topic Re: Score Simulator and First Premier in Understanding FICO® Scoring

Score Simulator and First Premier

1gr8deal — Wed, 17 Aug 2011 03:05:32 GMT

On the Privacy Guard Score Simulator if I delete the First Premier credit card account from any one of the 3 CRA's it causes my score to go up any where from 19 to 40 points????

This account is paid as agreed has a $800 credit limit and has never been late. It has a payment history over 1 year.

Why would my score be penilized for having this account?

Re: Score Simulator and First Premier

Anonymous — Wed, 17 Aug 2011 05:02:06 GMT

Is it hurting your AAoA significantly?

Re: Score Simulator and First Premier

1gr8deal — Wed, 17 Aug 2011 15:55:25 GMT

Not particularly, it is not the newest account I have. As a matter of fact it is the first account I was able to open post BK. So I don't think that is the issue. If I remove any of the other cards the simulator makes no change or drops the score a few points. But for the First Premier card it shoots the score up +19 to +39 points depending on which bureau.

Re: Score Simulator and First Premier

llecs — Wed, 17 Aug 2011 15:59:43 GMT

Thankfully FICO doesn't behave that way. Your FICO score should remain the same assuming your util isn't negatively impacted. Don't put too much trust into a FAKO score for reasons like this.

Re: Score Simulator and First Premier

Anonymous — Wed, 17 Aug 2011 16:01:48 GMT

@1gr8deal wrote:
On the Privacy Guard Score Simulator if I delete the First Premier credit card account from any one of the 3 CRA's it causes my score to go up any where from 19 to 40 points????

This account is paid as agreed has a $800 credit limit and has never been late. It has a payment history over 1 year.

Why would my score be penilized for having this account?

That doesn't make any sense, sounds like very bad advice to me... maybe try it with one of the FICO simulators?

Re: Score Simulator and First Premier

Booner72 — Wed, 17 Aug 2011 18:35:46 GMT

My LO told me that she has repeatedly seen score dings when a First Premier card is on the report. She says "They don't like First Premier" - I really doubt this is a fact, but it might explain something. Weird.

Re: Score Simulator and First Premier

kjm79 — Wed, 17 Aug 2011 23:23:33 GMT

When FICO provideds a score it doesn't look at "First Premier Bank", it sees "credit card". I don't see how FICO would ding you for the First Premier Card, it's not listed as a "consumer finance account" is it? Those can ding your score for as long as it's reported? But the bank issuing the card wouldn't ordinarily ding your FICO score.

Re: Score Simulator and First Premier

Booner72 — Thu, 18 Aug 2011 01:38:10 GMT

I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.

Re: Score Simulator and First Premier

Anonymous — Thu, 18 Aug 2011 04:07:17 GMT

@Booner72 wrote:
I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.

I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

Re: Score Simulator and First Premier

Booner72 — Thu, 18 Aug 2011 04:36:28 GMT

True that Stan! I can't WAIT to get rid of this piece of crap!

Re: Score Simulator and First Premier

1gr8deal — Thu, 18 Aug 2011 16:18:04 GMT

@llecs wrote:
Thankfully FICO doesn't behave that way. Your FICO score should remain the same assuming your util isn't negatively impacted. Don't put too much trust into a FAKO score for reasons like this.

Yes it is a simulator tied to a FAKO score but it freaks me out a little to see the score go up so much by deleting the account. I guess I will just ignore that for now and work on paying the balance off and consider closing the account. How will that affect my actual FICO score? I really don't want to keep paying the fees associated with this card but if it is a big negative to my score to close it I will keep it at least until I purchase a home later this year.

Re: Score Simulator and First Premier

1gr8deal — Thu, 18 Aug 2011 16:21:54 GMT

@kjm79 wrote:
When FICO provideds a score it doesn't look at "First Premier Bank", it sees "credit card". I don't see how FICO would ding you for the First Premier Card, it's not listed as a "consumer finance account" is it? Those can ding your score for as long as it's reported? But the bank issuing the card wouldn't ordinarily ding your FICO score.

No, the account is listed as a revolving account and appears among my other credit cards on my report. I have not seen any reference to a "consumer finance account" but I will check to see for sure.

Re: Score Simulator and First Premier

kjm79 — Thu, 18 Aug 2011 16:23:04 GMT

@Anonymous wrote:
@Booner72 wrote:
I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.
I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

Exactly. Typically, people with lower scores have less options for getting credit and then the vultures appear, like First Premier. People have First Premier because of their lower scores, having a First Premier card doesn't lower your score.

Re: Score Simulator and First Premier

1gr8deal — Thu, 18 Aug 2011 16:26:27 GMT

@Anonymous wrote:
@Booner72 wrote:
I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.
I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.

FP was the only card to give me a pre approved offer after my BK7 discharge and unlike the usual offer from them this one had a bit of meat to it. The initial cl was $700 and the set up fees were only $75 ( and best of all the card is purple!) so I ended up taking the offer but it does have an annual fee and high apr. so I would like close it at some point. It was a good jumping off point and has served me well except for this little issue!

Re: Score Simulator and First Premier

Anonymous — Thu, 18 Aug 2011 16:50:04 GMT

@1gr8deal wrote:
@Anonymous wrote:
@Booner72 wrote:
I know, but my LO are on a daily speaking basis, and she's talked to me twice now about she repeatedly sees low scores w/ a First Premier on the report.
I believe that's a function of the people who must do business with FP, rather than the other way around.

FP should be a lender of last resort, given the other options out there.
FP was the only card to give me a pre approved offer after my BK7 discharge and unlike the usual offer from them this one had a bit of meat to it. The initial cl was $700 and the set up fees were only $75 ( and best of all the card is purple!) so I ended up taking the offer but it does have an annual fee and high apr. so I would like close it at some point. It was a good jumping off point and has served me well except for this little issue!

I've defended FP's business model many times, particularly since 40% of their accounts older than 1 year end up having a CO. However, if you have money to open a secured card, there is at least one bank that will issue a secured card with relatively low fees, reporting to all three bureaus and that doesn't require a credit check to open the account.