I was playing around with the planning tool on the Experian website.
My current Fico there is 824, a little low because I currently have all
accounts reporting zero utilization. I thought the difference the planning
tool predicted my score would go to by apping for a new credit card vs
a new store card was interesting.
Current score = 824
App for a new credit card = 819
App for a store card = 809
Seems like Experian sees store cards as a bigger down than they do for
a credit card. I don't necessarily believe it and I'm not apping for anything
at this time anyway. Interesting none the less.
+
850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP
I'm dinged on my reports for a "consumer finance account" which presumably is my sole Retail Card (Walmart).
It's been theorized and sideways stated once by a FICO employee that national bank cards > store cards, but it's pretty inconclusive in the anecdotal data. That said, the simulators are dubious but it's an interesting distinction being made as presumably it has some algorithmic merit or it wouldn't be there in the first place.
