ScoreWatch Question

[Anonymous]

So from what I understand ScoreWatch doesn't alert you to a decrease in credit card balance (only an increase). So does that mean if I pay down a balance on a card that I won't be alerted to a the (hopeful!) change in my score even if I have my alert threshold set to my current score?

[apandabear]

Scorewatch will check your score against your current score weekly. So if your score moves, you'll get an alert on that, as long as your score is set to your current score. The system will only check your score against your current score once a week, so you might not get that alert immediately. It could be 7-10 days.

[nicholasyud]

so if your credit score 600 and you set alert 610 . They would notify it to you about 1 week when they monitor your score ? And give you a new score if its moving up ? Is that right ?

[llecs]

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@nicholasyud wrote:

so if your credit score 600 and you set alert 610 . They would notify it to you about 1 week when they monitor your score ? And give you a new score if its moving up ? Is that right ?

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There are two types of alerts: credit and score. If you set your target score to 610 and your current is at 600, then you won't get a score alert until your new score hits or surpasses 610, which could be days, weeks, months, etc., depending on your credit situation and changes. Absent any score increases, you will get a weekly e-mail alert saying that nothing has changed. In between some of the score alerts, you might receive a credit alert. Credit alerts will alert you to changes like balance increases, added accounts, added inquiries, etc. In cases of these, SW will provide you your latest EQ FICO and provide it to you then.

For best results, set your target score to your current FICO  score. That way if it goes up or down, you'll get alerted. Immediately reset your target score after each score alert.

[nicholasyud]

im at 657 so is that mean iam 3 points away to list as a good credit ? 660 ?

[llecs]

Yep.

[nicholasyud]

possible change to apply for Discover More or American Express with 660 ? thanks

[llecs]

YMMV. They look more than just scores. They also look at util, baddies, length of credit history, inquiry count, income, etc. I applied for both (Discover More and Amex Green) with scores around 650 and was denied, but I also had baddies. I cleaned up my credit and re-applied with FICOs in the 720-750 range and was approved without issue.

[nicholasyud]

whats kind of baddie you have during the time you applied ? Mind to share ?

[llecs]

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@nicholasyud wrote:

whats kind of baddie you have during the time you applied ? Mind to share ?

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I'm guessing without going in my notes, but IIRC, I had at that time of the denial a Verizon Wireless CO, a 6 yr 90+30 on an old CapOne CC, and a redeemed repo still showing 10 lates (30s+60s). I may have had a CA reporting, but I can't recall. I had AFNI around then.

When I got approved, there were no CAs, the VZW CO was gone, the CapOne lates aged off, but I still had the repo showing with 4 or so lates. The repo didn't negatively impact FICO then because they kept adding a dispute comment after each GW I sent.