the simulator was wrong.

[Anonymous]

I added a second credit card because the simulator said it'd raise my score by 20-50 points.

It just started reporting, and instead of gaining, I lost six points.  And it's not because of the inquiry - I pulled a score after the inquiry and there was no change.

I'm not loving the simulator so much anymore. 

[guiness56]

IMHO, there are way to many variables to use a "simulator" to see how a score will do or not.

[Anonymous]

I would think if I had the formula for the actual Fico (Which MyFico does),  they could make a pretty darn accurate Simulator..

[guiness56]

You would think.  But the simulator has never even been close to what actually happens when I pay something off.  But again, it is only a simulator.  It really depends on what is going on with your credit on the day you did the simulator and the day the event took place.  You can not simulate that.

[llecs]

---

helplessintn wrote:

I added a second credit card because the simulator said it'd raise my score by 20-50 points.

It just started reporting, and instead of gaining, I lost six points.  And it's not because of the inquiry - I pulled a score after the inquiry and there was no change.

I'm not loving the simulator so much anymore. 

---

Did anything else happen on your CR to warrant a drop other than the new account (updated baddie, added late, removed OC acct, etc.)?

You mentioned that you have one CC, do you have any other CCs? Do you have any other CCs reporting a balance (e.g. CC COs)?

Good news is the new credit damage will wear off and you'll slowly see gains over the next 6 months or so with a small bump at the 1 yr mark. On avg. I have lost 20-25 pts per new CC. Unfortunately I lost 50 and 51 points (EQ and TU) when my last new CC reported.

[Anonymous]

Thanks, llecs. 

Nothing else changed.  My EQ score went down six points, my TU score had no change at all (though I expected it would drop, because it dropped my AAoA from 6 years to 5 years - I was okay with that, because it would have dropped in the next few months anyway with some baddies coming off).  The TU score probably didn't drop because the help to my util probably offset the ding to my AAoA.

I had no credit cards and opened two within a couple of months of each other, because I need my score to go up in hopes of getting a mortgage this time next year.  I wouldn't have opened it if I knew it was going to make matters worse.

On both reports, amount of new credit went from 'good' to 'not good.'

Message Edited by helplessintn on 09-09-2009 09:33 AM

[llecs]

Sorry that happened. You'll at the very least break even before the new year.

[Anonymous]

Question;

Did the new Card come with a Balance from Fees, Setup Fee, Annual Fee, ETC?   If so,  that might skew the first months Utilization % numbers..