FICO Simulator

[roniram]

My current FICO scores are 635 EQ, 609 TU and 664 EX.  According to the FICO simulator, if I can get my balances down to the optimal 1-9%, my FICO scores would rise to 740 EQ, TU 689, and 769 EX.  I don't have any lates, but one collection on TU from 2013 that I plan on paying off.  Do these new scores sound realistic?  My AAoA is 4 years, and I have about 11 credit cards with no lates.  They are all rebuilder cards, and I am looking forward to "graduating".  I had a 1 1/2 year reduction in income, but I will be able to payoff my cards in the next few months. 

So, does it look like these scores might be realistic?  I'm hoping so, because I am tired of these toys limits! 

[Anonymous]

What's your current utilization percentage?

[NRB525]

I too am hoping that the simulator works. I can't vouch for it yet, because I haven't gotten my open balances down to the target yet.

[roniram]

My current utilization is about 82%. With about $8400 total credit. 10 inquiries in the last two years, and 1 new account in the last 12 months.

[bdhu2001]

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@roniram wrote:

My current utilization is about 82%. With about $8400 total credit. 10 inquiries in the last two years, and 1 new account in the last 12 months.

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If you get your utilization down from 82% it will have a dramatic impact.  Especially if you pay all cards, except 1 down to zero balance and keep that card below 10%. 

Everyone's mileage will vary, but I'll give you my situation. In March 2014, my EX bank enhanced FICO score was 751.  I looked on the internet and saw that I needed a score of 760 to get the best interest rate for buying a house (this is before I knew the many flavors of FICO.  I saw FICO and thought hey that's my score). 

Next I researched to see how to increase my score quickly and found a lot of advice on how to increase within 30 days. I developed a payment plan and then decidied to take money from savings and do the rest with income in April. When I got my EX FICO score from FNBO in May, my score was 808 ( I paid all cards to less than 30% and used income to bring some down to less than 25%).

Then I read that you get an extra boost for paying off cards and I paid the cards off in May (continuing to charge on FNBO and AmEX, but paying off by due date. Thus they continued to show balances reporting even though I wasn't paying interest and paid in full each month).  

My EX FICO score from FNBO in June was 837. (It might have been higher had I not started house hunting and got hit for a bunch of inquiries and April and May.  Anyway I kept using real Estate brokers to pull my credit, until I purchased my new home and I now sit with 13 inquiries on my record.  Only 1 inquiry was for a new credit card. Two were for CLI and the rest were real estate.  

Two days ago I purchased myFICO EQ and thus have access to the simulator.  The only thing I can do to improve my score now (according to the simulator), is continue to pay on time and wait. My EQ score only got to 797 on myFICO and 780 for mortgage (Beacon FICO 04).  It currently shows 767 on myFICO and will go up to 822 in 18 months.  The slider shows 24, but when you move it to the left, you can see when is the earliest estimate to get that score. 

Fortunately, it shows that in 3 months my score will be 782;792 in 6 months; and 812 in 12 months. As you can see from my signature, I plan to be in the garden until 6/2016 so I'll see how accurate the simulator ends up being.

Best of luck to you.

[KatieKatie]

I would say that it is not entirely accurate.  I simulated reducing my credit card balances by $27k.  At the time my EQ had dropped to 581 because of a recent collection, my Transunion was at 626, and Experian was 633.  The simulator predicted my scores would be 656, 701, 708 respectively.  I did reduce my balances by this amount, additionally the collection account was deleted from Equifax.  My scores are now 672, 703, and 666.  The other activity that the report reflects are inquiries for my car loan and new credit cards.  By far, the largest discrepancy appears to be with the Experian score, and while I'm sure some points were lost as a result of inquires it's hard to imagine they accounted for a score of 666 versus 708, as the new accounts have not shown up yet...

[roniram]

Well, it appears it was pretty accurate for you Katie.  It was a little conservative for two, and appeared to overpredict for just one of your scores.  If my scores end up anything similar, I will be happy with the results.  Those kinds of scores will allow me to obtain the type of credit cards I have always wanted, but up until the last couple of years, never knew how to obtain. 

[Anonymous]

I have a clean file with 1 collection left on Exp and run optimal utilization with considerably shorter AAoA and my scores are 734,719, 688. 5 cards 2 open installment loans. So I would vote yes, those numbers seem well within reason. I generally let discover post 6-9 percent util (1-2 percent overall util) all other cards post 0 balances but are used monthly. Inq are 7 (4 last 12 months) 7 (4) 6(5).