Received an alert from my Fico of score changes +4 for EQ when a balance increased to $1k and looked at Ex +2 as well when $1k added
My overall balances increaded from $17,619 to $18,619.
The card is a B of A CC with a CL of $72,800 and a blance of $1k
@AzCreditGuy wrote:Received an alert from my Fico of score changes +4 for EQ when a balance increased to $1k and looked at Ex +2 as well when $1k added
My overall balances increaded from $17,619 to $18,619.
The card is a B of A CC with a CL of $72,800 and a blance of $1k
the debt increase wasn't the cause of the score increase (in this case)
there was a debt increase and there was a score increase, they have nothing to do with each other (in this case)
myfico picked up on the debt increase, so it prompted an update at which time it cheked the score and found that it increased.
the score increase was most likely due to the monthly tick of accounts getting older.
I agree with GZG on this. The debt had nothing to do with the score increase. I'll present why, I'm going to offer the counter.
I reduced debt by nearly 1000 and lost 3 points on Equifax while my TransUnion was unaffected.
The increase or decrease in points has nothing to do with adding the 1k in debt. Likewise the decrease in score for reducing debt on my CB had nothing to do with my decrease.
The Alert mechanism doesn't show the whole picture since of course the algorithm is highly complex, proprietary, and closed source.
See attached.
@AzCreditGuy wrote:Received an alert from my Fico of score changes +4 for EQ when a balance increased to $1k and looked at Ex +2 as well when $1k added
My overall balances increaded from $17,619 to $18,619.
The card is a B of A CC with a CL of $72,800 and a blance of $1k
Cool! Add another $10k in revolving debt and report back on score.