Understanding FICO® Scoring

[dallas01]

I'm pretty excited that my fako score went up 25 points when my BOA card reported. I still havn't got a scorewatch alert! New Account added, Score change, etc.

Anyway I havn't got a True Credit alert also so maybe it just takes awhile. Anyway I'm pretty happy at least it went up and not down.

[dekrist]

I think alerts generate within 24 hours at least thats my experience with true credit. MyFico is usually a couple days after then i get alert. Congrats on score bumpage.

[April123]

I paid the yearly fee and haven't had an update since last Christmas. Is this thing for real. I use my credit cards, pay them off. Apply for other loans, and still have not had an update.

[jaybee]

April123,

Maybe you should check your junk mail or call customer service. I have only had the service for a little over a month and have already received three alerts.

[dekrist]

or check score alert settings

[Brammy]

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dallas01 wrote:

I'm pretty excited that my fako score went up 25 points when my BOA card reported. I still havn't got a scorewatch alert! New Account added, Score change, etc.

Anyway I havn't got a True Credit alert also so maybe it just takes awhile. Anyway I'm pretty happy at least it went up and not down.

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 The good news is you may get a score change from the new card, the bad news is that you may not.  Let me clarify.  Depending on the number of cards open, the history, and other factors a new account can initially lower your FICO score, raise your FICO score or cause no change (trust me as I eagerly anticipated at least some increase from a new card as it reflected on FAKO).  To my hurt and dismay, the only thing I got was an alert of a new accoutn, no score increase whatsover.  It did take three days from the time the FAKO update before SW deemed it necessary to give me a buzz.

[dallas01]

Brammy, What I left out is its a Boa card thats got 3 years history 11,000 limit never late. I opened 2 small credit cards myself and they haven't reported yet. I do look for a points deduction for those.

I've been looking at my scores and they're pretty sad

EQ=518 without the BOA card or my other 2 reporting.

EXPERIAN= 569 with no credit besides Collections and a BK in 2002 dismissed.

I thought the 569 was pretty high with not 1 postive TL

[Brammy]

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dallas01 wrote:

Brammy, What I left out is its a Boa card thats got 3 years history 11,000 limit never late. I opened 2 small credit cards myself and they haven't reported yet. I do look for a points deduction for those.

I've been looking at my scores and they're pretty sad

EQ=518 without the BOA card or my other 2 reporting.

EXPERIAN= 569 with no credit besides Collections and a BK in 2002 dismissed.

I thought the 569 was pretty high with not 1 postive TL

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Now that makes a difference.  Don't be too down about the scores, Mine were there not too long ago. They stayed there because I didn't know how to get them up.  You're ahead of the game

[creditworries]

Sorry to just jump in here but, what's FAKO??

[KDM]

What did you do to bring up your scores, if I may ask?  I'm new to this board.  In fact, I just found out about it today, and I think it's great.  Perfect for people, like myself, who are rebuilding.