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CreditXpert What If Simulator

Nbenner
Member

CreditXpert What If Simulator

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?
9 REPLIES 9
CreditBob
Established Contributor

Re: CreditXpert What If Simulator

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.
Message 2 of 10
Nbenner
Member

Re: CreditXpert What If Simulator

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.
Message 3 of 10
FireMedic1
Super Contributor

Re: CreditXpert What If Simulator

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.





Homeowner since Sept 2020. My posts are JMHO. My siggy is not to brag. Just sharing my experiences after BK from learning here from rebuild to recovery from the @ 540's.
Message 4 of 10
Civil
Regular Contributor

Re: CreditXpert What If Simulator

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






Message 5 of 10
CreditBob
Established Contributor

Re: CreditXpert What If Simulator

Actually to my experience payoff one credit card and leave a few dollars on the second one.
Message 6 of 10
Riseup16
New Visitor

Re: CreditXpert What If Simulator

What lender did you use?

Message 7 of 10
Titanup
Regular Contributor

Re: CreditXpert What If Simulator

So did you get the results similar to simulator?





img

Fico 9 exp 748 Tu 748
Message 8 of 10
RobertEG
Legendary Contributor

Re: CreditXpert What If Simulator

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.

Message 9 of 10
Thomas_Thumb
Senior Contributor

Re: CreditXpert What If Simulator


@Nbenner 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?

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

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 10 of 10
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