Anybody follow the FICO score simulator for accuracy?

[Mindnumb]

One month ago, my TU said if I paid down $ 5,000 my score would be 625-660, from 585.
I did, it has been reported and my score is now 612, or a 2/3 of the projected mimimum increase. In school, 2/3 was a 67, was an F.

It also said (one month ago) if I paid down $ 16,000 at that time, my score would be 665-705. I did, but the additional $ 11,000 has not reported yet, but my current simulaton tells me I can expect a score of 632-672, down 33 points.

Equifax offered similar results a month ago, but now it shows the additional $ 11,000 may or may not change my score. I'm sure I'll save a boatload in interest and its the smart thing to do, but I couldn't keep my job with if I wasn't more accurate than this.

The only other change in my report was an old lien (2000) was removed.

[Tuscani]

It is somewhat accurate. But only to be used as a reference guide.

[Anonymous]

Mind numb, did you notice that is said over a period of 24 mos?  The time factor also needs to be considered because it also gives your accounts time to age.  A fast payoff will never give you the results of a payoff over the long haul simly because time is the best factor in determining responsibility in managing credit.

[Mindnumb]

Thanks for asking, but I used the one time pay-down projection for all. The over 90%, over 24 months projections are similar to the original over 90/24 projections and very promising. But for this excersise, I was looking for the best things I could do over the short term. I am dissapointed because of the large drop in projected potential results for no readily available explanation.

IMO, as an accountant/auditor by trade from a family of engineers, the change in potential results does not condem a forumula, but it definitely opens it up to further scrutiny.

I was hoping to find the results of others that may have had.

[Anonymous]

I'm wondering if the lein played a big part in the credit hx portion of your profile. Do you have many other positive trade leins that could have offset that loss of hx? Another cc that was opened that long and with the same amount or more as a limit? Also, the simulations are good but I believe there are other factors. Like when you paydown by $5000 where it goes like a certain cc may cause you to have a higher increase than another or an exact combination. Unless this was all on one item. Which then I would ask which section of the simulator did you use since it sounds like your referring to an installment loan and I don't remember seeing that part of the simulator. The simulator has a part for revolving debt can you specify a little more?

[MercyMe]

Sigh ... paying everything off, all at once, never worked for me.  Something always seemed to happen that made it necessary for me to "charge" that which  I could have paid cash for, had I not sent all of my money to the CCC, hoping beyond hoping for a substantially higher credit score, which just never happened.  Silly me.

[Anonymous]

Things happen so don't beat yourself up. When you can send an extra $10-20 whatever you can afford even if you just made a payment. Try not to use the cc for regular purchases and before you know it your util will come down. I know it is hard to have patience sometimes I just want to throw in the towel but I also know the rewards down the road are so much better!!!

[MidnightVoice]

The simulator never worked for me.  It promised great things if I am a good boy, I did everything it said, and my actual score bears no relationship to the calculated score.  It seems way to generous in what it says will happen if you follow the rules.

[smallfry]

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@MidnightVoice wrote:

The simulator never worked for me. It promised great things if I am a good boy, I did everything it said, and my actual score bears no relationship to the calculated score. It seems way to generous in what it says will happen if you follow the rules.

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I tend to agree that the sim is much too optimistic about your score. I'll let you know if it works for me in about four months when my actions take full effect. I have a very thin file so there is no well this aged or that happened. If anything my car loan is aging to my benefit and my utilization on revolving debt will have gone from very undesirable levels to 1%. I'll let you know. I'm at 682 on EQ and TU. 674 on EX. The sim says my actions should put me between 722-762. I doubt that very highly. I haven't had a late since BK 7 years ago. Nothing not even my $10 cooking gas bill. So we're gonna take the sim for a test drive but my feeling is I will be lucky to be over 700 by the end of the year.

[MidnightVoice]

I think one aspect MIGHT be that when one looks at the paying off debt option it assumes that is the only thing causing one's score to be low.  My score is currently 50 points below where it "estimated" it would be if I took certain actions.

That and today's message when I tried to use it:

"myFICO.com is experiencing technical difficulties at this time. Please check back later"