topic Re: Question for Barry about SW in myFICO® Product Feedback

Question for Barry about SW

Anonymous — Sun, 29 May 2011 16:31:11 GMT

I have read several posts here about setting your SW score alert to your current score, and I did that at first, I got an alert a week later that said I had a score alert. I logged into my SW account and it said my score had dropped below my target score, which at the time was 700, I clicked on the alert and it then said my score has dropped below my target score of 700 and just below that it said my score had not changed, its still at 700 (this was weeks ago).

I called MyFico and spoke to a Rep who told me that I should NOT set my target score to my current score, I was told the general rule was to set it 4 to 5 points higher than my current score.

I am just wondering which is correct, set it to current score or 4-5 points higher??

Since I've set it 2 points higher I receive alerts, just about every Monday saying

"No Score Watch alerts tis week"

"For the past week myFICO Score Watch has been monitoring your FICO score and credit report for important changes.

No important changes were found that caused an alert. Score Watch will continue monitoring and send an alert if an important change is detected."

Should I leave it 2 points higher, or should it be set at my current score??

Thank you in advance for any input you may have.

Re: Question for Barry about SW

Anonymous — Mon, 30 May 2011 10:59:45 GMT

Hi Mustanglvr2006!

While we wait to see what Barry says, I just wanted to put in that I've had ScoreWatch since 2008, and I've always set/reset my target score at my current score. And, I get alerts of changes within 7 to 10 days, and weekly "No Score Watch Alerts This Week" notices. So, it should work the same if you reset your score to your target score, or leave it as is (couple of points higher).

Personally, I'd reset the target score to my current score, because, I can pretty much be sure to catch any score movement that way.

Re: Question for Barry about SW

Anonymous — Mon, 30 May 2011 18:49:45 GMT

Thank you very much for your response, I think I'll do just what you said, I'll set it at my current score so I will know of ANY movement, up or down.

Thank you again!!

Re: Question for Barry about SW

Barry — Wed, 01 Jun 2011 22:25:09 GMT

@Anonymous wrote:

I have read several posts here about setting your SW score alert to your current score, and I did that at first, I got an alert a week later that said I had a score alert. I logged into my SW account and it said my score had dropped below my target score, which at the time was 700, I clicked on the alert and it then said my score has dropped below my target score of 700 and just below that it said my score had not changed, its still at 700 (this was weeks ago).

I called MyFico and spoke to a Rep who told me that I should NOT set my target score to my current score, I was told the general rule was to set it 4 to 5 points higher than my current score.

I am just wondering which is correct, set it to current score or 4-5 points higher??

Since I've set it 2 points higher I receive alerts, just about every Monday saying

"No Score Watch alerts tis week"

"For the past week myFICO Score Watch has been monitoring your FICO score and credit report for important changes.

No important changes were found that caused an alert. Score Watch will continue monitoring and send an alert if an important change is detected."

Should I leave it 2 points higher, or should it be set at my current score??

Thank you in advance for any input you may have.

Hi Mustanglvr2006,

As LilMirth and others on this board have been recommending, set your target score to your current EQ score and you should be alerted to the next score change, whether up or down. I'm concerned about the questionable advice given by the customer service rep you spoke to, and will be bringing it to the attention of the customer service manager. Also, we've added a free report to your SW, since you hadn't been given the right info initially about setting your target score. Hope you have better luck from here on out!

-Barry