FICO Score results of new CC

[NYSuperdoodle]

The FICO score simulator on my Equifax FICO report says "getting a new credit card" will lower my score by 15 points. Do they mean that the inquiry will lower my score by 15 points or the report of the new card will lower my score? 

I already have the new card and it's supposed to report tonight. Has zero balance and only a $300 limit. I would hope that the additional credit available (I'm new to the revolving credit game) and zero utilization would actually be a GOOD thing... what the heck? 

Wouldn't any negative impact on my score already be factored into my score with the inquiry? ANyone have any insight on this?

Thanks

[myjourney]

A combonation of both the new HP and a new TL when the card reports which will drop AAoA

[NYSuperdoodle]

Thanks for the reply. What does HP mean?

I'm not too concerned about AAoA as that's already at like 5 months lol. Can't get much lower than that.

[NYSuperdoodle]

Oh wait. HP = hard pull. Yes, but that happened weeks ago. That should already be factored in, shouldn't it? If so, it should be a positive to have a TL with available credit unused, wouldn't you think?

[myjourney]

---

@NYSuperdoodle wrote:
Oh wait. HP = hard pull. Yes, but that happened weeks ago. That should already be factored in, shouldn't it? If so, it should be a positive to have a TL with available credit unused, wouldn't you think?

---

Yes you have taken the hit for the HP already 

However when the new TL reports in most cases unless you have a thick file (CR) you'll take another hit to AAoA resulting in another point loss

The positive from a new TL takes months on that card building history usually 4-6 months

[NYSuperdoodle]

Thanks for the reply.

I guess we'll find out in the next couple of days. A couple of months ago I had no cc's at all. Never saw the need for them, and despite two installment loans that were always paid on time (one 30-day late from a cosign on my ex-wife's car over a year ago... don't get me started), my score was in the crapper - about 545 or so on all 3 CRAs. After getting my CA's all PFD'd, now I'm between 660-680 on all 3 CRAs on FICO pulls and higher on my FAKOs, with my oldest cc report being 2 months old, so I guess there's something the CRAs like.

The main thing I was trying to do was get 3 revolving credit accounts on file, as I've understood that was best for a strong credit profile and I'm trying to get a boat loan. Guess I'll cross my fingers and hopr for the best. 

[Revelate]

Likely will be no change as you have 2 revolving accounts reporting and your AAOA won't change (can't go below 1 year in the algorithm, and anything under 2 years is rounded to 1).

If the additional $300 changes your aggregate utilization calculation by some non-trivial amount, or if another 0 tradeline changes your number of tradelines with balances reporting, then you may see a slight increase but you've already taken the two penalties effectively.

Beyond that what MJ suggested is all correct, just your situation as a thin file is a little different.

[NYSuperdoodle]

That's good to hear. Thanks for the analysis.

My thinking is that with 3 cc's and a LOC from my CU, I can build the score more quickly than if I just kept one or two cc's. I still don't have a LOT of revolving credit - about $2500 or so, but if it shows I can handle multiple revolving lines, I would think that would be a good thing over the next year or so. 

Now if I can only get Ford Credit to GW that 30-day late from last April on my ex-wife's car I cosigned for (and had to take over payments on).