How accurate is the score simulator?

[jmontes77029]

Hello, this is my first post in the forum after spending several weeks reading through the posts. Great information in there. What I want to know is how accurate is the Fico Score Simulator? My current EQ score is 603. The simulator states that if I pay down my credit cards by 90%over the next 24 months( I know I have high Util but I am working on paying down) my score would jump to between 753-793. Is that really possible to have that high of a jump? 

[Anonymous]

In my limited experience with it I'd have to say its not totally correct.  For example, my score simulator was suggesting 813 to 830 for a projected score if I paid off two loans..  I did that an the score only jumped to 798 (not whining about that, just not the 800 land that the simulator suggested).   Now I do have one inquiry that is showing up as a negative aspect so that may be holding it down but for that one inquiry to count for 15 or more points?  I don't think so..

YMMV of course..

[MarineVietVet]

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@jmontes77029 wrote:

Hello, this is my first post in the forum after spending several weeks reading through the posts. Great information in there. What I want to know is how accurate is the Fico Score Simulator? My current EQ score is 603. The simulator states that if I pay down my credit cards by 90%over the next 24 months( I know I have high Util but I am working on paying down) my score would jump to between 753-793. Is that really possible to have that high of a jump? 

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Hello and welcome to myFICO.

First of all remember that this is called a simulator for a reason. It's not meant to be exact but from reading lots of opinions about it I think it works reasonably well. It will get you close and perhaps that's all you can ask of it.

The faster you can get your overall and individual revolving account utilization to <9% the faster your score will improve because utilization is 30% of your total score. Pay everything down just as quickly as you can. I've never been sure why the "over the next 24 months" notation is even in there.

What is your overall and individual utilization right now? Depending on what those are and If you have no negatives reporting I would think you could get a nice boost by lowering your balances. Exactly how much I won't attempt to guess at because everyone's situation is different

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[smallfry]

I think the over the next 24 months takes into account an improvement in AAofA.

[MarineVietVet]

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@smallfry wrote:

I think the over the next 24 months takes into account an improvement in AAofA.

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That makes sense but I still think (could be just me of course) that the way it's presented it could make some people think that it's not possible to improve a score quickly and it always takes that 2 year period.

When in fact lowering your utilization can often result in score increases in only one month once all the information updtaes through the CRA's.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[jmontes77029]

My utilization is very high right now (90%). I am working on paying that down. I have about 3 years with my credit cards and have never had a late reported on them. I i have 3 baddies reporting and I had two accounts that were past due but had not been sent to collections or reported to any of the 3 credit bureaus. One was for T-mobile for ETF which I paid directly to T-mobile as it had not been assigned to collections. The other was for Green Mountain Energy for $314.77 which I also paid. I have been trying since a few months ago to repair my credit. I paid off those 2 accounts because I did not want 2 more new neg items on my reports. I am now taking my credit seriously and I believe by paying those 2 items off before being placed in collections I am off to a good start. I am learning a lot by reading this forum. In my opinion it is the best site out there by far. Any other info would be greatly appreciated.

[smallfry]

I think the FICO Estimator is very accurate if you are totally honest. I usually gives you a 50 point range. Some of the questions also give you some insight on what you should be trying to do to improve. Probably the surest way to get your score up other than keeping U down is to only apply for cards that you will use. Plan your applications intelligently. You really only need a half dozen cards on the outside. Try to stay away from the store cards the gas cards and if you are rebuilding only go for 2 at the most. If you have the money you can get your utilization down but if you mindlessly apply for all sorts of jink your AAofA will be hurt for a good long time. Avoid the application/approval addiction. 

[jmontes77029]

Great info! I really appreciate it.

[MarineVietVet]

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@jmontes77029 wrote:

My utilization is very high right now (90%). I am working on paying that down. I have about 3 years with my credit cards and have never had a late reported on them. I i have 3 baddies reporting and I had two accounts that were past due but had not been sent to collections or reported to any of the 3 credit bureaus. One was for T-mobile for ETF which I paid directly to T-mobile as it had not been assigned to collections. The other was for Green Mountain Energy for $314.77 which I also paid. I have been trying since a few months ago to repair my credit. I paid off those 2 accounts because I did not want 2 more new neg items on my reports. I am now taking my credit seriously and I believe by paying those 2 items off before being placed in collections I am off to a good start. I am learning a lot by reading this forum. In my opinion it is the best site out there by far. Any other info would be greatly appreciated.

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You were absolutely correct in doing that. The lates are a bad thing but a collection and/or charge off is even worse.

You can try and get those lates removed early by sending what are called GW (Good Will) letters to the creditors and literally asking for their good will in deleting those lates early. Otherwise they will stay for 7 years from each individual date of delinquency.

You can do a search here onsite for a particular creditor and see how others have approached them with GW's and how something might work and might not work. You can also start a thread in Rebuilding Your Credit with some of your details and see what suggestions you might get.

Good luck to you.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

Because your utilization rate is 30% of your score, it could be very likely as long as the cards are open, revolving, with good payment history and the age of the credit remains the same. There are many factors in the calculation of the score each month, so each month it could change based on age, mix of credit, inquiries, utilization, and pay history or collections.