EX Credit Simulator Accuracy?

[credit2019]

Does anyone know how accurate the Experian credit simulator is?  I am pretty discouraged if it is.  It basically says that if I pay off every card and add $3500 to my secured credit card limit, in 6 months I'll have a 669, which is still awful.  I have no late payments, just one medical collection filed 3 years ago that looks like it's going to stay after dozens of disputes and paying a credit place to try to get it deleted which was entirely unsuccessful.  I have student loans with a perfect payment history, 9 open credit cards, and I have 0 lates on my record.

Considering that some people here have built 6 figure credit portfolios in 18 months, it seems like my scores, according to this simulator, no matter what I do, will still suck.  I'm hoping someone can tell me these things are not accurate.

[Remedios]

Simulators are notoriously inaccurate. The results you're  getting are only based on utilization changes, it does not account for presence of derog, not future score changes around the derog. 

Is this a paid collection? 

[credit2019]

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@Remedios wrote:

Simulators are notoriously inaccurate. The results you're  getting are only based on utilization changes, it does not account for presence of derog, not future score changes around the derog. 

Is this a paid collection? 

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It's not paid, firstly because it isn't accurate, and second because it wouldn't make any difference in the score (at least on Fico 8, which is the one that matters).  It's only like $900, and I could afford to pay it in full.  I would do it in a heartbeat, if they'd PFD, but this specific company has a policy against PFD, and they have fought tooth and nail to keep it on my record.  Last resort I suppose would be to ask the original creditor to recall it, but at 3+ years old, that's a long shot.

[Remedios]

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@credit2019 wrote:

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@Remedios wrote:

Simulators are notoriously inaccurate. The results you're  getting are only based on utilization changes, it does not account for presence of derog, not future score changes around the derog. 

Is this a paid collection? 

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It's not paid, firstly because it isn't accurate, and second because it wouldn't make any difference in the score (at least on Fico 8, which is the one that matters).  It's only like $900, and I could afford to pay it in full.  I would do it in a heartbeat, if they'd PFD, but this specific company has a policy against PFD, and they have fought tooth and nail to keep it on my record.  Last resort I suppose would be to ask the original creditor to recall it, but at 3+ years old, that's a long shot.

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What is inaccurate about it?  You said you disputed "dozen times", was this directly with CRAs? 

It would make a world of difference if it was paid, providing inaccurate info has been corrected. It may keep updating  till it falls off and during that time, your score will be further depressed every time it updates.

Eventually, current CA may sell this debt. When and if they do, next CA reporting will repeat the same process. I would not expect significant score changes for as long as this remains unresolved one way or the other. 

Maybe a decent compromise would be to negotiate a settlement amount once inaccurate info is corrected. 

[credit2019]

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@Remedios wrote:

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@credit2019 wrote:

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@Remedios wrote:

Simulators are notoriously inaccurate. The results you're  getting are only based on utilization changes, it does not account for presence of derog, not future score changes around the derog. 

Is this a paid collection? 

---

It's not paid, firstly because it isn't accurate, and second because it wouldn't make any difference in the score (at least on Fico 8, which is the one that matters).  It's only like $900, and I could afford to pay it in full.  I would do it in a heartbeat, if they'd PFD, but this specific company has a policy against PFD, and they have fought tooth and nail to keep it on my record.  Last resort I suppose would be to ask the original creditor to recall it, but at 3+ years old, that's a long shot.

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What is inaccurate about it?  You said you disputed "dozen times", was this directly with CRAs? 

It would make a world of difference if it was paid, providing inaccurate info has been corrected. It may keep updating  till it falls off and during that time, your score will be further depressed every time it updates.

Eventually, current CA may sell this debt. When and if they do, next CA reporting will repeat the same process. I would not expect significant score changes for as long as this remains unresolved one way or the other. 

Maybe a decent compromise would be to negotiate a settlement amount once inaccurate info is corrected. 

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I don't want to get into specific details, since I may wind up suing the CA as a last resort after the hospital that initially sent this to collections tells me they can't or won't recall it.  Suffice it to say, there are inaccuracies in their report, and may be violating HIPAA as well.  I have disputed it numerous times directly with CRAs, complained to the CFPB, etc.  Then I went to a credit repair place and paid them because they claimed in YouTube videos that it was really easy for them to get medical collections taken off, and that failed as well.  Each time, the system automatically responds that it's accurate to the CRA/CFPB, and that's that.  I am caught in an infinite loop and nobody is actually looking at any of the disputes, and I imagine they won't unless/until they get served with a lawsuit.

How much do you think a $900 medical collection that is 3 years old is actually dragging my score down? 

[Remedios]

If it's the only negative, at minimum 50-60 points. 

[credit2019]

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@Remedios wrote:

If it's the only negative, at minimum 50-60 points. 

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Yep, it's the only negative.  Wow, I didn't realize it was that much.

[Remedios]

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@credit2019 wrote:

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@Remedios wrote:

If it's the only negative, at minimum 50-60 points. 

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Yep, it's the only negative.  Wow, I didn't realize it was that much.

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Yeah, that much 

I am not advocating you pay something that's inaccurate. Ideally, the info would be corrected and then you could make a decision on what to do with it. Without more details on what you think is inaccurate, there is really no way to opine on how to proceed with correcting the info.

Good luck and I do hope this gets resolved for you. 

[Anonymous]

I advised a family friend who had an account (medical) that he was disputing that went to collection. Was on his file for 2 years. 

Told him to contact the hospital that initiated the collection process.  They referred him back to their collection agency.  After he had several conversations with the collection company, I suggested he contact the collection agency owner with a factual, documented set of case notes (presenting a factual case, not a pleading of emotions). The owner said it was 'out of his hands', and the matter would have to go back to the hospital in question. 

He asked the CA owner to provide the name of whom within the hospital to talk.  Once he contacted the hospital directly and got the correct person, I advised my friend that he send the same documented case notes to the hospital, and cc the CA owner, and his attorney so that every party saw and could respond to the same set of facts.  I further suggested using quid pro quo (this for that): he had his lawyer compose an executable agreement between all parties.  The hospital and CA would immediately remove and expunge the collection and all negative information in exchange for a modest payment that immediately using his credit card.

The entire process took 30 days.

And yes, his score jumped 100 points.

[Anonymous]

I recently found a piece of paper where I wrote notes about what Experian's score predictor told me in November 2018 (6 months ago). 

I had a score in the mid-500s then. Experian told me that in 7 months (which would be one month from now) I would have at most a 640 FICO. I reached that score a few months ago and am now at 655 FICO for Experian. So yeah, their predictor isn't that great. 

In my case, I think time has had a lot to do with it (more months removed from my baddie) as well as lowered debt and utilization. (My util is still high, but much better than 6 months ago!)