MyFICO simulator

[Ambrosius]

How accurate is the myFICO simulator? Specifically, the  "if I pay down $X of all credit card debt in one month" slide bar. Any experience on its reliability? Trying to balance a few priorities and wondering if this is a useful tool or just unreliable bunk.

[pizzadude]

Recent post on this same question here

[Thomas_Thumb]

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@Ambrosius wrote:

How accurate is the myFICO simulator? Specifically, the  "if I pay down $X of all credit card debt in one month" slide bar. Any experience on its reliability? Trying to balance a few priorities and wondering if this is a useful tool or just unreliable bunk.

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It is limited. Fico looks at:

1. Number of accounts and % of cards with balances.

2. Highest utilization of any credit card.

3. Aggregate utilization

4. Aggregate balance in $.

There are strategies in how to pay down revolving debt relative to thresholds for card utilizations and % of cards with balances. These influence score over and above aggregate utilization.

Based on your slider description; it looks like the simulator is only considering aggregate utilization and total debt in $. 

If you only have 1 credit card then the simulator should be reliable. However, if a profile has 15 cards when 10 are reporting balances, there are many paydown scenerios where scoring outcomes would differ.

[CreditBob]

The FICO score estimator uses generalized information in common situations as a general rule of thumb. To get more accurate feedback, FICO needs to see your current report. With that said, here is a YouTube Video Link. The gentleman actually worked for FICO & Equifax  credit bureau. Even though this video is geared on getting an 850 credit credit score, you an use the same information to go up in FICO score points from were you currently are. In addition to this, I would use the FICO score simulator on the Myfico website or app. I hope this helps you out. 

https://www.youtube.com/watch?v=M53wNlq6sro&t=115s