2017 14:28:13 GMT

Are there any other products that provide score simulation capability?

Re: Fico score simulator

RobertEG — Sat, 15 Apr 2017 16:35:25 GMT

The only product that can simulate a FICO score is the one produced by Fair Isaac.

Others dont have access to the actual innards of the proprietary FICO algorithm.

Yes, others provide score simulators, but they are evaluating the taste of Pepsi, not Coke.

Re: Fico score simulator

RobertEG — Sat, 15 Apr 2017 16:35:27 GMT

The only product that can simulate a FICO score is the one produced by Fair Isaac.

Others dont have access to the actual innards of the proprietary FICO algorithm.

Yes, others provide score simulators, but they are evaluating the taste of Pepsi, not Coke.

Re: Fico score simulator

Thomas_Thumb — Sat, 15 Apr 2017 17:54:36 GMT

I would anticipate that other services providing Fico scores (like EQ Fico 4 Scorepower) may have access to a simulator that comes from Fair Isaac - but those simulators would likely be earlir, less featured, versions than what is available through the MyFico service.

The MyFico simulator, by design, lacks sophistication as well. It is helpful as a general guide but can be misleading regarding impact of changes.

Re: Fico score simulator

Anonymous — Sat, 15 Apr 2017 18:41:23 GMT

The members of this forum can simulate your score better than any score simulator can. What I mean is if you provide ALL of your profile data in a thread and ask what would happen if you made X change to your profile, I would think that the veteran members of this forum would be able to provide more solid educated guesses than the simulator. The main reason being that the forum members would be taking into consideration not only more data to make their prediction, but they'd also have the benefit of relating personal experience from what they've seen themselves on similar profiles.

Re: Fico score simulator

Anonymous — Tue, 18 Apr 2017 08:27:44 GMT

CCT simulator gives me results close to myfico.

Re: Fico score simulator

Anonymous — Tue, 18 Apr 2017 17:09:50 GMT

I think most simulators would give similar results assuming the same model... just because 2 different simulators predict a similar result doesn't make that potential result any more likely. It just means that the simulators are going off of the same limited amount of data. Again, providing ALL of your profile data in a thread on this forum is going to allow far more pieces of information to be taken into consideration than what a simulator asks in 60 seconds.