I have a new auto loan which hasn't reported.
I input the auto loan into the FICO 8 simulator, and it indicated a 35 drop in EQ and 30 point drops in EX and TU.
I then reduced the size of the loan to $1000, and then increased the size of the loan to $100,000, and the indications never varied.
Doesn't exactly inspire confidence in the simulator.
I enjoyed the Cap1 simulator...paying down to 2% dropped me 26 points. Paying on time for 24 months dropped 4 points. Apparently I've been rebuilding incorrectly this whole time
Starting TU: 536
@JustinA wrote:
I enjoyed the Cap1 simulator...paying down to 2% dropped me 26 points. Paying on time for 24 months dropped 4 points. Apparently I've been rebuilding incorrectly this whole time
@JustinA wrote:
I enjoyed the Cap1 simulator...paying down to 2% dropped me 26 points. Paying on time for 24 months dropped 4 points. Apparently I've been rebuilding incorrectly this whole time
You will be rewarded for your indiscretions. 
As to the same scoring, an installment loan is the same scoring, regardless of amount (though mortgages are scored in a different bucket, I think). That is why the secured installment reindeer game works.
@Thomas_Thumb wrote:
@SouthJamaica wrote:I have a new auto loan which hasn't reported.
I input the auto loan into the FICO 8 simulator, and it indicated a 35 drop in EQ and 30 point drops in EX and TU.
I then reduced the size of the loan to $1000, and then increased the size of the loan to $100,000, and the indications never varied.
Doesn't exactly inspire confidence in the simulator.
Apparently I need an up-to-date product from MyFICO to use their simulator (I am not a subscriber to a monthly service).
I did give the CK VS 3.0 simulator a try for auto loans - The simulator feels I would benefit from getting a loan [I do have a rather thin file]. Here are the results:
1) Current CK TU VS3 = 829
2) VS3 with $5k loan... = 833
3) VS3 with $10k loan. = 832
4) Vs3 with $15k loan.. = 831
5) VS3 with $25k loan. = 830
6) VS3 with $35k loan. = 829
7) VS3 with $50k loan. = 828
1. Funny you did that. I did that too, today, and according to CK's Vantage 3.0 simulator my Vantage score wouldn't change. I wonder why the massive difference between FICO 8 and Vantage 3.0, and I wonder whether the massive difference will play out when the loan actually hits.
2. I hope you don't use that Vantage simulator as an excuse to go out and get a car you don't need If so, I hope you'll follow Vantage's prudent advice to stick with the cheapest car
My car is 10 years old and on average I get a new car every 10 years. However, I can get more points on VS (5 to 7 both according to the simulator and verified with actual data) by increasing my reported CC utilization to 4% from 1%. That I can do quite easily without any lingering debt obligations. 
@Anonymous wrote:I actuallly use Experian which will give you updated scores all the time. I like that conceipt better. And I can get all 3 ficos when I want to. And the simulator actually is pretty darn accurate! Almost right on the money. I would definitley think they will be a difference in your scores depending on your loan. We're going for an equity line of credit right after the new year and I'm scared to death what that will do to our scores. Have my eye on the new 2018 BMW X5M down the road.
Wow, I didn't realize Experian had a simulator. Thanks for that info
I plugged it in, and got the same result I got in MyFICO: a 35 point drop in FICO 8. And there too the score drop was the same whether the amount of the loan was $1000 or $100,000.