03-25-2013 05:26 AM
My current score is 734. I have set my settings to update when I hit a target score of 735, when I qualify for a different rate on a mortgage (-720 or 740+), and in the last few weeks I have reduced the number of cards with a balance. My score dropped a few points when I showed more cards with a balance (number of cards with a balance was listed as one of two key factors negatively impacting my score), so I would expect a raise in my score (even just 1 point!) when I paid off one card last month.
CreditKarma updated over a week ago and showed the zero balance on the card, so I know the statement was cut and received.
In the next week I have other cards going to zero as well and I'm trying to monitor how the score changes as I reduce utilization, in part so that I can decide how much more to pay off before applying for a mortgage.
But if I'm not getting updates from SW, how am I supposed to do that .
03-25-2013 09:05 AM
03-25-2013 11:06 AM
Absent credit alerts (which do show the credit change and any score change immediately or within a day or so), score alerts are the fall back. SW doesn't alert for dropped balances, dropped TLs, dropped, inquiries, dropped lates, etc. However, if the dropped balances result in a FICO increase, then you'll get alerted within 7-10 days. Absent changes, your score is monitored for changes during that time frame and if there is a score change, then SW will alert you to it. As of 3/22 there were no score increases and that's assuming the paydown would have resulted in an increase in FICO. Give it another 7-10 days from 3/22 and you'll get alerted if your EQ FICO increased. If something else happens in the meantime, like an increased balance or added TL, then SW will alert you to that change along with your new EQ FICO. Back in my repair days I used to get alerts 3-4-5 times a week. I'm not in repair mode now, but just this week I received two alerts due to balance increases (thankfully no score change).
After your get a credit alert or a score alert immediately change your EQ FICO target score to EXACTLY match your current EQ FICO. If you set it +1, then you won't get any score alerts if your FICO decreases.
03-30-2013 11:55 AM - edited 03-30-2013 02:34 PM
Just a quick update ... after 7 days I am still not receiving score watch updates. I know it says 7-10 days so there is still a few days to go, but nonetheless not too satisfied with the service.
This time I did not even receive an email (checked the spam filter ...) so I am not sure what is going on right now.
Between Credit Karma's "BETA" product reporting incorrect information (it shows Feb reports when it previously displayed March reports which I know is completely unrelated to myFICO), and Score Watch not giving me updates, my credit monitoring experience has been less that satisfactory.
BTW, thank you llecs for the advice about the score watch settings. I set mine to exactly 734 a few days ago, but still no new reports or updates .
Just got the Score Watch update I had been waiting for, so looks like I am getting emails now. Sadly no score updates. Maybe the next report will finally reflect new information I know is coming.
04-04-2013 04:38 PM - edited 04-04-2013 04:39 PM
Question ... when I was on the phone a little while ago with myFICO CS, the rep suggested I set my SW setting to 2pts higher than my current score. Apparently if I set it equal to my score I would not get any alerts if the score goes up or down, because the score started at that number rather than end on or past that number.
Yet when I hit the "help" link on the settings page, it advises that setting the score to be equal to my current score will track any change to your score.
Any thoughts? Did the alert system get changed? Is setting the alert score to be equal to your current score no longer good advice? Why am I getting conflicting advise from the website and CS?
04-05-2013 09:58 AM - edited 04-05-2013 10:01 AM
Just a quick note on this, but I ultimately had to use my second score power report in order to verify my FICO score. I went from 734 to 768 in a month's time, had credit cards reporting on different dates according to CK, and convinced Equifax to remove an inquiry under FCRA. So at this point I am very tempted to say that the weekly score watch is not properly updating my account.
Any thoughts on this? As suggested I did set my target score at 734 when I first made this thread, had my score silently jump 30-some points, yet I didn't see a change until I used the report.
I really would like to know going forward that my score is properly updating, since now I'm concerned more about it dropping during the next few months.
04-15-2013 06:48 PM
Got yet another email that "no changes were found," but this time I know there are not any changes on the account. Next month my most recently opened account will turn six months old; with that being the only negative on my report I would expect to see a small bump in scores at least.
I will be keeping an eye out for that report. If in two weeks there is nothing, I will be calling customer service and asking them to cancel my subscriptions even though I am still in the minimum 3 month period. They should not be able to hold me to a minimum subscription when they cannot provide the service I am paying for, and I am hoping they will agree with me. They've been pretty nice with me over the phone so far.
04-15-2013 08:39 PM
My feelings regarding SW pretty much mirror yours. I have had numerous score changes, increases, changes to balances, activity on cards, with no alerts. I only get my scores when I purchase new reports I receive many "no changes" alerts. I joined in January, have done the 3 month minimum and will be cancelling before the next charge hits my account. Trying to figure out the "magical settings" and activities to provoke an alert has proven to be even more frustrating to me than trying to figure out how my scores are calculated by the CRAs. Getting "no alerts", no changes constantly until I pull my report, then an alert comes in right afterwards.....<shrug> Since January I have spent $98.00, I am backing off and paying for a report once every 3 or 4 months from here on out.