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@Anonymous wrote:
I received an alert saying that my score went from 650 to 671 because my interest rate changed to 4%. None of my accounts changed interest rates. Any ideas why I received this alert and score change?
Wasn't the reason for the score change; however, if a tradeline changes reporting the MF monitoring solution will pick it up for at least some of the bureaus. Vis a vis when my tax lien was paid, got the tradeline update, though no change in score on that one, sadly.
Anyway you got a bump for some other reason, just got the update for the tradeline reporting change. Would have to know the before and after report data to really make any sort of useful analysis as to why it changed. That's a nice bump though, congrats!
@Anonymous wrote:
I received an alert saying that my score went from 650 to 671 because my interest rate changed to 4%. None of my accounts changed interest rates. Any ideas why I received this alert and score change?
Which of your accounts reported the interest rate at all? That should be named in the alert, right?
Can you take a screen shot of the alert and post that? I've never heard of any interest rate reporting being done.
The interest rate referred to in your score change is not an interest on your reports. MyFico lists when your FICO score crosses one of the mortgage FICO interest tiers. It just means that you probably can get a lower interest rate on a home mortgage. Going over 760 is one of those break points. It's a holdover from when MyFico scores were FICO 4 models. Mortgage companies don't use FICO 8 but the software in this site is still linked to the mortgage interest rate FICO tiers.
@cashnocredit wrote:The interest rate referred to in your score change is not an interest on your reports. MyFico lists when your FICO score crosses one of the mortgage FICO interest tiers. It just means that you probably can get a lower interest rate on a home mortgage. Going over 760 is one of those break points. It's a holdover from when MyFico scores were FICO 4 models. Mortgage companies don't use FICO 8 but the software in this site is still linked to the mortgage interest rate FICO tiers.
Interesting, are you sure that still works? I just passed from 690 to 725 which should've triggered it based on the settings that I just checked but it never alerted me to that. Was on by default apparently.
Good point though.
@Revelate wrote:
@cashnocredit wrote:The interest rate referred to in your score change is not an interest on your reports. MyFico lists when your FICO score crosses one of the mortgage FICO interest tiers. It just means that you probably can get a lower interest rate on a home mortgage. Going over 760 is one of those break points. It's a holdover from when MyFico scores were FICO 4 models. Mortgage companies don't use FICO 8 but the software in this site is still linked to the mortgage interest rate FICO tiers.
Interesting, are you sure that still works? I just passed from 690 to 725 which should've triggered it based on the settings that I just checked but it never alerted me to that. Was on by default apparently.
Good point though.
In that case I'm waiting for EQ to get with the program.
@NRB525 wrote:
@Revelate wrote:
@cashnocredit wrote:The interest rate referred to in your score change is not an interest on your reports. MyFico lists when your FICO score crosses one of the mortgage FICO interest tiers. It just means that you probably can get a lower interest rate on a home mortgage. Going over 760 is one of those break points. It's a holdover from when MyFico scores were FICO 4 models. Mortgage companies don't use FICO 8 but the software in this site is still linked to the mortgage interest rate FICO tiers.
Interesting, are you sure that still works? I just passed from 690 to 725 which should've triggered it based on the settings that I just checked but it never alerted me to that. Was on by default apparently.
Good point though.
In that case I'm waiting for EQ to get with the program.
Possible I broke it with an out of cycle report to see what my installment utilization testing did; wasn't a triggered change in the monitoring solution so it might not have gone through the same path. When my Sallie balance updates this month maybe will see it then.