Checking My Scores

[hoang817]

Hi all,

I really need  a "Good" credit score in the next few months to purchase a house with 10% down . I would like to find out how often should I check my credit scores from Myfico.com?

I just purchased the scores from MyFico couple days ago and within that span, i've paid off some of my debts. Iam trying to have $0 balance on my revolving accounts.

thnks for your comments

[haulingthescoreup]

Do you understand how the whole process works? I'm sorry, that's sounds snarky, and I certainly don't mean it to be.

Your scores don't change until your credit reports change. Your credit reports don't change until the lenders post the new info. Lenders usually update to the credit bureaus on your statement dates (not due dates, but when the statement first shows up.)

So if you pay off your account with Gimmemore National Bank, you have to wait for your monthly statement to generate. Today's the 7th. Let's say your statement usually posts on the 20th. So if Gimmemore is like most lenders, it will report your new $0 balance on the 20th. Experian generally updates that very night, so your EX FICO score (which is nearly invisible to consumers these days) will potentially change on the 21st. But Equifax and TransUnion generally take between 3 and 7 days (maybe longer) to update the info that's sitting in their inbox. Your EQ and TU reports probably won't have the new balance until the 24th or 27th or whatever.

Apply that process to every account that you're paying off.

This is why you'll often read the advice to wait 4-6 weeks to let everything percolate through. Most of us can't wait that long, lol, but I would still let several of your statements update, then add a week to when that last one updated, and then pull.

You are free to pull daily, of course, and the FICO balance sheets will probably love you to death, but there might not be a lot of point in it.

[hoang817]

thank you very much for the info