EQUIFAX NOT UPDATING ON FIRST OF MONTH??

[rom828]

I've got 2 inqs and 2 accounts that turn  1 yr old on June 11.

My May 5th FICO report simulator showed a big increase in my score w/ "pay all bills on time for 1 month" which I'm sure would be because of this aging.

I thought maybe Scorewatch was lagging a little, so I purchased a new repot on June 4th and it's exactly the same as the May 5th....same # of inqs and new accts and the same message with the simulator.

I know TU usually doesnt update til the month following, but in my experience EQ has always updated the first of the month in which the inqs or new accts occurred.

We want to submit an offer on a house and time is of the essence because there's a lot of interest in this house, but this point increase could make a big difference as it should get me well over the 700 mark.

Anyone with some recent experience and/or advices?!?!

[Lel]

Hard inquiries stay on your report for two years, but stop affecting your score after one year.  So when June 11 comes, they're not going to disappear.  You may see a small increase in your score, but in my experience inqs tend to lose their negative effect slowly as the year progresses.  So any change in your score may not be significant.  YMMV.

Are you applying for a conventional mortgage or FHA?  If the latter, then your scores should be sufficient to get pre-approved for a mortgage.

[rom828]

Thanks, Lel!

I realize the inqs stay on 2 yrs but are scored just for one....it's really the 1 yr anniversary of 2 accounts that I think will give me the higher score.

It's just that  before,  my experiencee has been that birthdays with Equifax were 'celebrated' the first of the month.

Nothing has updated yet, so that's why I was wondering if EQ is now more like TU and won't update til the following month...or at least not til the actual date has passed.

In the past, 1 yr birthdays have boosted my scores,  so I'm anxious to see if the simulator is right this time!!

I'm currently in an FHA loan and we're looking at either FHA or Homepath (got a post  on that also!) for a new home...and I thought I read that scores affect the % rate on Homepath.....

besides, who doesn't love a score increase?!?!?

[Anonymous]

We'll keep our fingers crossed for June 11th - maybe they'll celebrate their real birthdays this time 'round.

[rom828]

Maybe that's it, beam....they didn't want people jumping on the birthday train early, so they're makin' us wait til our "real' birthday arrives!

I wouldn't be quite so anxious if not for the mortgage thing....but even w/o that, like I said, it's always exciting to see those scores go up!

Hopefully by the end of the week it'll be "Happy birthday to me"!!!!

[RobertEG]

This is not, in my opinion, either an Equifax, or any CRA, issue.

The CRA merely records the information, in this case a credit inquiry, with the appropriate code, as reported by the inquiree.

The FICO scoring algorithm licensed by the CRA, but not controlled by them, then looks at the inq code, and determines whether or not it is scored in their algorithm.

They say that all inquries are not scored after one year, but again, that is a FICO matter, not a CRA matter.

Fair Isaac has told us that certain types of inquiries are not scored (so-called soft pulls) at all.  The ultimate responsibily for how any inquiry affects your credit score rests with the creditor who posted the inquiry code to the CRA.  The CRA then just records it, and then FICO just scores it.