I got a myfico alert that said my personal finance accounts had decreased by $516. i just trying to understand why i got this alert. I'm assumimg they mean my car loan (we only have one open car loan and open credit cards). But I'm not sure why I got it. My loan payment is less than $300 (I usually pay $300+) so the dollar amount doesn't make sense even if it's reporting two months at one. Although the total they show still outstanding is the correct loan amount still owed. Could it be that the overall utilization (81%) of the account dropped down below a threshold or ???? I'm stumped. Not sure I'll ever totally understand the FICO alerts at all.
Thanks, I see what your saying but I think the thing that most confuses me is that this CB has never use the terms "Personal Finance account" when sending alerts for lower balances, payments etc...so it threw me, especially since the amount doesn't add up to the account that I thought they might be refering to. I've checked all my payments and nothing totals that amount, guess I should go back and see if any two payments total that amount....nah, I'll just move on...not that big a deal, just trying to understand it all better. :-)
@Anonymous wrote:You got the alert because your account reported a lower balance. This is normal from what I understand, as I believe you get alerts any time a balance reports lower than it did previously. Others with memberships can weigh in more on this.
That being said, it's really up to you to determine which account reported a lower balance. You'd think at that amount, > $500 it would be pretty easy to see. Can you see your account balances now and compare them to what they were a month ago? If not, how about using a free credit monitoring service like Credit Karma or WalletHub to see which balance reported lower now rather than having to wait?
@Anonymous wrote:You got the alert because your account reported a lower balance. This is normal from what I understand, as I believe you get alerts any time a balance reports lower than it did previously. Others with memberships can weigh in more on this.
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That's pretty much it. Every month, a few days after the statement closures, I get some alerts saying my individual account balance or overall balance of accounts has increased/decreased. It doesn't mean much, overall util is still 2-3%, but often comes with a FICO 8 score update, because I happen to be on the edge of one bucket or another with a couple of the rating agencies.
@Anonymous wrote:What type of account is this that you think the alert is referring to? It sounds similar to a consumer finance account (CFA), something like you'd get if you used in-store financing for something like some furniture at a furniture store or a piece of electronics somewhere.
That's my exact question. It's not phrased like my other alerts which just say "an account", this one says Personal Finance account.
Hmmm....Care Credit, Mattress on payments? Two months of care credit payments could come close to that amount. Mattress, not even close, haven't even paid that much on it yet, so can't be that. Except I've been paying on the Care Credit since last August and this is the first (myfico) alert that uses that term....
