topic Re: Accuracy of Simulator in Rebuilding Your Credit

Accuracy of Simulator

Anonymous — Mon, 03 May 2021 15:24:35 GMT

Hey All. So finally after 2 years of carrying about 30k in CC balances and 10k in personal loans, I was able to pay off EVERYTHING this month, 34k 🤮. 0 balances across the board.

Looking at the simulator for where my score would go to doesn't seem to be as high as I would expect. Currently 645 and it says I would be 738 afterwards. How accurate is that simulation?

0 lates

0 collections

5 year oldest account

2.5 year average

Mortgage

Car

A few of my CL were decreased by the lenders over time for holding high balances everywhere.

Re: Accuracy of Simulator

Horseshoez — Mon, 03 May 2021 15:52:49 GMT

The concensus seems to be literally all simulators are worthless, and personally, I agree.

FWIW, I'm kinda-sorta under the impression all of the simulators out there are Vantage 3.0, which is euphamistically called the FAKO score, I do not believe there is even a single FICO simulator as developing such a model would be stupid complex.

Long story short, ignore the simulators.

Re: Accuracy of Simulator

OmarGB9 — Mon, 03 May 2021 16:23:18 GMT

Not accurate at all. Also, be sure to not let all credit cards report zero balance as you incur an all-zero penalty from FICO. Let at least one card report a small, $10-$20 balance.

Re: Accuracy of Simulator

Anonymous — Mon, 03 May 2021 19:06:02 GMT

I'm talking specifically about the simulator in myFICO. I don't even look at their sites scores or sims, it's all junk.

Re: Accuracy of Simulator

RWJr — Tue, 04 May 2021 02:41:02 GMT

For me, the MyFico simulator was accurate. It correctly predicted that my serious delinquency (seven 30-day lates) would cap my score at 768. And it correctly predicted that once the serious delinquency aged off my score would surge to 847.

The MyFico simulator, I suspect, becomes less accurate as you employ more variables. For this reason, I kept it simple, using only the "age" simulation.

Re: Accuracy of Simulator

Anonymous — Fri, 07 May 2021 15:17:15 GMT

Yeah I'm thinking if anything it may be low balling. I had 10 accounts all at 90% or better. I'm hoping for 760+