Hey All. So finally after 2 years of carrying about 30k in CC balances and 10k in personal loans, I was able to pay off EVERYTHING this month, 34k 🤮. 0 balances across the board.
Looking at the simulator for where my score would go to doesn't seem to be as high as I would expect. Currently 645 and it says I would be 738 afterwards. How accurate is that simulation?
5 year oldest account
2.5 year average
A few of my CL were decreased by the lenders over time for holding high balances everywhere.
The concensus seems to be literally all simulators are worthless, and personally, I agree.
FWIW, I'm kinda-sorta under the impression all of the simulators out there are Vantage 3.0, which is euphamistically called the FAKO score, I do not believe there is even a single FICO simulator as developing such a model would be stupid complex.
Long story short, ignore the simulators.
Not accurate at all. Also, be sure to not let all credit cards report zero balance as you incur an all-zero penalty from FICO. Let at least one card report a small, $10-$20 balance.
I'm talking specifically about the simulator in myFICO. I don't even look at their sites scores or sims, it's all junk.
For me, the MyFico simulator was accurate. It correctly predicted that my serious delinquency (seven 30-day lates) would cap my score at 768. And it correctly predicted that once the serious delinquency aged off my score would surge to 847.
The MyFico simulator, I suspect, becomes less accurate as you employ more variables. For this reason, I kept it simple, using only the "age" simulation.
Yeah I'm thinking if anything it may be low balling. I had 10 accounts all at 90% or better. I'm hoping for 760+