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Accuracy of gmatclub GMAT Score Estimate?

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Does anyone know how accurate the gmatclub GMAT Score Estimate is? I've just started my prep, a couple of days ago I attempted ~60 questions across all categories (PS, DS, CR, SC, RC) with varying difficulties. According to the error log I got about 20-30% 700 correct, 50% 600-700 correct and 60-70% sub-600 correct (My timing was around 1:10 for both correct and incorrect). After 24 hours my score estimate was 540.

I am waiting on a number of books that I ordered to arrive in the mail, so I am trying these questions with no prep just to get a feel of GMAT questions. I recognised that I struggled a lot with those initial 60 questions so the next day I attempted another 60 questions but only sub-600 difficulty. I separated those 60 questions into an equal split between the 5 categories. In addition, I also deleted all previous entries in the error log. My timer averaged around 55-70s for each question.

I managed about 85% correct answers for my questions (verbal was much better), and my score estimate was given as 490 (Q32, V25). The next day I attempted another 60 sub-600 level questions, I kept the previous questions in the error log and my correct % dropped to 83%. But after 24 hours my score estimate dropped to sub-450 (Q27, V23). Yesterday I did another 60 sub-600 questions and my correct % remained at ~83% but when I checked my score estimate today it had dropped even further to sub-450 (Q21, V21).

Today I will be planning to attempt 60 questions at 600-700 level and check how much this influences my score estimate tomorrow. As I said I am only beginning my prep (exam date is not for months!), I have not read any books except "MGMAT GMAT Roadmap" so I am not stressed about my score (yet!).

Are these sub-450 scores because I am only attempting sub-600 questions? Or is it because one needs to get 95-100% correct on this level before the score estimate would improve above 500/550?

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