***UPDATE!!* When will FICO score change?

[Anonymous]

I applied for 2 cards and got approved for both.....saw inquiry for one, not the other on CR's.

JCP- Recieved card in mail, still not reporting or change in score/CR (except inquiry ) 

Kay card - Haven't recieved inquiry or reporting on CR or cc in mail yet, no change in CR/score

How long does the FICO score take to change after applying/recieving a new CC?

TIA

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Fico score changed +10 pts on TU yesterday!  

6/14/09  TU- 641 EQ- 650 ; 6/22/09  TU- 651 EQ - 650

Original inquiry happened on 6/18/09- 4 days to post to TU

Message Edited by familyof5 on 06-23-2009 07:31 AM

[haulingthescoreup]

If the inqs were going to affect your score, it would have happened by now. It's entirely possible that they didn't, if they were on different CRA's and depending how many you already had. Or if they were on EX, no telling, of course.

Otherwise, any change won't happen until the cards actually report. With BofA, that's about 20 seconds after you're approved; with AmEx and others it can be several months.

If your credit profile "needed" revolving credit, you might not even get a ding. If your AAoA drops by a year (for instance, 3y 1m to 2y 11m), you might get a ding. You pretty much won't know until you know!

Unless you have money to burn on pulling scores, I'd wait until they both start reporting on whatever monitoring service you're using. Once things are on a report, any pulled FICO score will reflect their presence.

[Anonymous]

I'm waiting for a rapid rescore to update EQ on a tradeline. Once its updated is my new score calculated or when my loan officer pulls my credit report?

[haulingthescoreup]

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sgress1533 wrote:
I'm waiting for a rapid rescore to update EQ on a tradeline. Once its updated is my new score calculated or when my loan officer pulls my credit report?

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Your score doesn't exist until someone pulls the report. It's created at that moment, from whatever is on the report.

Think of it as a "potential" score.

[Anonymous]

So if we order a score report from myfico.com before someone else pulls my report, I could just be getting the same score right? Even if balances change and what not...

[haulingthescoreup]

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sgress1533 wrote:
So if we order a score report from myfico.com before someone else pulls my report, I could just be getting the same score right? Even if balances change and what not...

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Well, let's say you pull your FICO Equifax score report at 2:00 Eastern. A lender pulls it at 2:30 Eastern.

If nothing changed on your report between 2:00 and 2:30, your lender will get the same score as you, assuming that they were pulling the straight FICO EQ score (Beacon 5.0), and not an auto-enhanced score or other oddball specialty score.

But if something changed between 2:00 and 2:30 --lets say that one of your CCC's updated with a different balance --your lender might well get a different score, if the change was significant enough to trigger a change.

It can make your brain hurt a bit when you first start thinking about this, but essentially, you don't have a score unless and until someone pulls a report. At that very moment, a score is generated.

That's why we say that your credit report is like a movie, showing everything that has happened in your credit life over time, but your credit score is like a snapshot, a real-time image of what is on your credit report at that very moment.

[Anonymous]

And the snapshot isn't created when I pull my report from myfico.com, its created when a lender or credit company pulls the reports? I think I'm starting to understand. Thank you for all your great info

[haulingthescoreup]

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sgress1533 wrote:
And the snapshot isn't created when I pull my report from myfico.com, its created when a lender or credit company pulls the reports? I think I'm starting to understand. Thank you for all your great info

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No, it's when anyone pulls, including you.

And the scores don't exist through time, as far as I know. In other words, they're not stored anywhere. They're just a way of evaluation what your credit profile looks like at that very moment, based on what is on your report at that time. Just a form of immediate feedback that doesn't really have any lasting impact, other than its influence on the lender who pulled your report and score.