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How will certain actions affect my credit score?

  • Updated

You can see how certain actions might affect your credit score using NerdWallet’s Credit Simulator. This tool uses simulations to help you understand how your score might change if, for example, you open or close a credit card, raise your credit limits or get a mortgage or loan.

To use the Credit Simulator from the mobile app

  • Open the NerdWallet app (sign in if you aren't already) and tap the Credit Score section at the bottom of the screen.
  • Scroll down to the Credit Simulator.
  • This will take you to cards showing possible actions, like “Open a credit card with a credit limit of $X,” and “Apply for new credit cards.”
  • Try inputting different amounts in each of the fields that appears in gray, then click, "See the change." You’ll then see the estimated effect on your credit score represented by the number at the top of the screen.

Note that the predicted score changes generated by the Credit Simulator are estimates only, and are not guaranteed.

For more in-depth information about how different actions can impact your credit score, check out these NerdWallet articles:

 

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    Nanna_ One Love

    You may want to stop recommending the Capitol One Spark Credit Card. Here's why: Capital One decreased my credit limit because I have not been using my credit card lately and/or using enough of my card's credit limit. I guess it does not matter to them that the interest rates & inflation are extremely high at this time. Prior to the election, this is not a day and time someone wants to increase credit card debt. However, my credit limit was decreased by $4000. Capitol One seems to want their customers to struggle or be in debt with high credit card interest rates. Why else would they do this, and so close to the holidays? And yes, my FICO score and credit report took a negative hit (loss points) for what Capitol One did. They also do not specify to the credit bureau in their report the reason for the decrease which can then be interpreted as the decrease being a result of delinquent payments, missing payments, or other negative account history. So, for anyone who is planning on getting a Capital One credit card, be ready to either set yourself up to stay in debt with them with high interest rates, maxing out your credit card, or them punishing you for not doing those things by decreasing your credit limit. Either way, Capital One hurts your credit in the long run rather than helps it. By the way, I have perfect credit/account history.

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