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MyFICO Credit score simulator scam!

Regular Contributor

MyFICO Credit score simulator scam!

I tested this so-called simulator and riddle me this...  Why if I "pay down CCs balances $500/mo" for just 1 month, i get a 30pts bump up in score but if I chose "pay down CCs" with the same $500, I only get a 5 pts bump.  Go figure?

Message 1 of 22
21 REPLIES
Community Leader
Senior Contributor

Re: MyFICO Credit score simulator scam!

Scam? A scam is a fraudulent scheme for some kind of gain. I'll give you that it might not be accurate, but I don't believe it meets the definition of a scam.


Current Scores------ EQ 680; TU 658; EX 684 FICO 08--- Gardening 5/25/18 to 5/25/19
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

Take the myFICO Fitness Challenge
Message 2 of 22
Regular Contributor

Re: MyFICO Credit score simulator scam!


tjmolly wrote:

I tested this so-called simulator and riddle me this...  Why if I "pay down CCs balances $500/mo" for just 1 month, i get a 30pts bump up in score but if I chose "pay down CCs" with the same $500, I only get a 5 pts bump.  Go figure?


In first scenario, you are simulating two factors; balance and length of time, while in the second, only balance. It may seem trivia to you, but in statistical models its not.

Is there something significant happening in 1 month time? Such as account aging, inquiries aging, etc?
Message 3 of 22
Regular Contributor

Re: MyFICO Credit score simulator scam!


Bella007 wrote:

Scam? A scam is a fraudulent scheme for some kind of gain. I'll give you that it might not be accurate, but I don't believe it meets the definition of a scam.


Pardon my hyperbole, Bella.  I'm a little disturbed by what I see as a poorly designed simulation product.

Message 4 of 22
Regular Contributor

Re: MyFICO Credit score simulator scam!

I just don't see how paying $500/mo. only once over a 30day timeframe vs paying $500 once now makes for a 20+ pts difference (it won't even update for a month anyway).  Seems flawed somehow, but whatever.  It's a game and MyFICO is the winner either


rizfico wrote:

tjmolly wrote:

I tested this so-called simulator and riddle me this...  Why if I "pay down CCs balances $500/mo" for just 1 month, i get a 30pts bump up in score but if I chose "pay down CCs" with the same $500, I only get a 5 pts bump.  Go figure?


In first scenario, you are simulating two factors; balance and length of time, while in the second, only balance. It may seem trivia to you, but in statistical models its not.

Is there something significant happening in 1 month time? Such as account aging, inquiries aging, etc?


way. 

Message 5 of 22
Moderator

Re: MyFICO Credit score simulator scam!


tjmolly wrote:

I just don't see how paying $500/mo. only once over a 30day timeframe vs paying $500 once now makes for a 20+ pts difference (it won't even update for a month anyway).  Seems flawed somehow, but whatever.  It's a game and MyFICO is the winner either


rizfico wrote:

tjmolly wrote:

I tested this so-called simulator and riddle me this...  Why if I "pay down CCs balances $500/mo" for just 1 month, i get a 30pts bump up in score but if I chose "pay down CCs" with the same $500, I only get a 5 pts bump.  Go figure?


In first scenario, you are simulating two factors; balance and length of time, while in the second, only balance. It may seem trivia to you, but in statistical models its not.

Is there something significant happening in 1 month time? Such as account aging, inquiries aging, etc?


way. 


Meh, I view the simulator as just more encouragement to do the right thing (pretty up your credit profile and / or pay off credit card debt from a financial perspetive... 0% financing not withstanding) anyway Smiley Happy.

 

It's not very accurate on short time horizons when I tried it, we just don't have much visibility into it though I know a lot of work went into it.  I'm pretty certain I could find more idiosyncracies if I tried but end of the day it doesn't matter and it's certainly a bit of hyperbole in describing it as a scam.

 




        
Message 6 of 22
Community Leader
Senior Contributor

Re: MyFICO Credit score simulator scam!


tjmolly wrote:

Bella007 wrote:

Scam? A scam is a fraudulent scheme for some kind of gain. I'll give you that it might not be accurate, but I don't believe it meets the definition of a scam.


Pardon my hyperbole, Bella.  I'm a little disturbed by what I see as a poorly designed simulation product.


It's all good. Smiley Happy It just wasn't clear that your intent was hyperbole. Certainly when I read it, I took it that you were actually accusing MyFico of a literal scam. 

 

+1 to what Revelate said.


Current Scores------ EQ 680; TU 658; EX 684 FICO 08--- Gardening 5/25/18 to 5/25/19
Beginning Scores-- EQ 632; TU 576; EX 619 FICO 08 (06/13/16) - BK7 discharged 11/2015

Take the myFICO Fitness Challenge
Message 7 of 22
Super Contributor

Re: MyFICO Credit score simulator scam!


tjmolly wrote:

I tested this so-called simulator and riddle me this...  Why if I "pay down CCs balances $500/mo" for just 1 month, i get a 30pts bump up in score but if I chose "pay down CCs" with the same $500, I only get a 5 pts bump.  Go figure?


Simulators aren't accurate.  If they "get it right" it's a coincidence as they take into account maybe 10 pieces of profile data when there are an infinite amount of pieces of profile data out there with respect to one another.  There's no scam.

Message 8 of 22
Contributor

Re: MyFICO Credit score simulator scam!

Lol, something that's programmed in a crappy way isn't a scam. The sims are really more of an educational tool rather than an accurate predictor, anyway.

Starting: EQ - 562, TU - 556, EX - 527
Current: EQ - 663, TU - 623, EX - 634
Goal 2017: All 660+



Garden Status: Gold
Message 9 of 22
Regular Contributor

Re: MyFICO Credit score simulator scam!

Yes I know.  I put "scam" in the title to draw attention to my concern.

Message 10 of 22