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Is FICO simulator accurate at all?

collics
Regular Contributor

Is FICO simulator accurate at all?

Just tried it out to see what I maybe can expect when Navy reports my amex with $5000 line.

that would drop my utilization from 50% to 37%.

 

Fico app says "adding a $5000 credit card" would decrease EQ by 6 points and no change on TU and EX.

BK 7 Discharged May 2014, Expected removal Feb 2024






FICO8s Dec 2019



FICO8s Feb 9 2021


Message 1 of 7
6 REPLIES 6
Girlzilla88
Valued Contributor

Re: Is FICO simulator accurate at all?

@collics     To me a Decrease doesn't sound right but please post an update so we can see honestly I don't look at or rely on the Simulator ^^

 

The only thing I can think of that may drop it temporarily is if the Age was affected by the new addition or it added an inquiry to a spot that tipped it over the fence a bit so to speak XD.     










Message 2 of 7
collics
Regular Contributor

Re: Is FICO simulator accurate at all?

@Girlzilla88  will do!

 

The differences they indicate for these two scenarios are interesting. 

Would have assumed dropping to the next utilization threshold would outweigh the inquiry and new account hit. 


7180BC09-111C-48AD-ACBF-431FDC544FF7.jpeg

 

034E01DC-981D-4E23-BE5F-1C955ACFB763.jpeg

 

BK 7 Discharged May 2014, Expected removal Feb 2024






FICO8s Dec 2019



FICO8s Feb 9 2021


Message 3 of 7
thornback
Senior Contributor

Re: Is FICO simulator accurate at all?


@collics wrote:

Just tried it out to see what I maybe can expect when Navy reports my amex with $5000 line.

that would drop my utilization from 50% to 37%.

 

Fico app says "adding a $5000 credit card" would decrease EQ by 6 points and no change on TU and EX.


It depends on how the boost received for dropping below the 49% util threshold stacks against the number of points potentially lost for adding a new account and lowering AAoA.   If points gained from reduced util exceed those lost for a new account, you'll have a net gain. If points lost for a new account exceed those gained for reduced util, you'll see a net loss.  Or, you break about even.  

 

Simulators should never be relied upon but they sometimes do land in the ballpark.  Differing util or aaoa data between the bureaus could be why the simulator shows no change on TU and EQ.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 4 of 7
thornback
Senior Contributor

Re: Is FICO simulator accurate at all?


@collics wrote:

@Girlzilla88  will do!

 

The differences they indicate for these two scenarios are interesting. 

Would have assumed dropping to the next utilization threshold would outweigh the inquiry and new account hit. 


7180BC09-111C-48AD-ACBF-431FDC544FF7.jpeg

 

034E01DC-981D-4E23-BE5F-1C955ACFB763.jpeg

 


It outweighs the standalone inquiry hit -  the limit increase scenario is assuming an hp is incurred for increasing an existing card - in that case, reduced util would come out on top. 

 

The adding a new account scenario is assuming combo hits to your aaoa, aoya, and an inquiry - which reduced util may not overcome - calculating a 6 point deficit on EX but a break even on TU and EQ 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 5 of 7
collics
Regular Contributor

Re: Is FICO simulator accurate at all?

Thanks y'all! 
at least I'll be prepared for a bit of a decrease when it happens and won't be surprised/bummed. 
Will update in March when navy issues next stmt. 

BK 7 Discharged May 2014, Expected removal Feb 2024






FICO8s Dec 2019



FICO8s Feb 9 2021


Message 6 of 7
BrutalBodyShots
Super Contributor

Re: Is FICO simulator accurate at all?

Many, myself included, have reported simulators to be notoriously inaccurate.

Message 7 of 7
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