01-14-2013 03:39 PM
So I paid down my three credit cards and 2 of them have reported and my score has popped back up to 758. I assume it will rise again in a few days when the other one reports on the 21st. Rather than charging a card to get a score alert, I changed the score number that would trigger a alert. I set it at 737. Thank you everyone for your input. I guess I must have just reached the tipping point along with my student loan. I hope others will learn from my experience, I know I have. I continue to work to be debt free. My goal is 10 years to pay off my student loan and home loan. I've already cut 7 years off of my 30 year loan by just adding an extra $100 per month! I hope now that I have all my credit cards paid off I will be able to double up on my mortgage and get it down below 15 years! Good luck to all in your quest to be debt free!
01-15-2013 06:02 AM
You ALWAYS want to set SW to alert from your current score. If you score is 758, set it to 758.
SW does NOT continuously try to calculate scores. It may automatically calculate once a month or so and notify you of a score change. Mostly it just calculates a score when one of the other triggers are tripped. This is why I say SW stinks as a monitoring product. Great for a real score but not great at monitoring since it doesn't trigger when an account reports a lower balance or other positive factors.
01-16-2013 09:37 PM
01-17-2013 06:31 AM
SW uses Beacon v5.0 aka EQ FICO Classic 04. This was developed 1998-2000 so is unchanged for well over a decade.
Again, it isn't the dollars of the change but is other factors such as number of accounts. The algorithm is designed to catagorize risk of major delinquency and it is difficult to separate "very low risk" from "even lower risk". 794 is almost to the point where it fails to improve at all. Your "goal score" can't be attained at all and there is effectively no difference between 790 and 800 and 810.
The goal of new algorithms is to quantify risk at the other end. They are trying to qualify more acceptable borrowers without increasing the unacceptable borrowers.
People will fabricate all kinds of silly theories but virtually none are based on facts.
04-18-2013 08:25 PM
Well it's been 4 months since my score took a major drop and I just recently made it back to 794! No diffences in my credit outside of all my cards are paid off. So I guess having many accounts even with small amounts took my score down due to the one fact that I have a new loan and it has a high balance.