FICO Score Updates..How often does it cycle into a new Score?

[RobertEG]

FICO scores are not produced by Fair Isaac,who is only the lincensee of the FICO scoring programs used by the CRAs.

Each CRA has a separate contract with FairIsaac, who licenses their scoring algorithms to each CRA, and each CRA licenses a different version.

When you request a credit score, it does not come from Fair Isaac, who has no way of producing a score, because they dont database the CRA data.

One second after the CRA enters new data into their database, and you request a new FICO score, the scoring is re-run using their licensed FICO software, and a new score is produced. It is instantaneous, once enterd by the CRA into their database.

Delays are two-fold.  Creditors dont update to the CRAs daily.  At best, they update monthly, and under no required schedule.  So if you make account changes today, it could be up to a month before they are even received the the CRA.  The CRAs get millions of creditor reports daily, and take some processing time to get it posted to yoour credit file. But when it is posted, scoring is then instantaneous.

Monitorng credit scores daily is a waste of money.  Even weekly monitoring is a waste, IMHO. Know when your credtors report, and give it another week, then throw down the change to view a new score.

[Anonymous]

Roger that.

Still awating changes....

Chase Credit Card says 0$  *Has posted to Equifax*

BestBuy CC says 0$ *Has posted to Equifax*

Capital 1 says 0$ *Has posted to Equifax*

However

BOA CC 1 Says  $3,227  (On Equifax REport)

BOA CC 2 Says $425.00 (On Equifax REport)

So Now I must await until these bozo's update. But both of those are paid off.

Message Edited by g3kk0 on 11-17-2009 10:34 AM

Message Edited by g3kk0 on 11-17-2009 10:35 AM

Message Edited by g3kk0 on 11-17-2009 10:36 AM

[Anonymous]

I paid all my accounts off one time and score went down.  I find that you need to carry some kind of debt.

[Anonymous]

Equifax is now 640 

As of 11-22-09

[haulingthescoreup]

Congrats!

I love seeing the score jumps that result from folks getting on top of their util. And for once, that score sim was pretty accurate (projected 621 - 661.)

[Anonymous]

Update-

TransUnion score has gone from 616 on 11/3/2009 to 670 on 12/2/2009

 Equifax Score has gone up to 646 on 12/03/2009

U.S. Bank Approved me for AUTO LOAN, I now own a 2004 Acura TSX

Loan Ammount = $10,000

 *************************************

Current Report from TransUnion has

BOA CC1 @ $0

BOA CC2 @ $ 29.00 **WHEN IN FACT ITS 361.25

Current Report from Equifax has

BOA CC1 @ $425.00 ***WHEN IN FACT ITS $0**

BOA CC2 @ $ 29.00 **WHEN IN FACT ITS 361.25  (I took fiance shopping)  As an XMAS gift This will be PAID in full before DUE DATE.

Rest Of credit Cards....

 Chase= Balance $0

 BestBuy CC Balance $0

 Capital One Balance $0

New Credit Added to family

 NewEgg Preferred Car/Limit $2400.00 (balance $0)

 Macy's/Limit $400 (balance $0)

 Kohl's/Limit $400 (balance $0)

 JCpenny/Limit $100 *****WTF****** (balance 0$)

 AbroCrombie & Fitch...waiting on Limit (of course balance $0)

 Walmart Card/Limit $300 (balance 0$)

 BloomingDales/Limit $1000 (balance $0)

So as you can see alot has changed over the course of a month. Paying off $5000 in debt. A few questions...

1.) Both of my BOA cards are at 29.99% ... I called them and they will not lower the interest rate. They said & I qoute.. 'Oh Mr John Doe, Just use the cards alot over the next 6-months and we will lower your rate. I see you cards have a balance of $0 you should use them" AKA get in debt again. NO THANKS!!!!

Suggestions?

2.) Clearly my Auto Loan from US Bank has not been added to my report...how will this affect my score when it does post? On both Equifax and Transunion

I think that's it for now....I'll keep you guys updated.

Message Edited by g3kk0 on 12-03-2009 04:57 PM

Message Edited by g3kk0 on 12-03-2009 04:58 PM

[MarineVietVet]

1.) Both of my BOA cards are at 29.99% ... I called them and they will not lower the interest rate. They said & I qoute.. 'Oh Mr John Doe, Just use the cards alot over the next 6-months and we will lower your rate. I see you cards have a balance of $0 you should use them" AKA get in debt again. NO THANKS!!!!

Suggestions?

Keep the cards, use them every few months for a small purchase to keep them active or have them pay a recurring monthly bill and then pay the balance before the due date and never give them another penny in interest. They can charge you 100% interest and it won't matter. Let the account continue to age and help your AAoA.

Just my 2 cents.