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MyFico Slow at Updating?

Member

MyFico Slow at Updating?

Back on Feb 15 I made payments on 3 of my accouts, including paying one off in total.  I paid off my total chase balance and paid down my CitiCard and Barclay card with big payments.  I have yet to get any kind of update from MyFico, yet my free WalMart score jumpted to 675 today. 

 

With my earlier post about the difference in the actual Equifax to the MyFico, I am losing faith in MyFico fast...

9 REPLIES
Moderator Emeritus

Re: MyFico Slow at Updating?


thomamon wrote:

Back on Feb 15 I made payments on 3 of my accouts, including paying one off in total.  I paid off my total chase balance and paid down my CitiCard and Barclay card with big payments.  I have yet to get any kind of update from MyFico, yet my free WalMart score jumpted to 675 today. 

 

With my earlier post about the difference in the actual Equifax to the MyFico, I am losing faith in MyFico fast...


The TU FICO from Wal-Mart is on a delay if I remember correctly. Are you sure your Citi and Barclay statements have already generated since your payment? CCs typically only report once per month and they'll report the balance you have on the statement date, and and they'll report that inside 2-3 or so days following that statement date.

Member

Re: MyFico Slow at Updating?

The TU Fico from Walmart is updated faster then MyFico.  MyFico hasn't changed in a month. 

 

Both have reported already, the Chase was within a week after me paying it. 

 

Also, Got my Equifax from a report that I requested credit from and it was more updated then the MyFico.  I feel like I am wasting my money here, wish they would start updating and get with the program.

New Contributor

Re: MyFico Slow at Updating?

I had 4 credit alerts with Myfico in a 5 day period.

 

Things like opening a new credit card and getting an inquiry report fast.

 

I think the problem are your settings for credit alerts.

 

I never received many credit alerts until I actually took the time to adjust my notification settings.

 

I set my credit alerts to notify me if an account balance changed by more than $5.  Voila, I get my credit score reported on 1-3 times per week.  Every time myfico.com sends you a credit alert, it also automatically tells you where your score is currently at.

 

Credit card companies only usually report the balances once per month though.  Myfico doesn't actively monitor your credit line.  It waits for the credit card companies to fill it in.


Starting Score: TU 749 02/02/2014
Current Score: TU 749 02/02/2014
Goal Score: 850


Member

Re: MyFico Slow at Updating?

Already have it set to those settings...

Established Contributor

Re: MyFico Slow at Updating?

Set your target score to be 1 pt above where it is now.


Starting Score: 515
Current Score: EQ08 711 EX08 731 TU08 735
Goal Score: 740+

Amex BCP $25k | Discover IT $15.7k | Cap 1 QS $10k | PSECU $10k | Citi DC $9300 | Citi DP $6800 | Barclay Ring $6500 | PayPal Extras MC $5045 | DCU $5000 | Chase Slate $5000 | Barclays AA $4100 | Chase Freedom $4000 | Union Plus $1000 | Target $500
Frequent Contributor

Re: MyFico Slow at Updating?

I think it is slow to update.  I have all my settings to notify me of a one point change, change in balance etc.

 

I had 5 collections removed and after waiting 5 days I finally bought a new score report.  Sure enough my score went up almost 50 points.

 

Than just this morning I did it again.  On Monday 2 more collections were removed and I paid down a credit card.  I know it ALWAYS post on the 2nd.  Just to be sure I did the backdoor check and saw the collections were removed and visa reported the pay down.  I broke down today and paid for another update.  Score went up 20 points since last week.   Never received a notice from Myfico.  Other times a get notices several times a week.  Not sure why the past two weeks it didn't pick up the changes and notify me in a timely manner.




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Moderator Emeritus

Re: MyFico Slow at Updating?


Kathy4NU wrote:

 

I had 5 collections removed and after waiting 5 days I finally bought a new score report.  Sure enough my score went up almost 50 points.

 

Than just this morning I did it again.  On Monday 2 more collections were removed and I paid down a credit card.  I know it ALWAYS post on the 2nd.  Just to be sure I did the backdoor check and saw the collections were removed and visa reported the pay down.  I broke down today and paid for another update.  Score went up 20 points since last week.   Never received a notice from Myfico.  Other times a get notices several times a week.  Not sure why the past two weeks it didn't pick up the changes and notify me in a timely manner.


SW doesn't alert to dropped balances or dropped TLs. However, absent any credit alerts (e.g. added TLs, stati changes, new inquiries, etc.) SW will monitor your EQ FICO for changes every 7-10 days and bases the monitoring on your target score. So, if your new EQ FICO hits or exceeds the set target score when it alerts by 7-10 days, then you'll get alerted. 

Frequent Contributor

Re: MyFico Slow at Updating?


llecs wrote:

Kathy4NU wrote:

 

I had 5 collections removed and after waiting 5 days I finally bought a new score report.  Sure enough my score went up almost 50 points.

 

Than just this morning I did it again.  On Monday 2 more collections were removed and I paid down a credit card.  I know it ALWAYS post on the 2nd.  Just to be sure I did the backdoor check and saw the collections were removed and visa reported the pay down.  I broke down today and paid for another update.  Score went up 20 points since last week.   Never received a notice from Myfico.  Other times a get notices several times a week.  Not sure why the past two weeks it didn't pick up the changes and notify me in a timely manner.


SW doesn't alert to dropped balances or dropped TLs. However, absent any credit alerts (e.g. added TLs, stati changes, new inquiries, etc.) SW will monitor your EQ FICO for changes every 7-10 days and bases the monitoring on your target score. So, if your new EQ FICO hits or exceeds the set target score when it alerts by 7-10 days, then you'll get alerted. 


Ok, that makes sense.  I have noticed in the past too that I usually get notified on Friday or Saturday of a change and I usually know that the change happened earlier in the week.  

 

I just had my student loans report this morning.  I rehabbed them and they were picked up by a new lender.  It appears as a new tradeline and are backdated to 2006.  I will resist temptation and not buy the SW and see how long it takes to notify me of the change.  I am hoping this one will boose my score since my AAoA has increased and a perfect payment history for the past 7 years!




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Highlighted
Moderator Emeritus

Re: MyFico Slow at Updating?

I'm not certain if backdated TLs produce a credit alert or not. Some say yes and others say no. I've seen some posters complain that their backdated Amex failed to produce an alert. However others say theirs did. I dunno. Congrats though on the backdating. Make sure your target score matches your current score or last alert. I just got a score alert this morning for +9. I suspect it was util improvements, but I immediately changed my target.