topic Re: Scorewatch alert = updated accurate score? in Understanding FICO® Scoring

Scorewatch alert = updated accurate score?

golo — Wed, 02 May 2012 01:38:36 GMT

Like the subject says.Is the scorewatch alert = an updated score?
Thanks guys in advance!

Re: Scorewatch alert = updated accurate score?

Anonymous — Wed, 02 May 2012 02:15:10 GMT

In theory.

Re: Scorewatch alert = updated accurate score?

Anonymous — Wed, 02 May 2012 02:46:59 GMT

Sometimes, yep...

Re: Scorewatch alert = updated accurate score?

golo — Wed, 02 May 2012 14:53:43 GMT

Why you say in theory? I mean,if the SW gives me a score,why would i have to purchase another pull?

Re: Scorewatch alert = updated accurate score?

sunshine7157 — Wed, 02 May 2012 15:43:54 GMT

@golo wrote:
Why you say in theory? I mean,if the SW gives me a score,why would i have to purchase another pull?

From what I understand, SW will not trigger an alert unless there is activity that has been reported from an outside source (like new inquiries, payments, etc.). As far as I can tell it does NOT trigger an alert for internal activity such as inquiries falling off, AAOA calculations and other automatic changes. I think it 'waits' for an outside activity & then recalculates. Someone correct me if I'm wrong, but that's how it seems to work on mine.

Re: Scorewatch alert = updated accurate score?

Anonymous — Wed, 02 May 2012 15:52:14 GMT

@sunshine7157 wrote:
@golo wrote:
Why you say in theory? I mean,if the SW gives me a score,why would i have to purchase another pull?

From what I understand, SW will not trigger an alert unless there is activity that has been reported from an outside source (like new inquiries, payments, etc.). As far as I can tell it does NOT trigger an alert for internal activity such as inquiries falling off, AAOA calculations and other automatic changes. I think it 'waits' for an outside activity & then recalculates. Someone correct me if I'm wrong, but that's how it seems to work on mine.

Above is true, but the score that comes with an alert (when it is triggerred) should always be accurate.

Re: Scorewatch alert = updated accurate score?

Anonymous — Wed, 02 May 2012 16:41:12 GMT

@golo wrote:
Why you say in theory? I mean,if the SW gives me a score,why would i have to purchase another pull?

Why?!

ScoreWatch does not run in real time. Simply put, other monitoring services just update/alert faster. I think it's fine for having a general idea of what your FICO score. People expecting a lot of movement or monitoring things falling off tend to get frustrated and burn/score reports.

I'd like to believe the Alert score is relatively accurate.

Re: Scorewatch alert = updated accurate score?

crunching_numbers — Wed, 02 May 2012 19:45:03 GMT

@Anonymous wrote:
@sunshine7157 wrote:
@golo wrote:
Why you say in theory? I mean,if the SW gives me a score,why would i have to purchase another pull?

From what I understand, SW will not trigger an alert unless there is activity that has been reported from an outside source (like new inquiries, payments, etc.). As far as I can tell it does NOT trigger an alert for internal activity such as inquiries falling off, AAOA calculations and other automatic changes. I think it 'waits' for an outside activity & then recalculates. Someone correct me if I'm wrong, but that's how it seems to work on mine.
Above is true, but the score that comes with an alert (when it is triggerred) should always be accurate.

SW will give you an updated score every 7-10 days even if that update says there is no change. It will scan your report and tell you your FICO without any of the triggering events. The problem is we all get antsy and do not want to wait out the 7-10 days and pull the trigger on a new report.

Re: Scorewatch alert = updated accurate score?

kjm79 — Wed, 02 May 2012 21:09:16 GMT

The alerts you get also highly depend on where your setting are. There may be a change to your report that makes your score rise to 650. But if your setting is set to only alert you if your score is 700, you may not get that score. The report change and score alerts also don't always go hand in hand. Your score might change and info might have changed on your report, but the new score may or may not be related to the new info.

I've got the there has been no change detected in your score message (usually every Sunday) and have pulled my new reports anyways because it was the time for me to (beginning of every month) and there was in fact a score change. The alerts aren't always reliable unfortunately. If something big changed and you don't see movement, it might be necessary to pull a new report, if you don't mind paying for it. I like myFICO for the score when I need it and of course the forums. But I don't really consider it a "CMS" personally. I do like the layout of the reports but details are lacking.

Re: Scorewatch alert = updated accurate score?

golo — Wed, 09 May 2012 01:36:16 GMT

So the score from SW alert is not an accurate updated score? We can conclude? I say it cause I just paid off an old charge off that it was prolly included in the utilization and got an alert and the score didn't change at all...

Re: Scorewatch alert = updated accurate score?

DaveSignal — Wed, 09 May 2012 02:05:56 GMT

I opened a score watch 22APR and until now (08MAY) have had a total of 4 score watch alerts, all with new accurate scores. I think myFICO is pulling the reports every day. They just make you pay to see the report (which is far more detailed than just a score update.... this is why people will get new reports once in awhile).

Re: Scorewatch alert = updated accurate score?

DaveSignal — Wed, 09 May 2012 10:05:18 GMT

golo: "So the score from SW alert is not an accurate updated score? We can conclude?"

no. the score update is accurate. either whatever you had deleted didn't have an effect in relation to your other derogatory items, or it wasn't deleted yet.

Re: Scorewatch alert = updated accurate score?

ssp — Sun, 13 May 2012 14:08:37 GMT

I had a lender pull EQ and it was 20 points lower than what score watch is showing me. I received the alert that it was pulled and that my score hadn't changed so I"m a bit confused. Not sure if this matters but it is Home Depot.

Re: Scorewatch alert = updated accurate score?

Revelate — Sun, 13 May 2012 14:14:20 GMT

@ssp wrote:
I had a lender pull EQ and it was 20 points lower than what score watch is showing me. I received the alert that it was pulled and that my score hadn't changed so I"m a bit confused. Not sure if this matters but it is Home Depot.

Home Depot (I'm assuming this was for their card) could've done one of two things (or both)

- Pulled a FICO '08 model (Beacon 9.0 in industry speak, the one here is FICO '04 Beacon 5.0)

- Pulled an industry-specific option, namely a Credit-Enhanced pull.

We can pretty much guaruntee currently that the EQ score from myFico, vis a vis Scorewatch, will be exactly the same score as you receive on your EQ pull for a mortgage application. Beyond that, unfortunately YMMV, but it's still the best score available to customers for that reason alone... and by a large margin I would suggest compared to many others out there which are absolutely useless.