Experian Score Planner?

[AzCreditGuy]

My action plan is different than Experian, but how accurate is the score planner? I am looking at the plan and this might be were my lost pts are at since the real balance is $1,024.  My current score is 789 and in 3 months it seems I would gain 25 pts??

[Anonymous]

Well, this is just another form of a simulator and all of them IMO are notoriously inaccurate.  I wouldn't trust it.  However, such a score gain could be possible, but we'd need some more information regarding your loan utilization.

Do you only have 1 open installment loan?  If so, what is its current balance and what was its original balance?  Crossing under 10% overall installment loan utilization could result in a score gain similar to what you referenced. 

For example, if this original loan was for say $1200, you currently owe $1100 and paid down $1000, you'd be left with $100.  You'd thus move from 92% installment loan utilization to 8% installment loan utilization.  A shift such as this could in theory produce such a gain.  It would have to be your only open installment loan though, or if you have multiple open loans you'd have to calculate your before/after overall utilization for loans to see if you'd end up going from over 10% to under 10%.

[Anonymous]

Never been accurate for me either. I find that the most accurate one is the one offered by MyFico.

[AzCreditGuy]

Well it seems it only took a couple of days to get over 800 and not 3 months...

[RonM21]

I was one who also would've said the simulator is certainly not accurate and more anecdotal. But nice to see the score jump +21 in a short time anyway, right!! Congrats on that.

What changed to cause the jump?

[AzCreditGuy]

@RonM21 Aging and 2 accounts at 0% balance, seems I got nice bumps on all 3 https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Aging-period-and-how-Fico-reacts/td-p/61...

[RonM21]

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@AzCreditGuy wrote:

@RonM21 Aging and 2 accounts at 0% balance, seems I got nice bumps on all 3 https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Aging-period-and-how-Fico-reacts/td-p/61...

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Cool. I just read followed up on that thread. That's interesting if in fact that's what took place is that one card hitting 6 years caused the +21 result. Everyone's individual file is different, and maybe that's just how the bureau reacted to yours. But hey, great positive news!!

[Anonymous]

I have not heard of 1 card reaching 6 years of age resulting in any score gain / definitely not 21 points.