New Member
akameme
Posts: 3
Registered: ‎09-12-2012
Score Watch & Score Changes

Hi,

I subscribed to score watch about 3 weeks ago, and in that time I paid off a rather large CC balance. How long before I should expect to see a change in my score? I have one Score power report left, but if I haven't received an alert, than I probably don't have a change to my score, correct?

 

thanks,

akameme

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Score Watch & Score Changes

What day was your statement date and did your statement reflect that lower balance? CCs report 1x/mo and they'll report the balance you had on the statement date.

New Member
akameme
Posts: 3
Registered: ‎09-12-2012
Re: Score Watch & Score Changes

Today! that makes sense...

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: Score Watch & Score Changes
[ Edited ]

SW doesn't alert to balance decreases (only increases), though will provide a score alert if your EQ FICO changed and hit or surpassed your target score found within the Settings. Also, absent any credit alerts (e.g. balance increases, inquiries,, new accts, acct changes, etc.), your EQ FICO is monitored every week or so.

 

So...if your statement date was today, then your Equifax report should update within 2-3-4 days or so, depending on the creditor. Your EQ FICO is monitored every week assuming nothing else triggers a credit alert. So, if you have no other changes, and your EQ FICO surpasses your target score, then you should get an alert within a week to week and a half or so. IME, most of my alerts come on a weekend and wouldn't be surprised if something came this weekend.

 

ETA....I should add that not every balance pay down will result in a score increase. It's a YMMV-thing based on your credit. FICO looks at individual and overall CC util. If your overall util changed by a great deal, then there's a good chance for an increase.

New Member
akameme
Posts: 3
Registered: ‎09-12-2012
Re: Score Watch & Score Changes

that would be awesome.   It's interesting because this thread prompted me to check my cc. We had a zero percent for a year offer, it was paid off just before the year ended, but we were still charged interest because "it was during the statement cycle." They reversed the interest - after I called - but I know I expressly asked them when it had to be paid by and they said September 1, not August 12 which was when the statement cycle started.

 

Our credit was pretty good, until we applied for HELOC, it dropped 30 points! I'm hoping this will push it over 750 again...

Valued Contributor
nicholasyud
Posts: 1,734
Registered: ‎08-13-2012
Re: Score Watch & Score Changes

akameme wrote:

that would be awesome.   It's interesting because this thread prompted me to check my cc. We had a zero percent for a year offer, it was paid off just before the year ended, but we were still charged interest because "it was during the statement cycle." They reversed the interest - after I called - but I know I expressly asked them when it had to be paid by and they said September 1, not August 12 which was when the statement cycle started.

 

Our credit was pretty good, until we applied for HELOC, it dropped 30 points! I'm hoping this will push it over 750 again...


okay let said if you paid all your credit balance down to 1%

One credit card you have $10 balance last month.

There is a setting on Credit Alert . if you set Alert on $1 balance increase. Or 5% increase on your bill. Or set the credit score at your current score so either your score go up or down.....they will give you an alert and your newest score...Is that make sense ?

 


Starting Score: 560
Current Score: 748 Wishlist: CSP, Simply Cash, SPG, BOLD, INK, United MP,
Goal Score: 800


Walmart: 10k |Usaa: 8k|BCE: 9k| Amex: NSPL|Dis: 3.4k|Cap: 3.5k|CAP: 2k|CSP: 5k| Pen:4.5k