Score Watch and Balance Decreased

[john398]

I noticed Barry post on Scorewatch says an alert will not be triggered for Balance decreases, I am curious though if I go from 90% to 0% on an account and that makes my FICO score go up, will that cause an alert?

[llecs]

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@john398 wrote:

I noticed Barry post on Scorewatch says an alert will not be triggered for Balance decreases, I am curious though if I go from 90% to 0% on an account and that makes my FICO score go up, will that cause an alert?

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SW changed for the better in June. It used to be that you wouldn't get a credit alert for balance decreases. Now you will get alerted to any balance decreases and if your FICO score changed as a result of that decrease, then you'll get alerted to it right away. But always remain in the practice of setting and resetting over and over your target score to exactly match your current EQ FICO. There are some credit-related events that will not result in a credit alert but could change your FICO (e.g. dropped accounts, rebucketing, aging of TLs or baddies, etc.).

[john398]

Perfect thanks for your reply, I have my alert sent for 707 and my current fico is 706 so I am all set, thanks again

[DaveSignal]

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@john398 wrote:

Perfect thanks for your reply, I have my alert sent for 707 and my current fico is 706 so I am all set, thanks again

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maybe you misunderstood what llecs was saying.  you need to set it to your current score to be alerted to changes in both directions.

[llecs]

Ditto. In a couple of situations paying down revolving balances to $0 can result in a FICO decrease. 

In any case though, and as mentioned, SW will alert you to balance decrease and provide your new FICO if it changed.

[john398]

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@DaveSignal wrote:

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@john398 wrote:

Perfect thanks for your reply, I have my alert sent for 707 and my current fico is 706 so I am all set, thanks again

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maybe you misunderstood what llecs was saying.  you need to set it to your current score to be alerted to changes in both directions.

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oh I see let me change that now than, thanks Dave and llecs

*EDIT* I am cionfused how you seyt it if it goes lower, my settings say:

FICO Score [?] FICO Score reaches a target score of 707

but there nothing thats says if it goes lower alert methat I can find

[DaveSignal]

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@john398 wrote:

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DaveSignal wrote:

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@john398 wrote:

Perfect thanks for your reply, I have my alert sent for 707 and my current fico is 706 so I am all set, thanks again

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maybe you misunderstood what llecs was saying.  you need to set it to your current score to be alerted to changes in both directions.

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oh I see let me change that now than, thanks Dave and llecs

*EDIT* I am cionfused how you seyt it if it goes lower, my settings say:

FICO Score [?] FICO Score reaches a target score of 707

but there nothing thats says if it goes lower alert methat I can find

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If your current score is 706 and you set your target score to 706 then you will be notified if you score increases past 706 OR if your score drops below 706.  There are other alerts too, but setting a score alert in this manner will notify you of a score change in either direction, even in a circumstance where no specific account alerts are triggered.  If your score changes, you will know.

[john398]

Thanks for explaining, I have it set at what it is at than

[Peter1142]

I got 2 No Score Watch Alert emails over 2 1/2 weeks, despite 5 different accounts dropping balances and my settings to nofify for $5/5%. I pulled my free report to verify. (Sadly no score increase yet.)

I sent an online request for help to MyFico, asking what's going on and to request another free report, and got a response that what I said doesn't match their records and to call.

I am a little annoyed here. Is there something I am doing wrong?

Also did I just read if your score increases you are notified immediately but not every 7-10 days?

[DaveSignal]

there are different types of alerts.  there is a sticky by barry somewhere that explains this.  Use the search function.  Score alerts are monitored every 7 to 10 days.  Account alerts are monitored more frequently.  Usually, if something triggers an account alert, you will receive a notification within 2 to 3 days from the day the change posted to your equifax credit report.