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.
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.
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.
My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
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