Re: Will I get alerted when my scores update?
10-09-2012 08:41 AM
CMS = credit monitoring service like SW, TrueCredit, CreditKarma, etc. and so on. I recommend one that pulls all 3 so you can see what's happening on a daily basis if that's something you'd want to know.
SW offers two types of alerts for EQ: credit alert and score alert.
Credit alerts include alerts like added inquiries, new TLs, changed accounts, increased balances, etc. At the time you get a credit alert, SW will pull your latest EQ FICO and toss it in with the alert if the alert resulted in a score change. IME, I've had alerts come as early as the same day my EQ report changed. IMO, this is why it is beneficial subscribe to a CMS outside SW just to see exactly what day that change occurred on EQ. You will not get credit alerts for items like decreased balances, dropped accounts, and a couple of others.
Score alerts result from score changes to your CR. Absent credit alerts, your score could still be changing. To pick up on those changes, SW will monitor your EQ FICO for changes once per week or so. So let's say a baddie dropped. You won't get alerted for that drop but your score could change as a result from it. Within a week you'd get a score alert. Score alerts are based off your target score within the Settings. You will only get a score alert if your current EQ FICO hits or surpasses your target score. If your target score is set below your current score, and your score is increasing, you'll never get a score alert. Conversely if set at 800 and your score is 700, for example, you won't get a score alert until it hits 800. Again, a CMS that monitors EQ outside of SW will come in handy because you know that within a week or so that you'll get alerted from that change. Also don't assume that dropped baddies equals a higher FICO. Not always true. You can lose points by dropping baddies like COs, CAs, and even judgments. To help offset the uncertainty always set your target FICO to exactly match your current score. Most never take this step and miss out on alerts.