@CH-7-Mission-Accomplished wrote:
@Anonymous wrote:
@jwright343 wrote:
I believe i've asked something similar to this about a year ago on here. Are credit scores when the CC companies pull them 'real time' (as of that second) OR are they the numbers that were last reported (once a month) usuall?!?! Confusing question, let me try to clarify....
I pay all my CC bills in full this very second. In 2 days they've all posted and show zero balances. On that 3rd day, I apply to a new CC. Will the score for that day show ZERO balances OR the numbers that were LAST reported, however many days ago?!?!? My confusion is that we all read on here that cards only 'report once a month' to the CRAs. If that's the case, the CRAs won't know that my balance is ZERO until the day they report, right??? Dang, that's confusing to even type. Thanks for all your help in clarifying this.
Real time. Anytime your credit is pulled it reflects exactly what's on it the second it's pulled and scored as such. In your hypothetical the 0 balances would show (although if you can get all three to report within 2 days you're luckier than me 😉). So individual lenders may only report once a month but your score is calculated real time at every pull. If you pull your score at 6:00 a.m. and pull it again at 6:01 a.m it could (although highly unlikely) be different.
This isn't quite correct. The FICO score is calculated at the moment a new inquiry is made. What happens is the FICO software is run and uses the data in your credit report file. So it only scores information as of the last time the creditor has updated your credit report, which is usually a couple of days after the last statement date.
So when a new score is generated FICO does not go inside your credit card account to see what the balance is as of today, but only what is the most recently reported balance shown on the credit report as reported by the creditor last statement date. Sometimes, especially if you put a large charge on your card, creditors will do a mid-statement update to alert other creditors that you are carrying more debt. They don't generally do this if you make a large payment mid cycle.
It's absolutely correct. I never said they "go inside your credit card account to see what your balance is today" I said they score you on whatever is on your report at the time of the pull. If the payments that were made on the cards haven't been reported yet then obviously they can't be scored. In his hypothetical the payments were reported on the second day and he apped on the third day and in that case he would be scored with the 0 balances. So, as I stated in my first post, whatever is on your report at the time of the pull is what's scored. How that could have gotten confused with me saying fico goes to your credit card companies and asks them what your balance is that day I don't know but my apologies if my wording was confusing.
Edited: Sorry CH-7 Rebuilding after re-reading the op I guess he was asking if they score on payments that were made but not reported and of course in that case no, they can't be scored if they're not reported. I took the "in two days they've posted and they're all showing 0 balances to mean that they reported. I was saying the same thing you were, only what's has been reported to the CRA can be scored.
