topic Re: How much worse can it get? The sim is murmuring sweet nothings at me! in Understanding FICO® Scoring

How much worse can it get? The sim is murmuring sweet nothings at me!

haulingthescoreup — Sun, 08 Jun 2008 15:13:55 GMT

OK, here's a chance for the FICO sim lovers and haters to vent.

I'm waiting out new-account-itis and letting my scores recover. While I was playing with the simulator what-if's (basically 760's in a year or less with the BT card paid off), I tried the "get a new credit card with a limit of ________" option. To my astonishment, the projected score range didn't change; in other words, no impact.

My assumption is that I now have so much new credit that another one isn't going to make it any worse.

This despite the fact that on the first screen of my reports, the Amount of New Credit shows "not good" for TU and "BAD" for EQ. (I'm kinda excited about being called "bad.")

As Timothy said elsewhere, the sims are pretty good on predicting scores based on util and age. Has anyone done any before and after with the get new credit option, and was it even remotely accurate?

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

Anonymous — Sun, 08 Jun 2008 16:04:51 GMT

Hauling,

I did play with it but I had a short thin file that didn't have my mix maximized. It projected a range that was slightly more negative than positive and after getting a bank CC and a store card I had a slight gain on 2 of 3 scores (due to slightly better util and increased mix for a store card).

It is possible that it would barely hurt you....though you might go to "BAD" on the other two bureaus too. If your mix is maximized and you already have a good number of tradelines I would expect a small hit unless your average age is so deflated it just won't matter.

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

MidnightVoice — Sun, 08 Jun 2008 17:35:29 GMT

@haulingthescoreup wrote:
OK, here's a chance for the FICO sim lovers and haters to vent.

I'm waiting out new-account-itis and letting my scores recover. While I was playing with the simulator what-if's (basically 760's in a year or less with the BT card paid off), I tried the "get a new credit card with a limit of ________" option. To my astonishment, the projected score range didn't change; in other words, no impact.

My assumption is that I now have so much new credit that another one isn't going to make it any worse.

This despite the fact that on the first screen of my reports, the Amount of New Credit shows "not good" for TU and "BAD" for EQ. (I'm kinda excited about being called "bad.")

As Timothy said elsewhere, the sims are pretty good on predicting scores based on util and age. Has anyone done any before and after with the get new credit option, and was it even remotely accurate?

It does not matter

YOU ARE NOT GETTING NEW CREDIT

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

haulingthescoreup — Sun, 08 Jun 2008 18:18:50 GMT

I knew I'd stir you up.

Just a little research, to satisfy intellectual curiosity!

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

MidnightVoice — Sun, 08 Jun 2008 20:12:47 GMT

Once my score was highish (mid 700s) I got new credit without much damage.

But it is preventing my score going up until it ages.

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

smallfry — Sun, 08 Jun 2008 21:08:17 GMT

New credit card did not decrease my TU May to June. 731-731. New accounts dropped from 13-7. Ut. still 1%. I even checked to see if letting 5 of 8 open accounts had any score effect. None. Sim had predicted a 10 point point loss in lower and top of the projected score range. Credit at a glance went from good to not good with the addition of the new account. Not seeking new credit was still shown as a positive since there were no new inquiries on TU.

I either got no credit for new accounts aging to 1 year or I got it a month early in May. OTOH maybe I would have gotten an increase this month if there were no new accounts and I had only let 3 of 8 accounts report. Hope this helps.

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

MidnightVoice — Sun, 08 Jun 2008 21:52:01 GMT

I have noticed that some of my reports (EX and EQ) list the opening date as the 1st of the month in which it was opened.

So if I open it on the 31st, it is a month old next day

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

smallfry — Sun, 08 Jun 2008 22:14:32 GMT

@MidnightVoice wrote:
I have noticed that some of my reports (EX and EQ) list the opening date as the 1st of the month in which it was opened.

So if I open it on the 31st, it is a month old next day

Possible but that doesn't explain the continued strange goings on over at EQ.

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

MidnightVoice — Sun, 08 Jun 2008 22:26:28 GMT

I have given up trying to explain this lot. I just behave as logically as possible and hope I get it close to right!

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

smallfry — Sun, 08 Jun 2008 22:29:10 GMT

MidnightVoice wrote: I have given up trying to explain this lot. I just behave as logically as possible and hope I get it close to right!

That's all you can do. I never use cash anymore. I pay all my bills online using my credit cards. Utilization under 2% always. Not much else you can do is there?

Message Edited by smallfry on 06-08-2008 06:29 PM

Re: How much worse can it get? The sim is murmuring sweet nothings at me!

Junejer — Mon, 09 Jun 2008 02:00:09 GMT

@smallfry wrote:

MidnightVoice wrote: I have given up trying to explain this lot. I just behave as logically as possible and hope I get it close to right!
That's all you can do. I never use cash anymore. I pay all my bills online using my credit cards. Utilization under 2% always. Not much else you can do is there?

Message Edited by smallfry on 06-08-2008 06:29 PM

Nope, gotta let them age. I recently lost 35 points on EQ, due to a bunch of new accounts hitting (four or five) in the last month (still a couple to report yet). Avg age went from 6 yrs. to under 5. 775 to 740. Sim states it will take some time to get back up to 780 range. Oh well, I am done hunting for credit for now anyway.