Got new CHASE card after MyFico advice from Score Simulator - score went DOWN

[Anonymous]

Yeah, great vague and inacurate advice MyFico.  I wasted the time to get a new card, got approved, and score drops 10 points.  I am in the middle of trying to buy a car, this is not good.  What is the deal with the wrong advice?

[myjourney]

Weclome to the forum 

YMMV but usually when you apply scores will drop 

Sorry if you didn't get a full detailed picture 

In the future ask more questions and be sure you fully understand before making moves 

And so you are aware when the new TL reports you'll see another scoring drop so my advice 

Get the auto loan done now if you can

Again sorry

[Anonymous]

Wise and helpful response from myJourney.

TommyZee, could you explain in detail what happened from your perspective?  It sounds like you feel that that the myFICO Simulator told you that you needed to get a new credit card to improve your score -- you did so and then you had a score drop.

Can you flesh that out a bit more?  Did you purchase the 3B Credit Monitoring product?  And then after that you used the Simulator?  Is that the thing that advised you to get a new credit card?  If so, what exactly did it say?

I'd also be very curious to hear how many (open) credit cards you had at the time that the Sim recomended that you get another one.  Also, do you know what your credit card utilization at the time that the Sim made that recomendation?

Best wishes and we in the forum will be happy to help you moving forward.

[Anonymous]

Hi I have no idea what the sim is.  But I also have little interest in learning jargon proprietary to MyFico and it's product.  I have the 3B report and credit scores.  It states clearly this - "Get a credit card with a 5,000 credit limit." And in the visual graphic of each score it shows that it will improve Equifax 20 points, Transunion 5 points and Experian 10 points.  I got the card with that limit and my scores dropped.  It's that simple.  If there is a more comprehensive explanation to this it should be part of the up front message.  I feel that the way this is presented is irresponsible, and can cause damage to a user's finances depending on the context of their situation.  

Frankly I don't care about what MyFico fans have to say about this in its defense.  I am merely posting this as a warning and complaint to others who might consider using the advice in these reports.  The guidance in that score simulator is mis-leading and vague.  Be warned.  End of story.

[Anonymous]

---

@Anonymous wrote:

Hi I have no idea what the sim is.  But I also have little interest in learning jargon proprietary to MyFico and it's product.  I have the 3B report and credit scores.  It states clearly this - "Get a credit card with a 5,000 credit limit." And in the visual graphic of each score it shows that it will improve Equifax 20 points, Transunion 5 points and Experian 10 points.  I got the card with that limit and my scores dropped.  It's that simple.  If there is a more comprehensive explanation to this it should be part of the up front message.  I feel that the way this is presented is irresponsible, and can cause damage to a user's finances depending on the context of their situation.  

Frankly I don't care about what MyFico fans have to say about this in its defense.  I am merely posting this as a warning and complaint to others who might consider using the advice in these reports.  The guidance in that score simulator is mis-leading and vague.  Be warned.  End of story.

---

Oh my

The two users (myjourney/CreditGuyInDixie) who responded to your post are only trying to help. I have read thousands and thousands of posts (true, I have no life) and can honestly say that when any sort of advice comes from the posters above (and a few others -Yes-Its-Me, UncleB and one more that I can't remember his name at the moment), you can take it to the bank. IMPO, those users ALWAYS give golden advice -best to listen to them when they "speak."

No need to be upset. Almost everyone knows that MyFico scores are flawed -I'm the 1st in line to say it. 

[Anonymous]

---

@Anonymous wrote:

Hi I have no idea what the sim is.  But I also have little interest in learning jargon proprietary to MyFico and it's product.  I have the 3B report and credit scores.  It states clearly this - "Get a credit card with a 5,000 credit limit." And in the visual graphic of each score it shows that it will improve Equifax 20 points, Transunion 5 points and Experian 10 points.  I got the card with that limit and my scores dropped.  It's that simple.  If there is a more comprehensive explanation to this it should be part of the up front message.  I feel that the way this is presented is irresponsible, and can cause damage to a user's finances depending on the context of their situation.  

Frankly I don't care about what MyFico fans have to say about this in its defense.  I am merely posting this as a warning and complaint to others who might consider using the advice in these reports.  The guidance in that score simulator is mis-leading and vague.  Be warned.  End of story.

---

Almost everyone who understands credit and/or participates in myfico forums KNOWS opening a new line of credit may initially drop your scores..

[Anonymous]

Whoa!  You sound a little hostile.  We are just trying to help you out, pal.

Your subject line was:

     Got new CHASE card after MyFico advice from Score Simulator - score went DOWN

So the word "Sim" was short for the word Simulator.  It sounds like it felt to you like I was using weird jargon, but I was just abbreviating the longer word Simulator.  My apologies if it felt strange.

It's funny in a way that you should call the two of us fanboys.  Although I like helping people out here, if someone had to summarize my position on the credit monitoring products that myFICO makes, it would be "moderately critical."  I am on record many times about explaining how they can be unintentionally misleading, and I regularly suggest other alternatives as (in my opinion) much better. 

Indeed, the reasons I asked you the questions I did was to get a better sense of what happened to you so that I could better point out the weaknesses of the products to others.  Hardly the perspective of an uncritical fan intent on defending myFICO.  I am especially worried any time I hear about a credit monitoring service misleading a person into thinking that he needs to add more credit cards to improve his profile.  While that can be the case occasionally, it is true far less often than people are given to think.

[elim]

---

@Anonymous wrote:

Hi I have no idea what the sim is.  But I also have little interest in learning jargon proprietary to MyFico and it's product.  I have the 3B report and credit scores.  It states clearly this - "Get a credit card with a 5,000 credit limit." And in the visual graphic of each score it shows that it will improve Equifax 20 points, Transunion 5 points and Experian 10 points.  I got the card with that limit and my scores dropped.  It's that simple.  If there is a more comprehensive explanation to this it should be part of the up front message.  I feel that the way this is presented is irresponsible, and can cause damage to a user's finances depending on the context of their situation.  

Frankly I don't care about what MyFico fans have to say about this in its defense.  I am merely posting this as a warning and complaint to others who might consider using the advice in these reports.  The guidance in that score simulator is mis-leading and vague.  Be warned.  End of story.

---

Did myFICO product say "Your scores will rise today"?  They won't. You are building a thick, robust Credit File and you just added a great investment to a higher score. It will take a few months to get a return.  Read a bit, It works wonders. 

There are thousands of posters here that have nothing to do with FICO products and are very experienced. You should have included questions to them before proceeding with an app. Your score will rebound with the new card and grow higher than it was.

What are your scores?  

What is your utilization?

Did you report any higher balance on any other card lately?

Did you pay off an existing loan lately?  

Anyway it sounds like you are in complain mode, so when you are done, ask a question and those who have done it many times will give you a close timeline on what it takes to get the card, take the score hit, and watch their scores rise higher than before. They can definitely get you prep'd for an auto loan. If you have the time it takes.

Good Luck    :]

[elim]

He's 20 days into his build. He should be around 800 by now and have Lexus at 0%.  If it was only that easy.

[SouthJamaica]

I have never seen a single post in this forum saying that the score simulator was something that could be relied on for advice.