topic Re: Unexplained EQ FICO Score jump - ideas? in Understanding FICO® Scoring

Unexplained EQ FICO Score jump - ideas?

jason10 — Fri, 25 Feb 2011 19:54:33 GMT

In the last two days my FICO score jumped from 685 to 706 and I can't figure out why. I recently paid off my Bank of America credit card ($1220), but the payment was made a few days after my February statement cut. Therefore, I assumed that I would have to wait until March for BoA to upgrade my CR. However, a few days after I paid the card to $0, BoA increased my CL to $5,000. Is it possible that BoA updated my new balance and CL, despite the fact that my most recent statement reflects a $1220 balance?

Yesterday, I received a ScoreWatch update indicating that my score had jumped from 685 to 687. Today, I received another update indicating that my score increased to 706. I thought ScoreWatch only updates your EQ FICO score once a week. Both updates resulted due to an increase in score. No other changes were reported by SW.

The only other possibility is that my Macy's card updated. I had a $28 balance on my last statement and paid it to $0. While the amount was small, my recent payment reduced the number of revolving accounts with a balance below 50%. However, it's hard to believe that could result in a 19 point jump.

Re: Unexplained EQ FICO Score jump - ideas?

jason10 — Fri, 25 Feb 2011 21:32:19 GMT

I pulled up CreditKarma report to see updated utilization information. BoA did in fact report, reducing my utilization from 35% to 25%. I guess that explains the large jump.

Re: Unexplained EQ FICO Score jump - ideas?

Anonymous — Fri, 25 Feb 2011 21:35:25 GMT

Congrats on your paydown! Nice FICO response, too!

Re: Unexplained EQ FICO Score jump - ideas?

Anonymous — Fri, 25 Feb 2011 22:02:54 GMT

I was not aware scorewatch only updates once a week. Do you know where you heard that information?

Re: Unexplained EQ FICO Score jump - ideas?

jason10 — Fri, 25 Feb 2011 22:09:20 GMT

When I signed up, the description of the product stated that ScoreWatch alerts you of certain changes to your credit report daily (e.g. new account, delinquency, increased balance etc.). However, it states that you will only get an updated FICO score weekly.

http://www.myfico.com/Products/ScoreWatch/Description.aspx

Monitors your credit report at Equifax on a daily basis and your FICO® score on a weekly basis

Re: Unexplained EQ FICO Score jump - ideas?

Anonymous — Fri, 25 Feb 2011 22:18:44 GMT

I may be wrong but I think it will send you an update and tell you your score has not changed if nothing exciting has happened during the week. If something significant does change throughout the week there is a chance you will get notified more than once during that week. That's just how it seems like how it has worked for me since me joining a couple of months ago.

Re: Unexplained EQ FICO Score jump - ideas?

llecs — Fri, 25 Feb 2011 23:49:53 GMT

The ScoreWatch Guide is handy too.

OP, congrats on the increase.