01-29-2013 06:05 AM
My wife and I have a joint card with Home Depot ,we received a rather hefty(for us) increase on the card,going from $700 to 1200. My wife's myFico account was updated Friday but mine has not, what could cause this? She also got a nice +45 point FICO jump.
01-29-2013 06:47 AM
01-29-2013 07:39 AM
I'm guessing you are using ScoreWatch? SW doesn't alert you to CLIs or balance decreases, but will alert you to balance increases. So, if the CLI occurred w/ a balance increase on the latest statement you should have received an alert at about the same time as your spouse for the balance increase at the least. If your FICO score changed at the same time as the balance increase, then SW would throw out your latest EQ FICO along with the alert.
Not every drop in util will result in a change in score though. I've hit the same percentages that you have with no FICO score change. Everyone's credit is different and responds differently based off what is reporting already. For example, a 45 pt jump is very impressive and assuming that the CLI was the only change on her report it would mean that util was much, much higher on hers than yours. That extra $500 made a big impact and probably changed her util by 50% I'm guessing. Conversely, your util changed less than 10% by the CLI and that may not have been enough to move your scores. It's always a YMMV thing. I once paid down util from 89% to 1% and saw an increase of 125 pts on EQ FICO. Someone else could do the exact same with the exact same balances and see less than half of a gain if other factors are weighing on that report like baddies, PRs, new credit, etc.
01-29-2013 08:04 AM
So if I updated my Fico score/credit report there could be new information on there,it just might not have been triggered due to the nature of the settings?
Check out the Score Watch Guide . It shows what SW will and won't catch. It'll provide credit alerts via EQ for added accounts, added baddies, account stati changes, added lates, new inquiries, balance increases, changes in account comments, and some others. It won't alert to dropped accounts, dropped balances, dropped inquiries, CLIs or CLDs, and others.
Absent any changes to your report, SW will monitor your EQ FICO score for changes every 7-10 days. If your target score found within Settings is hit or surpassed due to a score change, then SW will send out an alert for that score change. For max results, always set your target score to exactly match your current EQ FICO. That way if your score increases or decreases, you'll get alerted.
Assuming nothing triggered a credit alert for your spouse, then the +45 came from a score alert when the score was monitored next. Definitely change that target score to match the new one.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO