Score Watch is USELESSS

[Anonymous]

Hi choocha8,

Score Watch alerts are working, so one suggestion is to make sure that your settings are sensitive enough to trigger alerts.  For instance I always recommend to set your target score at your most current score.  Many changes on your report cause minimal score changes, i.e. 2-3 points, so setting it at your most current score will essentially trigger an alert if your score changes even a point.  Also, it could be that your lenders have not reported new information as of your last report pull and/or alert, so there is nothing new that would trigger an alert to go out.  Finally, not all changes trigger an alert, i.e. balance decreases do not, so please read this thread to make sure you understand exactly how credit and score alerts work:

http://ficoforums.myfico.com/fico/board/message?board.id=myficoprod&thread.id=373

[Anonymous]

I purchased SW in early March. I have the setting at $5 increase to alert me. I use 2 cards each month and put much more than $5 and pay off all usage end of each month. I have received one updated mid March.

Seems to me anyone paying for this service should get a one-month credit of the fees paid, if it is being admitted publicly to having a problem and backlogged/not reporting properly.

[Anonymous]

MyFico is displaying the TU98 version

I do not know when myFICO will be changing over to the 04 version

my 04 version is higher as well-

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bevy1234 wrote:

Not Useless but wrong... Got a set of scores from a large bank today ... My scores are 30 points higher from them than on this site... Also my tu score on here of 635 is wrong wrong and dead wrong

Bank Wachovia

TU FICO CLASSIC 04  (659)

Wasted 26.00 dollars today on this site ... 

EFX FACTA BEACON 5.0  (656)

This site says (625)

Better update this site .. I just paid down my credit card balance down to a balance of $80.00 yesterday... WOOHOO...

I am expecting a big score change..

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[Anonymous]

Hi Cheezy,

You may charge alot during a month and then pay it down, but an alert is triggered not by your activity throughout the month, but by what the lender actually reports.  Lenders typically report every 30 to 60 days, so it's very likely that between reporting periods no information has essentially changed.  For instance, say you had a $0 credit card balance at the beginning of March and you charge it up to $500 throughout the month with several transactions, but then pay it down to $0 at the end of the month.  If your credit card lender only reports to the bureau every 30-45 days, then they will not be reporting any activity in between reporting periods.  So essentially after you've paid down the balance, there is no credit alert because your balance went from $0 at the beginning of the month to $0 at the end of the month....so no change to either your credit report information or your score.

It's a bit confusing, so I hope this makes sense.

Message Edited by myFICO_Jen on 04-16-2008 12:51 PM

[Anonymous]

Thanks Jen that does make sense. How about having a late removed? Having an account deleted completely? Having paid an account to $0 from $280? (3 diff accts) All things I've done since March 1... guess I'll have to wait and see.

[Anonymous]

Again, it depends on when those activities are actually reported to the bureau, in this case Equifax, and when they make it onto the report itself. 

Having a late removed may or may not trigger an alert as it depends on how recent the late was and the affect it had on your score.  Accounts being removed don't trigger a credit alert, but depending on your entire profile, may trigger a score alert.  Same with paying down your balances.  Balance decreases don't trigger a credit alert, but it might trigger a score alert, but only if it does result in a score change.  That seems like a low amount, but of course it's all dependent upon what other accounts are on your credit report.

[Anonymous]

Just a quick question .. Every time I look at the credit reports I see different stuff.. from different sites .. Like true credit .com still shows something from 10/1/2000 but of course this is on the there, but not on here.. So really what assurance do we have that what the lender sees is exactly what we see here?

[Anonymous]

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@Anonymous wrote:

Just a quick question .. Every time I look at the credit reports I see different stuff.. from different sites .. Like true credit .com still shows something from 10/1/2000 but of course this is on the there, but not on here.. So really what assurance do we have that what the lender sees is exactly what we see here?

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research the difference between Fico and Fako. Truecredit is a fako.

[AnaMKMK]

Alright - I gave ScoreWatch another chance. My settings were, again, at the most sensitive settings and again I get NO ALERTS - at all!

Whats the deal?

I just paid to figure that out, does Score Watch ever work?

[justanicewoman]

Just an additional question...Forgive me for asking, but does Scorewatch give an alert when these categories go DOWN?

It really says you only get an alert if your score goes UP past a chosen number. Or if your balance goes UP. Please tell me we would receive notification if something were to trash my score?

I just signed up July 8 and have only recieved one alert this month....for a balance increase. It said the reason my score was lower was because of the balance increase. But my score was HIGHER than the last credit report score I pulled from Score Watch about 10 days before.

So where was my score watch alert when my score went up? Or if that was the alert where was it when my score went down?

A balance increase will not make your credit score go up.

Thanks.