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new interest rate changed score?

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Anonymous
Not applicable

new interest rate changed score?

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?
Message 1 of 12
11 REPLIES 11
Katheryne88
Regular Contributor

Re: new interest rate changed score?

I had never realized they gave you a reason as to why your score changed. Where did you check?


Starting score May 2015 500's across the boards
Now - 610 EQ 598 TU 597 EX
Message 2 of 12
Revelate
Moderator Emeritus

Re: new interest rate changed score?


@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!




        
Message 3 of 12
NRB525
Super Contributor

Re: new interest rate changed score?


@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?

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 4 of 12
Anonymous
Not applicable

Re: new interest rate changed score?

All it said was interest rate changed to 4. something percent. None of my reports show interest rate NRB525. None of my balances changed so it must be AAOA or something. I'll just take the points and be happy with the unknown I guess
Message 5 of 12
NRB525
Super Contributor

Re: new interest rate changed score?

Can you take a screen shot of the alert and post that? I've never heard of any interest rate reporting being done.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 12
cashnocredit
Valued Contributor

Re: new interest rate changed score?

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.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 7 of 12
Revelate
Moderator Emeritus

Re: new interest rate changed score?


@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.




        
Message 8 of 12
NRB525
Super Contributor

Re: new interest rate changed score?


@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.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 9 of 12
Revelate
Moderator Emeritus

Re: new interest rate changed score?


@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.




        
Message 10 of 12
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