My FICO simulator

[Anonymous]

How accurate is the my Fico simulator? I was recently at 98% UTI on all my cards (30,000). I paid off recently 22,000 of my debt getting most of the 4 cards that I have under 20%. My credit score hasn't updated yet. According to the simulator I should see about a 50 point jump. Does that seem right?  I'm hoping to get my score up so that I can do a balance txfer of the remaining 8,000 I owe. I know there are several other factors but just wondering if anyone has had any experience with using the simulator? 

Thanks 

[Anonymous]

It's very possible you'll see a big jump in your scores because you paid down your utilization. As far as being an exact 50 point increase, that I don't know. You take a heavy penalty when you report high utilization especially when your cards are maxed out. MyFico will update about a few days to a week after your statement cuts and creditors report to the CRA's.

[Anonymous]

Going from 98% utilization to under 20% will definitely result in a significant score boost provided no other changes occur (ie negatives). Just how much is profile dependent. Taking a guess 45/50 points maybe. 

[donkort]

It probably depends upon the quantity of the lessened debt, as well as the utilization percentage.

Recently, I went down from 60% utilization to 4% utilization through paying off $40,000 in debt.   This resulted in, approximately, an increase of 110 points across the board.  From the 670s-680s to the 780s and one 790 (all FICO 8 scores).  No derogatories.  A $65,000 student loan present.

The simulator was slightly off----it predicted approximately 10 more points than what I got across the board.

Still, I find the MyFICO Simulator to be better than at least most other simulators.

[Anonymous]

I think using the FICO estimator, which actually looks at a number of factors instead of one, is probably a better ballpark but the reality is that it's all pretty inaccurate. Just gotta get your real scores.