topic Re: EQ SW Alert!! in Understanding FICO® Scoring

EQ SW Alert!!

MissMia75 — Sat, 23 Jul 2011 11:52:45 GMT

Will there typically be an increase to my score as a result of this:

07/23/2011

Equifax- Balance Percent Decrease

Your FIRST PREMIER account balance has decreased by 48% from $75 to $39

Your balance is the balance on the day your creditor reported the account's information. This balance decrease exceeded the amount set in your alert preferences. You may configure the balance change amounts for alerts by updating your Alert Preferences.

I am confused as to when a score change is triggered.

Re: EQ SW Alert!!

Anonymous — Sat, 23 Jul 2011 15:04:30 GMT

Not necessarily. Fico scores do not directly take into account balances; however, balances are part of the utilization calculation (reported balanced divided by credit limit -- reported as a percentage). It's possible that there will be a score increase associated with this balance change because of the reduction in utilization, but there are no guarantees.

In addition, Fico scores both individual utilization and overall utilization. So, if you have a couple revolving trade lines, there is less of a chance this balance change will impact your score.

Also, keep in mind that SW balance notifications are more of an FYI/credit monitoriing alert than they are actual notifications that there will be a change in score.

Re: EQ SW Alert!!

Booner72 — Sat, 23 Jul 2011 15:17:38 GMT

Hi Mia -- So you got a SW alert and no change in score? I've had that happen and stupidly paid the money to see my score and sure as CUSSWORD it was still the same.

I think SW actually does pick up score changes more often than once every 7-10 days, because I've gotten TWO in 4-5 days. But the scores went up both times. So IMO I think if there was as score change you would see it.

Re: EQ SW Alert!!

Anonymous — Sat, 23 Jul 2011 15:20:17 GMT

@Booner72 wrote:
Hi Mia -- So you got a SW alert and no change in score? I've had that happen and stupidly paid the money to see my score and sure as CUSSWORD it was still the same.

I think SW actually does pick up score changes more often than once every 7-10 days, because I've gotten TWO in 4-5 days. But the scores went up both times. So IMO I think if there was as score change you would see it.

Remember, you will only get a score alert if your score exceeds or falls below your target score. If you followed the advice of always setting the target score as your last score, you will always get an alert, but -- if you didn't -- then you may or may not get an alert depending on how your score changes.

Re: EQ SW Alert!!

Booner72 — Sat, 23 Jul 2011 15:21:19 GMT

True that StantheMan!!

Re: EQ SW Alert!!

MissMia75 — Sat, 23 Jul 2011 15:25:05 GMT

Thanks for the advice

Re: EQ SW Alert!!

Anonymous — Mon, 25 Jul 2011 21:21:17 GMT

Actually EQ SW sometimes fails to report changes even when this methos is followed.