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Hello,
A strange thing happened today. I got a score watch alert of a balance increase. I have a credit card, balance went up to $773.00 on an account with $900 limit. Score watch says 2 accounts have balance increases; then lists the same account and same balance twice. Here's the strange part. My EQ FICO went from 585 to 592 due to this increase. Not complaining, but I scanned my CR and could not find anything else changed. Hopefully, when I pay this balance down next week, the score will go up further!
Another question, I like the score watch, is there a comperable service with TU here on MyFICO?........I looked at all the services they offer and it's quite confusing.
OK, I'm off to write about 7 GW letters and get them off in the mail this morning. Wish me luck. Need that 620 for a mortgage ASAP!!!!
I've been getting that as well, two for each credit card....was starting to think I went crazy one day and applied for all the same credit cards I'd already had!
@rlaneville1 wrote:A strange thing happened today. I got a score watch alert of a balance increase. I have a credit card, balance went up to $773.00 on an account with $900 limit. Score watch says 2 accounts have balance increases; then lists the same account and same balance twice. Here's the strange part. My EQ FICO went from 585 to 592 due to this increase. Not complaining, but I scanned my CR and could not find anything else changed. Hopefully, when I pay this balance down next week, the score will go up further!
Ah...the ole' double alert. Within your settings, by default, SW will alert you to an increase based on $x in one setting and also alert you to a balance increase that results in x% increase. So, if that minimum setting is to allow for alerts if your balance increases by $5 and again if it increases by 5%, and if both rules are met, then you will see a double alert for the same account. You can disable one setting if you wanted to.
SW won't alert you to dropped baddies, dropped balances, etc. For the score change, what likely happened is that something improved on EQ resulting in a FICO increase, and your CC increased which triggers a review of your FICO score which resulted in a net increase overall. That one CC alone, especially with a balance increase, wouldn't have resulted in that FICO increase alone (unless you got a CLI). Something else happened.
@rlaneville1 wrote:Another question, I like the score watch, is there a comperable service with TU here on MyFICO?........I looked at all the services they offer and it's quite confusing.
No, no comparable service for TU. I wish they would though. There is a "FICO Quarterly Monitoring" product for TU, but that won't give you any score alerts. It only alerts you to new TU FICO changes once every 3 months, via a new report.
@llecs wrote:
@rlaneville1 wrote:A strange thing happened today. I got a score watch alert of a balance increase. I have a credit card, balance went up to $773.00 on an account with $900 limit. Score watch says 2 accounts have balance increases; then lists the same account and same balance twice. Here's the strange part. My EQ FICO went from 585 to 592 due to this increase. Not complaining, but I scanned my CR and could not find anything else changed. Hopefully, when I pay this balance down next week, the score will go up further!
Ah...the ole' double alert. Within your settings, by default, SW will alert you to an increase based on $x in one setting and also alert you to a balance increase that results in x% increase. So, if that minimum setting is to allow for alerts if your balance increases by $5 and again if it increases by 5%, and if both rules are met, then you will see a double alert for the same account. You can disable one setting if you wanted to.
SW won't alert you to dropped baddies, dropped balances, etc. For the score change, what likely happened is that something improved on EQ resulting in a FICO increase, and your CC increased which triggers a review of your FICO score which resulted in a net increase overall. That one CC alone, especially with a balance increase, wouldn't have resulted in that FICO increase alone (unless you got a CLI). Something else happened.
@rlaneville1 wrote:Another question, I like the score watch, is there a comperable service with TU here on MyFICO?........I looked at all the services they offer and it's quite confusing.
No, no comparable service for TU. I wish they would though. There is a "FICO Quarterly Monitoring" product for TU, but that won't give you any score alerts. It only alerts you to new TU FICO changes once every 3 months, via a new report.
Thanks for the explanation llecs. I had this happen to me also and was wondering why.
Thanks for the reply. Whatever happened to increase my score, that means when I pay that balance back down (next week), my score rill go up even further. Yay