Fico score updates?

[Anonymous]

How often do Fico scores update?  Once a month?  Once a quarter?  Are creditors obligated to send updates when balances are paid?

[Anonymous]

Creditors are not obligated to report though most that do report within a few days of your statement date. Then the bureaus update your file within a 3-14 days (some take longer than that). As a result in this variation, your FICO score is updated every time there is a request for a FICO score. If there have been no changes on your report and your accounts have not aged significantly there may be no change in your score.

On the other hand, your accounts may age without a change in your balances and your FICO score would suddenly be different if pulled.

Think of a FICO score as a snapshot in time. 1 day from now it could be the same, or quite changed.

[cobra19]

actually, your score could change a couple of times in the same day.

[Anonymous]

actually, your potenial score could change a couple of times in the same day

Yes- your  potenial score can move up and down in a single day- but a score does not exist until someone PAYS for it.

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cobra19 wrote:

actually, your score could change a couple of times in the same day.

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[Anonymous]

My thanks to everyone that replied.  The information was most helpful.

[Madison]

I have been patiently been waiting for CitiFinacial's $2,900 to report being paid off since the end of July. I am waiting for GEMCO $2050 to report getting paid off since the first week in August. I got a car loan the second week in August and it reported a week after we signed the papers. By the way it knocked my EQ  FICO score down 25 point from 705. Yet EQ hasn't given me credit for the previous PIF accounts, Plus I have lowered my Chase balance from $1400 to $700 for July/August. I have trouble with EQ being Johnny on the Spot when it comes to identifying new loans or increase in balances yet they drag their feet when it come to reporting paid off loans or decrease in balances. I haven't even gotten a credit alert on any of these paid off/down transactions.

[recoverychick]

Does this mean that if you have paid an account down to 10 dollars, but it doesn't update in true credit, if I ordered my scores from MyFico or applied for credit, we would get real time balances and not statement or cra reporting balances?

Thanks.

[haulingthescoreup]

It's not that it's not updating in TrueCredit; it's that it hasn't yet updated in the real underlying credit reports.

When you pull your scores, they are created from whatever is on the full credit reports, maintained by the CRA's, that very moment. The scores can't change until the reports change.

Where TrueCredit comes into play is that it shows you if the real reports are updated yet, so you know if it's worth pulling your FICO score$.

[recoverychick]

Got it!  Thanks.