What does it mean when you get this alert, but it doesn't really have an explanation/reason as to why it increased? Anyone have any input on this ? Usually when my score goes up and down MYFICO tells me why.
Could be that you crossed a certain aging threshold, like if your newest account was less than three months old and now it's more than three months old. Could be a lot of things, I suppose. They don't usually give you reasons for some things like that.
Sometimes you get reasons and score changes together that don't necessarily have anything to do with one another. They just took place around the same time so they sent them to you in the same message. People come in here and say their balance decreased and it made their score drop. And someone will bluntly tell them that the decreased balance did not cause the score drop.
EQ8 765, TU8 755, EX8 767 as of December 21
@BM1990 wrote:
@FicoMike0 wrote:From who?
Equifax.
Do you subscribe to a premium service with them? I don't believe they give FICO scores for free.
In general the alert is benign. I've had it before from Experian and myFICO. My score increased 0 points a couple of times. Starting a new theory that scores go into the tenths behind the scenes, we see rounded numbers.
@BM1990 wrote:What does it mean when you get this alert, but it doesn't really have an explanation/reason as to why it increased? Anyone have any input on this ? Usually when my score goes up and down MYFICO tells me why.
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 as follows:
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® 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.
https://support.myfico.com/hc/en-us/articles/360038084633
@TheKid2 wrote:
@BM1990 wrote:
@FicoMike0 wrote:From who?
Equifax.
Do you subscribe to a premium service with them? I don't believe they give FICO scores for free.
In general the alert is benign. I've had it before from Experian and myFICO. My score increased 0 points a couple of times. Starting a new theory that scores go into the tenths behind the scenes, we see rounded numbers.
No, I have the MyFico subscription, that gives me all 3 reports on a montly basis.
@SouthJamaica wrote:
@BM1990 wrote:What does it mean when you get this alert, but it doesn't really have an explanation/reason as to why it increased? Anyone have any input on this ? Usually when my score goes up and down MYFICO tells me why.
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 as follows:
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® 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.
https://support.myfico.com/hc/en-us/articles/360038084633
That's what I was trying to say. @SouthJamaica explained it better and in more detail.
@jimmyd787 wrote:this is strange paid off a car 5 years note 12k down 17,3k car TR dropped 3 points EQ dropped 2 points EX dropped 29 points
all other things all the same across all three CRA.
If that was your only installment loan and you paid it off completely, your score goes down. It's a weird little kink in the algorithms. It's normal. Apparently people with no open installment loan are statistically more likely to default than people with at least one open installment loan, thus the score drop. It seems a little odd that one dropped only 2 points and another dropped 29.
