Fico simulator?

[Anonymous]

Simulator Results

Your current FICO® Score is:

616

Your simulated FICO® score would be in the following range:

686 – 716

Apply for and Receive a New Credit Card With a $300 Limit

Consumers seeking and obtaining new credit are generally riskier than consumers who are not. The impact on your FICO® score will vary depending on your current credit profile. The score takes into consideration the level of your existing credit history (recently opened files vs. more mature files for example), the amount of recently opened credit you currently have on file and other factors.

This simulation is based on your applying for and receiving a new credit card with a limit of at least $300.

Bottom Line: Only apply for credit that you really need. The sudden ramp up of new credit in a short period of time can have a more substantial impact on your score.

Does this seem right? Should I expect that much of an increase or is this based on paying the card on time for 24 months or something? Anyone seen a big jump in scores when opening their first credit card?

[Anonymous]

Opening your first (and second, I think) cards should increase your score.   30% of your score is based on your utilization, i.e., your % used of revolving (read: credit cards) credit.  10% is based on your mix of credit.  You improve both of these by acquiring your first card.  People who already have accounts on their reports are dropping their average age of accounts when they open a new card. 

[Anonymous]

You'll get the best FICO impact when opening your first CC, if you choose to open a bank/national CC.

DH's score went up 29 points when he had no open CC's and opened an Orchard card.

My score increase was 20 points.

Both of us had several other CC's reporting on our CR's - however they had all been closed for some time.

[Anonymous]

I expect some increase, maybe 20-25 points, but the simulator says my score will go up 70-100 points, It would be great if it is accuarate but I'll be happy with anything that gets me above the 620 score I'm shooting for.

[AndySoCal]

Most of the time the simulator will give you a time period needed to get the results of the action or actions(s).

[Anonymous]

Yea, I'm not sure about that aspect of it. It says "seek new credit" and I opted to apply and receive w new cc with a $300 limit. With that being said maybe it's over a 24 month time period, but who knows.

[RobertEG]

The FICO simulator is intentionally vague, gives projections for only one category of improvment at a time, and then only over long periods of time.

The FICO simulator wont permit you so see the multiple interaction of different changes made to different scoring categories, and certainly not to isolate one change over a short period.

The FICO algorithm is a proprietary trade secret.  The more specific it gets, the more it subjects their scoring algorithms to "reverse engineering," and thus loss of their business value.  It just wont happen.  It is a very, very general tool.