When is FICO Score updated?

Anonymous · ‎05-03-2007

What triggers an update to your score?

Thanks

NancyB

Anonymous · ‎05-03-2007

Technically, you don't have a score until the moment you or a creditor requests one from FICO, and it pulls the info from the credit bureau. So if you get your score every day, it *may* be different, depending on what information was reported to the bureau in that last 24 hours. If you don't get your score for 6 months, the information is regularly being updated in your credit reports, but the score isn't calculated until somebody asks for it.

Anonymous · ‎05-05-2007

I don't know if anyone can just say the xx of every month. If you monitor your credit with for instance scorewatch if your score changes it will notify you of the change. As far as it changing I noticed sometimes it seems more often then other times. My first month it seemed like it changed every week now it seems like it is once a month if that. Unfortunately, it monitors only EQ with scorewatch. Also, it has to do with when our accounts age and if the creditor actually posted the data to the bureaus. Funny you should ask because my theory is TU, and EX does calculate a different score as soon as something posts and will give that score when requested. However, I think EQ batches certain transactions and gives that score at a certain time during the month. Just a theory since they will not post things in black and white it is all speculation. Though, if you monitor EQ with scorewatch you can see a pattern as to when your creditors report and if/how it affects your score if indeed your score changed due to the alert.

Anonymous · ‎05-09-2007

Is it true that FICO scores get updated every 90 days?

Anonymous · ‎05-10-2007

Think of your credit as a movie in progress and your scores as a still picture snapshot of the movie taken at a point in time. Scores aren't updated, per se. When you request them the picture is taken, the film developed, and the score provided.

Anonymous · ‎05-10-2007

So the score will change, and I will be notified, only when a credit report is requested by someone? If my balances go down and payments are timely that doesn't "count" unless someone asks. Which is OK but I just want to understand it.

Nancy

Tuscani · ‎05-10-2007

NancyB wrote:
So the score will change, and I will be notified, only when a credit report is requested by someone? If my balances go down and payments are timely that doesn't "count" unless someone asks. Which is OK but I just want to understand it.

Nancy

You will be notified if you subscribe to a credit monitoring service like ScoreWatch. Just remember, ScoreWatch only monitors your EQ FICO and report. There is no FICO monitoring service for EX or TU.

If you think about it, does anything really matter on your report unless someone asks.

Anonymous · ‎05-10-2007

Tuscani wrote:

NancyB wrote:
So the score will change, and I will be notified, only when a credit report is requested by someone? If my balances go down and payments are timely that doesn't "count" unless someone asks. Which is OK but I just want to understand it.

Nancy

You will be notified if you subscribe to a credit monitoring service like ScoreWatch. Just remember, ScoreWatch only monitors your EQ FICO and report. There is no FICO monitoring service for EX or TU.

If you think about it, does anything really matter on your report unless someone asks.

Your report and score matter on only a handful of days in your lifetime: the day you apply for a mortgage, refi, credit card, some jobs, auto insurance, car loan, etc. That's why frequent monitoring -- unless you are concerned about identify theft -- is pointless (pun intended).

Anonymous · ‎05-10-2007

NancyB,

SW, TC and other monitoring services don't monitor your score. They monitor your reports and send you alerts which may or may not significantly and adversely affect your score.

Knowing your score on a day to day basis isn't all that important, even when you're househunting.

Knowing what is or is not on your reports is very important. It is for this reason, and others, that I use TC.

Anonymous · ‎05-10-2007

Yup, monitoring your reports at least once per year is crucial.