CreditXpert What If Simulator

[Anonymous]

Has anyone had success with the CreditXpert What-if Simulator through privacy guard? I’ve heard it is the system mortgage companies use to help boost scores quickly if needed?

[CreditBob]

Mortgage companies use the FICO scoring models. In regards to a mortgage lender boosting scores, it specifically has to do with balances on revolving accounts, loans, or both. So let's say the credit report is reflecting a high balance on a credit card, but you have paid it down since it reported last. As long as you have approved documentation, can prove it, the mortgage lender will submit what is called a rapid rescue. It takes 2 to 5 days to get the results back. Credit Expert has nothing to do with boosting your score. It is specifically for educational purposes or the what if scenerio.

[Anonymous]

I guess my question was worded wrong. I am aware it is used to estimate what if scenarios if I pay off a certain ant of debt, etc. I was wondering if this particular simulator is accurate in their estimates. For instance it is estimating a 27 point increase if I pay certain amts on certain cards. I’m curious if in fact people have experienced that the estimates are accurate.

[FireMedic1]

Welcome. Simulators are basically useless. The best simulators are the members here on the forums. If I went by what they say I'd be near 800. With a BK? Not happening. Mortgages go by FICO Mortage Scores which you can get here on MyFICO.

[Civil]

I am going through the same process with a mortgage lender now, I am 16 points from a 700. Loan officer ran it through the creditXpert simulator and if I pay down my cards based on creditxpert scenario I should be in the 708 range. So I am paying all of them off and see what happens

[CreditBob]

Actually to my experience payoff one credit card and leave a few dollars on the second one.

[Anonymous]

What lender did you use?

[Anonymous]

So did you get the results similar to simulator?

[RobertEG]

In order to simulate a FICO score, it is necessary that the simulator have a license to use the actual FICO algorithm.

Otherwise, the simulator is only determining a potential score based on some other algorithm, commonly referred to as a FAKO.

CreditExpert scores are not generated from the FICO algorithm, and thus any simulation is of a FAKO score, and not the FICO scoring algorithm.

[Thomas_Thumb]

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@Anonymous wrote:
Has anyone had success with the CreditXpert What-if Simulator through privacy guard? I’ve heard it is the system mortgage companies use to help boost scores quickly if needed?

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You are correct, CreditXpert is commonly used by loan officers to establish insight into how loan applicants can improve their mortgage scores. I signed up for a PrivacyGuard trial a couple years ago and used the CreditXpert tools.

As others have said, CerditXpert uses a different algorithm than the mortgage Ficos. Nonetheless the tool has merit and I recommend signing up for the trial without hesitation and taking advantage of the tools during the trial. There are many other features that CreditXpert offers but, those are not available directly to consumers. However, those tools are available to loan officers at institutions that pay for CreditXpert.

Below is an older thread on the topic that may be of interest.

https://ficoforums.myfico.com/t5/Mortgage-Loans/How-accurate-is-CreditXpert/m-p/4922715#M206672

https://ficoforums.myfico.com/t5/Mortgage-Loans/How-accurate-is-CreditXpert/m-p/4933059#M207123