Credit simulator shows 50 point decrease when opening a card?

[Anonymous]

I was trying out the simulator on this site for Equifax. It shows I will take a 50 point hit if I open a new credit card. How accurate is the simulator? I am planning to apply for a couple credit cards soon. If I take that big a hit, I might hold off applying for a few months.

[CH-7-Mission-Accomplished]

Ignore that estimator.  You might lose 5 points or 8 points for a new card, but you also might gain 10-20 points if you onlu have one or two cards reporting.

50 points is just not going to happen unless it's combined with a late payment or very high utilization.

[icebox702]

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@CH-7-Mission-Accomplished wrote:

Ignore that estimator.  You might lose 5 points or 8 points for a new card, but you also might gain 10-20 points if you onlu have one or two cards reporting.

50 points is just not going to happen unless it's combined with a late payment or very high utilization.

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i agree!

[Anonymous]

I'm not sure but I had two new accounts added the first of February and my TU score took a 50 point dip. My utilization was 15%, no lates, baddies or anything. I about died. I went from 680 to 629. :/

[Anonymous]

Thanks for the information. How long does it take for a credit app to report on the credit reports?

[racer-x]

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@Anonymous wrote:

Thanks for the information. How long does it take for a credit app to report on the credit reports?

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No way of knowing exactly.. I've seen some cards report before the person actually receives the card in the mail....others take 3 months to report.

In general, though, depending on when the statement will cycle, I'd guess 2-6 wks.

[Anonymous]

Synchrony and Barclay's usually report before you have card in hand while companies like Chase, Capital One and Comenity took months to report for me. I think Citi may have reported fairly fast too but of course it depends and as always YMMV.

[takeshi74]

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@Anonymous wrote:
I was trying out the simulator on this site for Equifax. It shows I will take a 50 point hit if I open a new credit card. How accurate is the simulator?

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Think of it this way: FICO's algorithms are only known to FICO.  Equifax does not generate FICO's.

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@Anonymous wrote:

Thanks for the information. How long does it take for a credit app to report on the credit reports?

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Depends on what you mean by "credit app".  HP is immediate.  How long it takes for the account to report can vary as stated above.