How many points do you think I will gain

[sassymomof2]

Soooo I applied with BOA for a morgage pre-qual. The LO said I need a 620 and proof that my judgment has been paid. I ran the FICO simulator and it gives me a range of 587 to 617 if I open a card with a 300 limit. For TU it suggests a range of 631-661. I opened an Orchard Bank card with a $300 limit and the judgment should be updated soon. How much of an increase should I expect to see? The low end or the high end?

[sobreezy]

The reason why no one can truly answer this question is because you have tons of varying factors that can affect your score.  It will depend on whether that judgement will still be shown on your CR and also how much you will spend on the CC.  Even if we knew your entire credit history we'd have to know which formula will be used to give you your score.  Hopefully you see the increase that you desire. Goodluck

[llecs]

Ditto. Too many variables. I remember having zero CCs and applying for my first after a 7 yr credit hiatus and that first netted 30+ points IIRC. The second a little less and the third a lot less, but a gain nonetheless. FYI on Orchard, though, it'll take up to two months to report. They report the balance you had on the last biz day of the month after the first statement cuts. If you got the card now, it won't report until mid August and will report the balance you had July 29. If looking for a card that reports fast, consider BofA secured (about 2-3 weeks IME anyway). In fact it'll report before you even receive the card. There are other secured products out there, but can't comment to the reporting speed.

[sassymomof2]

Thanks you guys! Just got the Orchard card today. I guess I have to go ahead and make a deal with the devil. I mean sign a lease renewal for another 10 months with a rent increase. I will try the BOA secured card. Wonder why the LO didn't tell me about it. Thanks a lot guys. And I will post what my score does or doesn't do.

[llecs]

BofA is one example (they do often deny for a secured card though). If not there, try your local bank or CU or look around. There are others like Citi or CapOne, though I can't speak to their secured programs.

[sassymomof2]

Update. EQ updated today to reflect the card. My fico is now 601. 19 more points to go.