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How often to FICO scores update?

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Anonymous
Not applicable

How often to FICO scores update?

I recently sent in copies of an Order to Set Aside judgment to the credit reporting agencies for a judgment I just paid off. It has already showed up on my credit report as satisfied, and my FICO score did not change. I'm assuming that when the credit agencies update the Order to Set Aside, my score will naturally go up (the judgment is about a year and a half old) since it's as if it was never on there. 

 

So my question is, how long does it typically take to update a FICO score? Do they do it once a month, once a week, or is it just random? I received a Score Watch alert last month that my score had gone up 40 points, and that was in the middle of the month, so I'm not sure how often scores are recalculated. 

 

Thank you :-) 

Message 1 of 7
6 REPLIES 6
llecs
Moderator Emeritus

Re: How often to FICO scores update?

Your FICO score is a snapshot in time based on what's reporting to your CR at that moment. If you have lots of changes to your CR, then you have the potential to see as many changes to your score.

 

Per a public record like that, I don't see why your FICO would change, up or down. Judgments, like collection agencies, are scored based on the presence of the baddie as opposed to the amount owed. For example, you can have 30 collection agencies reporting, and if you pay off all 30 tomorrow and your reports reflect that, your FICO will not change. On the flip side, if those baddies, like your judgment, are removed, then there's a very high probability of an increase. YMMV of course on your credit profile and what's reporting.

 

I don't know the process, but check out the Rebuilding Your Credit board. Some had success in removing judgments once they were satisfied.

Message 2 of 7
pizzadude
Credit Mentor

Re: How often to FICO scores update?

 

Is an "Order to Set Aside" the same as vacating a judgement ?   Or does it simply note that the judgement is satisfied & paid ?

 

We were trying to answer this same question earlier today:  http://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/UPDATE-Steps-to-Vacate-I-need-HELP/m-p/149716...

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 7
Anonymous
Not applicable

Re: How often to FICO scores update?

This is the "Order to Set Aside," which is identical to "Order to Vacate." The name for it differs from jurisdiction to jurisdiction but the end result is exactly the same. The attorney as well as the literature on Myfico.com have assured me that this order completely erases the judgment from your credit report. When it is marked as satisfied, it simply shows that it was paid but still stays on there for the 7 years. With this court order, it's removed completely, so I know for a fact my score will improve.

Message 4 of 7
pizzadude
Credit Mentor

Re: How often to FICO scores update?


@Anonymous wrote:

This is the "Order to Set Aside," which is identical to "Order to Vacate." The name for it differs from jurisdiction to jurisdiction but the end result is exactly the same. The attorney as well as the literature on Myfico.com have assured me that this order completely erases the judgment from your credit report. When it is marked as satisfied, it simply shows that it was paid but still stays on there for the 7 years. With this court order, it's removed completely, so I know for a fact my score will improve.


Great ~ I agree that you should be in better shape with your FICO score once the judgement is removed ~ Keep us posted !!

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 5 of 7
Anonymous
Not applicable

Re: How often to FICO scores update?

I'm very optimistic! I started with a 498 in March and have raised it to a 590 since then. Hoping that between this dismissed judgment and a pay for delete I got on the only collection account I had my score will go up into at least the mid 600s!

 

Thanks for all the info!

Message 6 of 7
Anonymous
Not applicable

Re: How often to FICO scores update?

To ensure that the credit bureaus update the information, you may want to send letters to each bureau with the proof documentation.  Dot the i's and cross the t's.

Message 7 of 7
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