FICO alert got a ?

[momof2]

I got my 1st SW alert today, it said that my CC balance went up to $304 from $281 and my score went up from 614 to 633.

I thought that when your balance goes up your fico goes down.

if that is the case just wondering why it went up from a balance increase?

Also i think it is reporting wrong cause my CC balance last month was $268 and so far this month it is $225 my CL is $500.

This card is HSBC, i called today to ask why their are no updates from them to EQ and last update to TU is feb, they sware that they report to all 3 every month, not true TU was feb and EQ doesnt show any update at all beside balance.

What should I do, write HSBC about my TU last being reported in Feb and EQ not being reported at all and that the balance is wrong or should I leave it alone since my score went up 19 points?

thanks.

[llecs]

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momof2 wrote:

I got my 1st SW alert today, it said that my CC balance went up to $304 from $281 and my score went up from 614 to 633.

I thought that when your balance goes up your fico goes down.

if that is the case just wondering why it went up from a balance increase?

Also i think it is reporting wrong cause my CC balance last month was $268 and so far this month it is $225 my CL is $500.

This card is HSBC, i called today to ask why their are no updates from them to EQ and last update to TU is feb, they sware that they report to all 3 every month, not true TU was feb and EQ doesnt show any update at all beside balance.

What should I do, write HSBC about my TU last being reported in Feb and EQ not being reported at all and that the balance is wrong or should I leave it alone since my score went up 19 points?

thanks.

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Yes, utilization goes up, score goes down, unless other things are happening on your CR causing your score to offset in the positive. Lates may have been removed, CAs removed, accounts updated, avg age improved, etc. SW doesn't catch everything.

Yes, HSBC is VERY slow. At one point, they didn't update for 3 months for me. It is them, but I'd leave it. Typically they report the first week or two reporting the balance on the last day of the previous month. Confused? So was I. I wouldn't worry. In fact, many here have reported delays for this month's reporting.

[momof2]

I updated TC today after I got the alert from Sw, of course no alert from TC though about this, only thing different beside usage going up is that HSBC has also updated my CL from 300 to 500. other then that my CR is exactly the same as it was a week ago. but happy that it brought my score up 19points because of it. Now i just need to get the usage below 10%.

Called cap 1 to find out when they will report my new CC they said at end of 1st billings cycle.

Will this new CC help or hurt my score?

[RobertEG]

A score watch alert on an individual account often has nothing to do with changes in  your credit score.  In your SW settings, you can have SW alert you when the balance on any account goes up a certain amount.  But that is a separate "watch" from what is going on in other accounts.  If you tell SW to alert you when an account balance goes up, say, $200, but you have also paid down your %util on other accounts by $2000, achieved a CL inicrease, had a derog or inquiry drop off, etc., etc, then there is little or no relation between a SW alert and a credit score change.

SW alerts on iindiv accouts are for use primarily in montoring potential credit theft by letting you know of account activity that you may not have been aware of.  If you knew about it, just ignore it.

[Junejer]

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@momof2 wrote:

I updated TC today after I got the alert from Sw, of course no alert from TC though about this, only thing different beside usage going up is that HSBC has also updated my CL from 300 to 500. other then that my CR is exactly the same as it was a week ago. but happy that it brought my score up 19points because of it. Now i just need to get the usage below 10%.

Called cap 1 to find out when they will report my new CC they said at end of 1st billings cycle.

Will this new CC help or hurt my score?

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That'll do it. Your uti went down. HSBC is reporting fine for me. Once they started reporting, they have done so on a timely basis. I called them on it last week, they assured me that they reported the balance as of 3/31. EX updated Friday, I think, EQ today and TU is taking its sweet time. It's TU and the other CRAs who are in the coma. I think that HSBC is doing fine right now (not that they haven't had their issues).

[momof2]

I really cant believe that because nothing is being reported to EQ and HSBC swears that they are reporting to all 3, yet EQ shows nothing and TU has not been updated since Feb.

Will a new CC help or hurt my score?

[llecs]

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momof2 wrote:

Will a new CC help or hurt my score?

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It depends. It may help in the sense that your overall utilization may decrease, thereby causing your score to increase. If your balances are already at $0 and you don't have any CO CCs, then utilization won't help once it reports (though will help in the future; don't have to worry about 10% balances as much).

It can also help with your mix of credit, though it would depend on how many open CC's you have now. Prior to last Aug. I had 0 CCs. My first two increased my score substantially.

It can hurt your score too. A new card can lower your average account history causing your score to drop. Yes I got an increase at card #1 and #2 and #3 because that was a charge card, but #'s 4-7 killed my score and it dropped 50 points or so, but have since recovered. If this is card #2 for you, then I'd bet you'd see an increase. If not, but your avg. acct age is 5-6 yrs old, for example, then this new card will have a minimal impact on score.

It also hurt because 10% of your score is new credit. Though damage in this part of your score is temporary. This is why I was able to recover so quickly. If you did have a decrease, it would be short lived and your score will rebound in 6 months or less because of that new card.

[momof2]

My 1st CC I got in 2006, but closed it b/c of the outragous fee's (1st premier), got my 2nd CC HSBC(still open) 7/2007 and now I got the Cap 1 this month it has a CL of $300/ HSBC has $500CL, but the 1st CC is closed, currently my report says i opened my 1st account 5 years 4 month ago, and my overall average age is 3years,(cant figured out how that is added up, open and closed acct or just open accts is figured in the formula, wouldnt average be 5 years when i opened my 1st acct which is still open?????)                            ,

I got the Cap 1 CC cause my installment loan/car loan that i opened 12/03 i plan to pay off next month, so i needed something else to be reported on my credit report on a daily basis as a good standing b/c i have a bunch of closed accounts and 3 collection accounts(2of them PIF)

If this CC causes a score decrease how many points would it be likely, and will  I regain those lost points in 6months?

[llecs]

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momof2 wrote:

My 1st CC I got in 2006, but closed it b/c of the outragous fee's (1st premier), got my 2nd CC HSBC(still open) 7/2007 and now I got the Cap 1 this month it has a CL of $300/ HSBC has $500CL, but the 1st CC is closed, currently my report says i opened my 1st account 5 years 4 month ago, and my overall average age is 3years,(cant figured out how that is added up, open and closed acct or just open accts is figured in the formula, wouldnt average be 5 years when i opened my 1st acct which is still open?????)                           

I got the Cap 1 CC cause my installment loan/car loan that i opened 12/03 i plan to pay off next month, so i needed something else to be reported on my credit report on a daily basis as a good standing b/c i have a bunch of closed accounts and 3 collection accounts(2of them PIF)

If this CC causes a score decrease how many points would it be likely, and will  I regain those lost points in 6months?

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Open and closed accounts are factored into age, including your First Premier acct. I believe the only things not factored in are CAs and PRs.

Score loss or gain. Who knows. I would bet a loss or gain of +/- 7 points. Only a guess. If there is a loss, then many of those points will be regained within 4-6 months anyway.