topic Re: Lender Simulator? in Mortgage Loans

Lender Simulator?

anca21bi — Thu, 20 Feb 2014 19:12:46 GMT

Has anybody used one and they worked to bring your scores up? I applied for a 0 down payment program yesterday and my lender said my fico was close to approval for the program. He told me he would run a simulator to see what to do to get my scores up. Every time I did the simulator here I never got the expected results. So I was just wondering if anybody got expected results from a lender.

Re: Lender Simulator?

Anonymous — Thu, 20 Feb 2014 19:40:16 GMT

Well, I'm in the process of doing the same thing so I'll let you know how it works. From what I am told though it is very accurate. Like within a few points accurate. What they have access to is much more sophisticated (and propritery).

Re: Lender Simulator?

ezdriver — Thu, 20 Feb 2014 20:28:32 GMT

It is called a credit simulator. A computer program that uses the data in your credit report to compare possible effects on credit scores for various scenarios. For example, the operator can input payment data for selected tradelines and the program will responded with a "predicted" outcome. It is best used to determine the most effective use of available funds. Essentially the program is being asked questions like "What impact on the scores will paying down a tradeline by $100 have?"

Re: Lender Simulator?

Mysticuno — Fri, 21 Feb 2014 01:56:21 GMT

Same as @Onrails I recently had the lender do a score simulation and will let you know if I make it to the estimated pt increase. My understanding from a few others before purchasing was that it is very accurate. Will keep you posted.

Re: Lender Simulator?

n0smirc — Fri, 21 Feb 2014 03:28:53 GMT

I keep hearing that it's very accurate - I believe this is an example of one and what it can do:

http://www.creditxpert.com/Products/wis.asp

Re: Lender Simulator?

BrianB_The_Loan_Professor — Fri, 21 Feb 2014 05:30:25 GMT

In my experience they are very close to spot on in most cases

Good Luck

Re: Lender Simulator?

anca21bi — Fri, 21 Feb 2014 09:12:01 GMT

Thanks everyone for the response, I think it is being completed tomorrow or Monday. I will keep every posted.

Re: Lender Simulator?

Anonymous — Wed, 05 Mar 2014 13:29:12 GMT

Just thought I'd update this thread. My lender repulled my scores yesterday and the predicted increase by the simulator was exactly right to the point. So in my experience they are very accurate!

Middle score went from 678 to 735!

Re: Lender Simulator?

Mysticuno — Wed, 05 Mar 2014 20:40:02 GMT

@Onrails Congrats that's awesome! I have even more faith now when my lender repulls later this month. Thanks for the update and best of luck.

Re: Lender Simulator?

Anonymous — Sat, 12 Jul 2014 03:19:34 GMT

Anyone else have experience with lender's score simulator? My lender predicts +20 on my mid. Is it accurate?

Re: Lender Simulator?

ShanetheMortgageMan — Sat, 12 Jul 2014 21:38:13 GMT

I've found the accuracy to normally be within 10% of the expected result.

Re: Lender Simulator?

Anonymous — Sun, 13 Jul 2014 02:09:49 GMT

Thanks Shane! I'm on pins and needles until I get the results next week. I'm at 627 and my broker's simulator predicted +27.

Re: Lender Simulator?

physicist82 — Sun, 13 Jul 2014 02:24:32 GMT

The report we got when our broker pulled had potential point amounts for the rapid rescore, but we can never get him to tell us what it says to do. He says he just goes by his knowledge from the past 20 years blah blah. However, whatever the rapid rescore would have told us when he pulled in May, we far exceeded it. Our Rapid rescore said +60 points for EQ and it went up 130. Our TU said +27 and it went up at least 50 and our EX only went up 15 even though it said +60.

I even straight out asked him once just to tell us what the rapid rescore advice was so we could continue to improve our score after being qualified and he said oh it never really gives very much info.

Re: Lender Simulator?

bdhu2001 — Sun, 13 Jul 2014 21:37:18 GMT

@physicist82 wrote:
The report we got when our broker pulled had potential point amounts for the rapid rescore, but we can never get him to tell us what it says to do. He says he just goes by his knowledge from the past 20 years blah blah. However, whatever the rapid rescore would have told us when he pulled in May, we far exceeded it. Our Rapid rescore said +60 points for EQ and it went up 130. Our TU said +27 and it went up at least 50 and our EX only went up 15 even though it said +60.

I even straight out asked him once just to tell us what the rapid rescore advice was so we could continue to improve our score after being qualified and he said oh it never really gives very much info.

Either the broker's statement is not true or he doesn't have a good simulator. I was interest rate shoping with brokers so they were more specific with me "hold onto your money and don't continue to pay down accounts, that way if there is a specific account we need paid off, you'll be able to do it." Send the letter you got for your auto loan to CBAs and dispute charge off. It's still showing charge off & your score will go up 60pt TU, 40Ex, etc."

Because I had a letter from my creditor that proved the charge off on my file was a mistake( I mistakenly believed the charge off wasn't on my record; because the lender sent the letter to me and the CBAs) my broker stated that disputing it directly with the CBAs would have a dramatic affect, I was advised to just save money.

Of course having researched and obtained all this information about debt , CL, I couldn't just not use the new information. Thus I continued to pay off & down credit card accounts while I looked for my house. I figured less debt wouldn't hurt. After paying for my report on myFico and having access to myFICO, I discovered that I should have paid $6400 on an installment loan instead of paying off revolving balances.

The handicap with the myFICO simulator is that it only tells you the affect of doing one thing, it doesn't allow multiple items at the same time. I believe the lender's simulator allows for multiple events (i.e paying down revolving debt by 1K, installment by 3K, etc).

Re: Lender Simulator?

Anonymous — Thu, 17 Jul 2014 20:55:08 GMT

@ShanetheMortgageMan wrote:
I've found the accuracy to normally be within 10% of the expected result.

Shane! My rapid came back! You were right!!! THanks so much! Now we are going to UW today. LO said we should hear something by end of next week.

Re: Lender Simulator?

fixmycred14 — Tue, 22 Jul 2014 15:44:17 GMT

I would really like my LO to do a simulation. She started off really great in the beginning but not so much anymore. I am in the home stretch and should close October/November. I would love to have someone do a simulation so I don't make a mistake and get the points I need.

Is there someone else I can contact?

Re: Lender Simulator?

bdhu2001 — Tue, 22 Jul 2014 16:48:35 GMT

@fixmycred14 wrote:
I would really like my LO to do a simulation. She started off really great in the beginning but not so much anymore. I am in the home stretch and should close October/November. I would love to have someone do a simulation so I don't make a mistake and get the points I need.

Is there someone else I can contact?

I'm not an expert, but I believe the simulation is based on the credit report & FICO score they received when they pulled your Trimerge. The further you get from when they pulled the report, the less accurate the simulation would be. In addition, they wouldn't want to keep doing hard pulls on your report (which will affect your FICO score) just to give you a new and more accurate simulation.

My advise is that if your loan is that far off, pay for your score here on myFICO, so you can have access to the simulator. Utilize the simulator, for the 30 days that you have access, and trust that if what you're doing affects your FICO 08 score, it also affects your FICO 04. Test the different ideas you're considering (i.e paying down revolving balances, paying down installment loans) and note the cut off point that each area shows a possitive impact. For instance, I can pay my revolving balance down to zero, but FICO simulator doesn't show any possitive affect toward my score. However, if I pay $6425 toward my student loans, I get a boost.

Make sure and note the balances the Simulator states that you have in each area, because it may not be counting your recent payments.

Re: Lender Simulator?

fixmycred14 — Tue, 22 Jul 2014 18:46:37 GMT

Oh I see...I didn't know that's how it works. I have a myfico subscription. How do I access the simulator?

Re: Lender Simulator?

fixmycred14 — Tue, 22 Jul 2014 19:04:03 GMT

@bdhu2001 --

I found the simulator for TU and EX under my myfico subscription. The best course of action suggested is to reduce my total revolving balance. Thanks for helping!

Re: Lender Simulator?

bdhu2001 — Tue, 22 Jul 2014 19:05:24 GMT

@fixmycred14 wrote:
Oh I see...I didn't know that's how it works. I have a myfico subscription. How do I access the simulator?

Click My Account at the top right hand corner and scroll down until you see "Tools and Resources" (it's under the big "Shop Now" orange button); select "FICO score simulator."