SW updates for balance decreases?

[Anonymous]

Just to clarify,  Does SW alert for significant balance decrease that raises FICO?  I have two accounts that should show zero to negative balance when updated this month.

I finally just got my first SW alert for a new account, but did not get one for a CLD (I had pulled a power score report before SW updated i think).

[crunching_numbers]

It is my understanding that you will be notified within 7-10 days of a change in FICO when SW does its routine scan for your account. 

[llecs]

OP, you won't get alerts for CLDs (credit limit decreases) or balance decreases. You will get alerted to a FICO score change provided the newly monitored score hits or surpasses your set target score. Not every balance paydown or drop in util will result in a score change though. YMMV.

[Barry]

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@Anonymous wrote:

Just to clarify,  Does SW alert for significant balance decrease that raises FICO?  I have two accounts that should show zero to negative balance when updated this month.

I finally just got my first SW alert for a new account, but did not get one for a CLD (I had pulled a power score report before SW updated i think).

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Hi singulardedication,

If your FICO score reaches or crosses your target score, you'll be alerted, regardless of the reason for the increase.  But balance decreases won't trigger an alert.  If you haven't done so already, be sure to set your target at the score on your alert right away.  And be sure to check out Score Watch Guide

if you haven't done that yet.

-Barry

[Anonymous]

thank you, that help me understand the system better.

I'm just chomping at the bit waiting on this updates on my tradelines to get posted.  Discover closed 9 days ago but still has not updated

[LS2982]

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@Anonymous wrote:

thank you, that help me understand the system better.

I'm just chomping at the bit waiting on this updates on my tradelines to get posted.  Discover closed 9 days ago but still has not updated

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I don't believe SW alerts for closed accounts...I may be wrong but if it does I never got an alert for one of my CC's closing.

[Barry]

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@LS2982 wrote:

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@Anonymous wrote:

thank you, that help me understand the system better.

I'm just chomping at the bit waiting on this updates on my tradelines to get posted.  Discover closed 9 days ago but still has not updated

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I don't believe SW alerts for closed accounts...I may be wrong but if it does I never got an alert for one of my CC's closing.

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Hi singulardedication,

LS2982 is correct.  If it were changing from a status of current to 30 days past due, for example, you should get an alert.  But not going from open to closed.

-Barry

[Anonymous]

Thanks, Sorry bad wording on my part.  

I should have said the discover credit card statement closed on 2/26, but still waiting on the update to the CRA.  I'll give it to the end of the week before calling discover and asking about their schedule and a manual update.

I'm checking with credit karma and equifax cms to see when the CRA post the update to my report.  Then hopefully a week later or less I'll get the SW FICO score update.

[Anonymous]

Thank you Score Watch!

Although no score increase, SW alerted my pay-off of Aspire/CB&T.  I guess it was not sufficiently large enought util change and a closed account already.

SW Alert Excerpt:

CB&T

(XXXXXXXXXXXX)

Show/Hide Details

Account opened: 5/2001

Description: Account closed at consumer s request
Closed or Paid Account/Zero Balance
Amount in H/C column is credit limit

	Previously reported	Newly reported
Balance:	$1,802
Past due:	$0	$0
Status:	Pays account as agreed	Pays account as agreed
Last activity:	2/1/2012	2/1/2012
Description:	Account closed at consumer s request Credit card Amount in H/C column is credit limit	Account closed at consumer s request Closed or Paid Account/Zero Balance Amount in H/C column is credit limit

Contact: CB&T, Research Department, PO Box 105555, Atlanta, GA, 303485555