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Fico score simulator

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Frequent Contributor

Fico score simulator

I pay for the package that gives the 3 fico 8 scores, but then has the like 15 different ones that update quarterly. The fico score simulator only goes off the quarterly scores. How does that help? I want to know what will happen to my scores right now if I performed one if the actions listed. If I open up a new card, I don't need to know how my scores from 2 months ago would be affected, I need to know what happens to my current scores. Is this how the product is supposed to work?
Message 1 of 14
13 REPLIES 13
Legendary Contributor

Re: Fico score simulator

Yes, it is intentional.

 

The FICO scoring models are protected as trade secrets, not under patents.

Thus, they must prevent the ability to reverse-engineer the algoritms.

They therefore present scenarios where time and multiple scoring parameters are always a factor, thus preventing one from gaining specifics about the innards of the algoritms by a few repeated runs.

 

Message 2 of 14
Senior Contributor

Re: Fico score simulator


@ncochran1989 wrote:
I need to know what happens to my current scores.

There's no good way to determine exact point impact.  A person familiar with a model and data points may be able to make a guess and you can get yourself to a point where you can have a very rough idea of scoring impact.  However, your score after opening doesn't really matter much unless you intend to open additional credit accounts after that.  If you're not intending to apply for more credit then your profile will probably recover from the short term negative impacts in a relatively short (for the credit world) period of time.

 

If you need help then ask us and we can chime in but you're not going to find what you're looking to find.  Understnding FICO Scoring would be the best place to ask such questions.  Make sure you mention the specific scoring model.  FICO doesn't have just one model and different models evaluate report data differently (and can have differing scoring ranges).

Message 3 of 14
Established Member

Re: Fico score simulator

They also need a reason to charge you for the 3b reports and what not.... If it ran the credit simulator off your current scrores  instead of a month or 2 old ones then there'd be no justification for you to pay for the updated scores..... So the choice is to wait on your quarterly update or pay extra for instant gratification.... "That's how they get ya!!!"    :Smiley Sad

Message 4 of 14
Frequent Contributor

Re: Fico score simulator

Yeah I actually really liked Myfico and now I'm beginning to think twice. I have paid the $29 a month for several months and just now realized after my American Express application how lagged the scores really are. My free credit scores through my credit card updated in the morning and these ones don't update till evening or later. Also the simulator of course is frustrating. Right now I can't even see my scores after signing up. I thought it was pretty real time but it's not as good as I thought it was. They need to do some updating to keep my business. The thing with the AmEx really made me mad because I applied for an AMEX card when my score was 24 points lower than what I thought it was. :-( frustrating.
Message 5 of 14
Frequent Contributor

Re: Fico score simulator

A lot of people talk crap about Credit Karma but in reality it's free to the consumer, has updated information and at least some sort of score that fluctuates whether it's real or not. When I'm paying $360 a year for something that is not always correct it's frustrating. With technology the way it is now a days there's no reason you have late information
Message 6 of 14
Frequent Contributor

Re: Fico score simulator

I use credit karma as well. Myfico has worked well for me for the past couple months. I had a lot change and it was cool to see my score rise consistently, but I can get TU from my barclaycard, and my new Credit union gives me eq montly. KC gives me free reports weekly. Just need to get EX and I think I'm able to get Ex at a discount, sooooooo.
Maybe I'll keep this product for a little longer. I do like the fico 8 updates, but the simulator is pretty useless when the credit info it's using is 2 months old and the balances aren't correct.
Message 7 of 14
Frequent Contributor

Re: Fico score simulator

Are there any other products that provide score simulation capability?

Message 8 of 14
Legendary Contributor

Re: Fico score simulator

The only product that can simulate a FICO score is the one produced by Fair Isaac.

Others dont have access to the actual innards of the proprietary FICO algorithm.

Yes, others provide score simulators, but they are evaluating the taste of Pepsi, not Coke.

Message 9 of 14
Legendary Contributor

Re: Fico score simulator

The only product that can simulate a FICO score is the one produced by Fair Isaac.

Others dont have access to the actual innards of the proprietary FICO algorithm.

Yes, others provide score simulators, but they are evaluating the taste of Pepsi, not Coke.

Message 10 of 14
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