accuracy of myfico simulator

[Anonymous]

Fico simulator is terrible for util predictions on short term activity. I find fico estimator from here more accurate

[languedoctor]

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@golo wrote:

Any updates on this? I'm in the same boat,paid off some CC including a charge off that i suppose was included in the utilz.Also pay my car off,waiting for all that to post hopefully i get an alert,i will post back the results in a week or so in case anybody is interested.Thanks

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I'll be able to update it soon - will have a lender pull within 24-48 hours.

Preliminary estimate is that the score will fall at the lowest end of the FICO simulator range.

I have no idea where TU will fall. I'll be curious to compare the TU98 to the projected TU98 to the actual TU04 -- though extrapolating from my experience may be a bad idea. Other people may have different reasons for differences between TU98 and 04...

[golo]

Thank you! I will post next week as well when i pull mine,we will see if the simulator is accurate.It says that my score which is 608 right now will go between staying the same and up to 623 if i pay down some of the total of the revolving/open account balance.But if i just pay any amount for 1 month it will go considerably higher,it's quite confusing.I will post the updates in case anybody is interested.

[languedoctor]

Good luck on your rebuilding efforts. Can't promise any further updates, after all. I'm done w/ myFICO.

Short version: I learned via EQ that the updates I was waiting on hit my equifax report. I purchased a score power report to use for comparison with the lender pull -- nothing but old info. Called customer service to request a credit for use on a future score power report -- figured I'd wait a day or two. refused. I figured that was an invitation to cancel, so I accepted it.

I have no time or patience for games, so I'll be getting my FICOs directly from EQ from now on. Losing access to an irrelevant TU score is no big loss. Rather than promote myFICO indirectly, I'll find some. third-party message board to frequent.

[languedoctor]

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@golo wrote:

Any updates on this? I'm in the same boat,paid off some CC including a charge off that i suppose was included in the utilz.Also pay my car off,waiting for all that to post hopefully i get an alert,i will post back the results in a week or so in case anybody is interested.Thanks

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OK, I'm over myself. I'm not blessed with a ton of patience to begin with, and the mortgage process has put what little I have under that much more stress.

To recap, EQ simulator projected 650-690 after one month based solely on cc paydowns.

The final result was . . . . drumroll . . . 659. Woohoo!

I knew that 690 was too good to be true, given the sort of negatives that I have. I'll take 659 and be happy. I don't have a closing date yet (mortgage app is in processing), but things look good, per my LO.

[mwmiller82]

Great News Doc!!

[Anonymous]

Great news to hear! I hope that the estimator is good to me as well after my CC bal updates next month.

[DrivenDoctoress]

I wanted to bump this to see if anyone else had updates regarding their "testing the simulator". :-) I am testing it myself. It promises a 40 pt minimum jump on my TU report for paying off total revolving balances, and a minimum 20 pt jump on EQ report. I'll find out in a month... fingers crossed. :-)

[Anonymous]

My results: My was score at 7/01/2012 was 778. I did a simulation to add a new CC account with a $20,000 because NFCU had given me one for the same amount but it hadn't hit the report yet and it said my score would be between 778-758. Then when the new account did hit my score went to 794. I did pay 25% of my debt though. My credit utilization was 19% before the new account and 7% after So that could be it but since my last new account was 4 years ago before the NFCU account SO I would have thought it would lower my average age and thus lower my score lower than the credit utilization boost from the new account. I'm curious to see what it will do when The PenFed card I just got for $18,000 hits next month. The simulator says 764-794 we will see. BTW, I'm using EQ not TU.

[Kozmo]

Ever try using Amex's credit secure ? It's even worse. First off their fako scores are not even working correctly. On top of that the simulator is dead. No matter what positive change you make like lowering your util from 50 to 10 it shows your score as still being lowered by doing that. Waste of time and money