Your credit score can affect many financial decisions you make in your life, which is why it’s a good idea to keep it in a desirable range.
Our credit scores reflect our financial standing and can typically change after we make a significant financial move such as making a big purchase. So, often we don’t realize that a decision we’re making now can cause our score to plummet.
Luckily, you can make smart decisions with a credit score simulator. This simulator can use your current credit information to allow you to test the outcomes of potential actions before making a big commitment.
How Does a Credit Score Simulator Work?
Using information from your current credit report, the credit score simulator estimates how your score would change if any variables in the report were to change. It gives you an idea of what to expect.
Are Credit Score Simulators Accurate?
Credit score simulators can be fairly accurate in their estimation.
If the simulator estimates that your score will rise, there’s a good chance that your score will rise and vice versa. However, the exact number of points by which your score will rise or fall can vary.
Keep in mind that a simulator estimates what can happen. It doesn’t guarantee that its results will reflect reality.
What Scoring Model Does the MyScoreIQ Credit Score Simulator Use?
The MyScoreIQ Credit Score Simulator uses the FICO® Score model. The simulator uses credit information from all three major credit bureaus: Experian, Equifax, and TransUnion.
How Long Do Credit Score Changes Last?
Score changes do not last for a definite period. Instead, it varies from person to person. For example, changes from a hard inquiry are likely to not last as long as changes from a missed mortgage payment.
Your best option is to keep a regular check on your credit report.