ScoreWatch Not updating

[Anonymous]

I signed up for scorewatch on 3/12/10.  Since then I have paid off all of my accounts (around $4000)... which is a majority of credit limit.  my score should have changed... but i have not had one single update from scorewatch.  I read another page on this forum and I checked all of the settings... 

Is this normal? How long do I wait?

- Amy

[JerryG2]

Amy this is not normal. The credit companies report once a month.  The information is not being reported through SCORE WATCH in a timely manner. I believe in an attempt to solicite you into buying another "MYFICO" product when you have already paid for the same information.  I am just begining to see the pattern. If I find it continues I will search for more info. to show fraud with these services and products. 

[JerryG2]

In the past month and a half I have paid off $15,000 of debt. Other sources have reported a large change in FICO score and debt to income ratio, yet the company I paid $100 to, to monitor this change has not reported it as of yet.  This makes me feel uneasy about this website and their products.

[Lel]

Hi amyisnice, welcome to the FICO forums.

This $4000 that you paid - this was credit card debt, correct?

What was the last statement dates of these credit cards, and when did you pay them?

The credit card companies usually - but not always - report the most recent statement balances to the credit reporting agencies (Equifax, Transunion, and Experian).  It doesn't matter whether you pay your entire balance off completely the next day.  The statement balance will be what is reported.

So, for example, if your credit card statement date was March 15 and the balance was $4000, that balance will be reported to the CRAs.  If you pay it off on March 17, the CRAs won't get updated with your zero balance until the next statement is issued on April 15.  However, if you make new charges to your credit card during this time, then the new balance will be reported.

Thus, it make take some time before your score is updated, because the credit card companies may not have updated the CRAs.  Without more information about your statement dates, no can say whether this is normal or not.

It sounds like you have read about how to lower the threshold for a SW alert - to be certain, have you set your current score as your target score?

[Lel]

JerryG2, have you also set your SW settings in a manner that would most likely trigger a SW alert?  And what do you mean by "other sources"?