Just can't get my head around what triggers a score increase. On 3/31 I got an alert that a new acct has been reported to EQ and got a 1pt rise. Today I got another alert that a new INQ appeared on EQ and got a 27pt rise.
CCT has been reporting an increase in my EX score for 3days and nothing on myFICO yet.
My head hurts!!! Palm to face
Not all changes to your CR involve a change in Fico scoring but the triggers for the alerts are here
@Anonymous wrote:
@Anonymous wrote:When you see this:
A new account has been added to your credit report. FICO SCORE CHANGE 569 => 570
Read it this way:
A new account has been added to your credit report. It, along with several other events that didn't trigger an alert, have combined to change your FICO score from 569 to 570.
It actually makes sense this way and what I had read recently. I'm smart enough to know that the other wasn't adding up but caught in the trap of believing that's the way it actually worked.
Many events go on all the time that don't trigger the myFICO alerts and only when one happens that does is the score change shown. The score is actually already changed behind the scenes. That's why people get or don't get approvals based on a myFICO number that they are relying on? Yeah, I get it now.
More that a completely different model was pulled. The only time there are truly major swings that skew a score is when a major change happens on one's credit report... and if you know a major change happened, and you are applying for something that's meaningful (not a CC but I digress) then finding out where you stand on a 3B report isn't the worst idea anyone ever had... or just go roll the dice with the lender anyway.
I can generate enough monitoring alerts to trigger score updates, but the more stable your credit becomes (fewer changes) the less variation there is. I was at 693 on Beacon 5.0 for example after I got the mortgage 7/15; I'm at 694 now /shrug. Things don't move much once you get into the grind.
@Anonymous wrote:
@Revelate wrote:I can generate enough monitoring alerts to trigger score updates, but the more stable your credit becomes (fewer changes) the less variation there is. I was at 693 on Beacon 5.0 for example after I got the mortgage 7/15; I'm at 694 now /shrug. Things don't move much once you get into the grind.
Bingo! I had thought that would be the case.
The higher my scores get the more they will tend to slow.
Getting from mid500's to mid 600's was not so hard but I thought that every few points from this point forward would be long and slow. For that reason I always chuckle when I see someone's goal as 750 within 6-8mths. I think that even if they were at 700 when they posted it they would find the 50pt rise much harder than they think.
Well if I had a clean newish file I could get close to that in a year no problem.
It's a big difference building on a clean file vs. my case where I have major derogatories which seriously depress one's score. I kissed 740 on a FICO 8 model before I got my mortgage, but the highest we've ever seen for example with a tax lien is mid 750's right before it fell off on a likewise highly optimized file... and at that point I still had close to 2.5 years to go before my own tax lien came off.
Or as another look, I just got my lone collection off (still have the tax lien and a 30/60 late on my EX/EQ, plus an extra incredibly stupid 30 day late on TU) and I only gained 4-5 points for it's going away on all 3... very very small and difficult changes until you get clean whereas when 12/2017 comes around, I probably go straight to 780 and that's even with my incredibly ugly installment utilization currently: I'd clear 800 no sweat on a FICO 8 model if I hadn't picked up my mortgageh heh.
As is my signature listing 715 on Beacon 5.0 as a goal is pretty much a Hail Mary: my inquiry counts will be non-trivially lower (but not zero though I didn't know that when I set the estimated goal) and I will cross the 3 year AAOA boundary in a another month or two which will get me something presumably too in addition to finishing cleaning up my reported balances but that doesn't seem to be helping my Beacon 5.0 much. Oh well, it's not like I haven't missed my scoring goals previously and I know the details way way better than the average bear 