@The_Rooster wrote:Since they don't have a preset limit...
Today my EX went up 2 points and the reason was my Amex Gold balance was down a few hundred dollars (PIF every month but after statement date).
You don't know what the reason was for the 2 point increase.
@The_Rooster wrote:
@SouthJamaica wrote:
@The_Rooster wrote:Since they don't have a preset limit...
Today my EX went up 2 points and the reason was my Amex Gold balance was down a few hundred dollars (PIF every month but after statement date).
You don't know what the reason was for the 2 point increase.
Even if that was the only change? MyFICO is attributing it to that inside the dashboard.
No it is not attributing it to that. MyFICO does not tell you the reason for a score increase or decrease.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance.
MyFICO explains this in the "learn more" link contained in the alert:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO(TM) Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time - not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should've decreased, and vice-versa, but you'll always have your most up-to-date and accurate score."
@The_Rooster wrote:
@SouthJamaica wrote:
@The_Rooster wrote:
@SouthJamaica wrote:
@The_Rooster wrote:Since they don't have a preset limit...
Today my EX went up 2 points and the reason was my Amex Gold balance was down a few hundred dollars (PIF every month but after statement date).
You don't know what the reason was for the 2 point increase.
Even if that was the only change? MyFICO is attributing it to that inside the dashboard.
No it is not attributing it to that. MyFICO does not tell you the reason for a score increase or decrease.
MyFICO alerts don't provide reasons for a score change. There are certain events which trigger MyFICO alerts. If there happens to be any difference between your present score at that particular bureau and the previous score reported to you from that bureau, the score change is tacked on to the alert. There is not necessarily any connection at all between the score change and the alert substance.
MyFICO explains this in the "learn more" link contained in the alert:
Why did my score go up when I got an alert for something negative (or why did my score go down when I got an alert for something positive)?
The short answer: Your FICO(TM) Score may change because of other events not monitored by an alert.
Whenever we send you a credit alert, we also send an updated FICO Score. To ensure you get the most current score, we calculate it based on your entire credit report at that point in time - not just the new information on the alert. This means your new score may reflect other changes that are outside of the things we watch for (see everything we monitor).
Sometimes you may see your score increase when you think it should've decreased, and vice-versa, but you'll always have your most up-to-date and accurate score."
Ahh, I see.
So MyFICO is alerting me to a balance change, but is then like "oh, by the way, we noticed your score went up by 2 points as well. It has nothing to do with the balance change, but we didn't notice the score change until we noticed the balance change".
Is that about right?
Yes. Exactly right.
@RadioRob wrote:
That's most likely it. I tend to phrase it more more along the lines of "Hey we saw a balance change, here's an updated score. 50 other things might have changed that score and it might have gone up and down 500 points in the mean time, but because balance change is one of the things we watch for, you get an updated score from right now". haha.
Yes, it's a common misunderstanding, one that MyFICO has created by its confusing combination of score changes and account changes in the same alert, and one that it has failed to adequately address, despite eventually coming around to provide an accurate -- but well hidden -- disclaimer.