Hi,
I just got updated via my FicoScore watch. I needed to switch my cable service because AT&T was too expensive. What ended up happening is that this resulted in a hard inquiry from Charter.
Oddly enough, my score went up 7 points. Is this normal?
@kingkai1990 wrote:Hi,
I just got updated via my FicoScore watch. I needed to switch my cable service because AT&T was too expensive. What ended up happening is that this resulted in a hard inquiry from Charter.
Oddly enough, my score went up 7 points. Is this normal?
Inquiries are straight penalties, could be zero, but not positive.
Likely something else (tradelines or derogatories aging) happened as unfortunately Scorewatch doesn't pick up those sorts of subtle changes which can have profound impacts on our score.
@nycfico wrote:It's related to a question/thought I've been having.
Will a score just jump due to aging and nothing else happening? Let's say all the reported balances are in. All bills are paid on time. Utlization stays the same, etc. But old derog's just get older. would that prompt a score chagne or would another catalyst be needed?
i realize this may be too theoretical and in practice not signficant, but just trying to understand everything I can relating to FICO scores.
FICO is an instant in time measurement: when something crosses a breakpoint in the algorithm (whatever they are) the change will be noted on the next time a score is pulled even if that occurs seconds later. Age of various bits of information is one of those factors, and derogatories do fade with age at varying rates depending on severity and algorithm version.
SW only tracks certain changes, or catalysts, and misses some of them so occasionally you may have 2+ things change with a given entry in the SW log. It also loses some resolution when changes occur in a short period of time, I had two balances update nearly identically and only got the one score update (which mucked up my data, oh well haha).