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How accurate are credit score simulators?

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Quick Answer

Credit score simulators produce estimated credit scores that are fairly accurate, according to Consumerist. These simulators typically ask users around a dozen questions about aspects of their creditworthiness to produce an estimated credit score.

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Full Answer

Credit score simulators, which are available at sites such as Bankrate, myFICO and Credit Karma, are useful for consumers preparing to borrow significant amounts of money for purchases such as homes or cars, Consumerist points out. Those seeking their actual credit scores can sign up for a credit monitoring service from one of the major credit bureaus, or they can apply for a loan and ask the lender for their credit scores.

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