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fico scores change daily??

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jwright343
New Contributor

fico scores change daily??

I'm a little confused as to if FICO scores changes daily OR only 'monthly' when the CR are updated.  I know that CCs usually report once a month.  I that's the case, how can FICO scores be fluid and constantly changing?  So hypothetically, If my score at this moment is 700, and I make all baddies disappear over night and my utilization is magically zero overnight, will my score go up over night OR not until these 'changes' are reported.  Yes, i've confused myself.  Smiley Happy 

Message 1 of 12
11 REPLIES 11
user5387
Valued Contributor

Re: fico scores change daily??

There are a couple of answers to this question.

 

Normally we think of scoring as applying a formula to the information in a report, and therefore, we assume the score will not change unless the report does.  A report can change at any time, of course.  It changes when creditors report new information, such as balances, inquiries, tradelines, derogatories, and so on.

 

At another level, there are factors on a report that are changing on a daily basis, for example account ages.  Occasionally these factors will cause a change in score, independent of overt report changes.  A value like AAoA may reach a threshold level, or you may be recategorized and placed in a different score card (bucket).

 

Message 2 of 12
Revelate
Moderator Emeritus

Re: fico scores change daily??


@jwright343 wrote:

I'm a little confused as to if FICO scores changes daily OR only 'monthly' when the CR are updated.  I know that CCs usually report once a month.  I that's the case, how can FICO scores be fluid and constantly changing?  So hypothetically, If my score at this moment is 700, and I make all baddies disappear over night and my utilization is magically zero overnight, will my score go up over night OR not until these 'changes' are reported.  Yes, i've confused myself.  Smiley Happy 


To add to what User398424asdfs (sorry dude hah, I can never remember your username) suggests: if you only had the one tradeline then yes your report and therefore FICO score would change on the order of once a month (some variations but not much).

 

On the other hand I have 10 open tradelines and 3 closed ones which go into my calculation: at a minimum my report and score can change 10 times a month, or roughly once every 3 days (actively reported accounts) on average, and given the effects of what have already been suggested by user#, it actually changes more often than that.  The thicker your credit file gets, the more often it'll change.




        
Message 3 of 12
Howardudoing
Member

Re: fico scores change daily??

Hello, I have a somewhat similar question.  I disputed a number of accounts/trade lines and was recently successful in removing a tax lien and 4 collection accounts from my report.  There was no big increase or decrease in my FICO scores after I initiated the dispute.  In other words, I don't think my scores benifitted under the theory that disputing accounts could inflate the scores temporarily.    

 

After the investigation was completed, and almost immediately after the aforementioned derrogatories were removed or deleted, my scores increased substantially, which I logically attributed to the removal of the lien and collection accounts; indeed, I was notified via my EQ FICO score watch alerts of the score increases as the derrogatories were deleted.

 

Because I'm applying for a mortgage, I asked Equifax and Transuinon to delete/remove the "in dispute comments" from the remaining accounts investigated.  I did not see any dispute comments for EX, except for "dispute resolved, which I was told by mortgage company should not matter for application purposes.  One day after my request to remove the dispute comments, my FICO scores for EQ and TU dropped 60-70 points, almost erasing the gains after the removal of the aforementioned derrogatories.  Is it possible the scores will adjust upwards again in a few days?  What gives?  Thanks.       


Starting Score: 629
Current Score: 739
Goal Score: 800


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Message 4 of 12
user5387
Valued Contributor

Re: fico scores change daily??

Accounts that are currently in dispute are partially excluded from FICO scoring.  There are a variety of articles here and elsewhere that discuss the nuances of this.

 

So if you have a derogatory going in and out of dispute, it can yank your scores around in a major way.

 

A score is calculated at an instant in time, and may differ in a major way from a score calculated a hour earlier, if the underlying information has changed.

 

Message 5 of 12
Howardudoing
Member

Re: fico scores change daily??

Thank you!  


Starting Score: 629
Current Score: 739
Goal Score: 800


Take the myFICO Fitness Challenge
Message 6 of 12
Sock
Valued Member

Re: fico scores change daily??

One thing that is not mentioned here is credit card balances... The actual balance can change daily, but if you use up a lot of your available credit and it's the day before your cc company reports to the credit bureaus, you're stuck with that on your credit report/score for 30 whole days....

Message 7 of 12
FightClub
Established Member

Re: fico scores change daily??

I'm with JWright343 on this one.  The credit card companies appear to be reporting every 5-7 days as shown on my CR below.  WHAT BOTHERS ME, is that everytime I utilize my CC it reports and immediately affects my FICO.  HOWEVER, when I pay the item off the following week, THE (0) ZERO BALANCE is not reported or reciprically scored IMMEDIATELY.  So my FICO SCORE carries the DING for 30 days!!  This is unfair!  The CC companies AND FICO appear to be holding hands, dinging consumers if they utilize their CC's, not rewarding us when we use them responsibly or paying them off, forcing CC users to endure constant credit scrutiny and holding their credit futures hostage. ??"Apply for a CC and we'll ding you for applying! Don't use our credit cards and you won't establish any credit history - USE our credit cards AND we'll ding your scores! - Pay the credit card balance off before we can make any interest off of you and we'll Ding you again! - Use too much of the available balance on the card WHETHER YOU PAY IT OFF IMMEDIATELY OR NOT, how dare you!  DING!!"  SO WHICH IS IT?? ~ fightclub

 

 4/24/2014618Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 4/23/2014618Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 4/18/2014618Score Watch® alert: Possible higher rate on a new HLOAN .      No 
Score Watch® alert: Possible higher rate on a new HLOAN .                                                
 4/12/2014620Score Watch® alert: Your score has dropped.       No 
Score Watch® alert: Your score has dropped.                                 
 3/26/2014625Score Watch® alert: Your score has gone up.       No 
Score Watch® alert: Your score has gone up.                                 
 3/22/2014620Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 3/18/2014620Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 3/13/2014620Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 2/26/2014620Score Watch® alert: Possible lower rate on a new HLOAN .      No 
Score Watch® alert: Possible lower rate on a new HLOAN .                                                
 2/22/2014614Score Watch® alert: Possible higher rate on a new HLOAN .      No 
Score Watch® alert: Possible higher rate on a new HLOAN .                                                
 2/18/2014620Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 2/15/2014620Score Watch® alert: Your score is unchanged.       No 
Score Watch® alert: Your score is unchanged.                      
 2/3/2014620Score Watch® alert: Your score has gone up.       

Starting Score: EX:643 - EQ: 607 - TU: 614
Current Score: EX:643 - EQ: 607 - TU: 614
Goal Score: EX:673 - EQ: 637 - TU: 644


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Message 8 of 12
Revelate
Moderator Emeritus

Re: fico scores change daily??

Um, if that's a credit card, go find a different one?  I've never heard of that, it costs money to report a balance change, why would they be doing that?

 

I'm frankly confused as well as stunned if what you have posted is legit.  My cards each report once a month unless I do something really awkward to trigger a mid-cycle update from certain lenders... which I do very very rarely (once in 2.5 years).




        
Message 9 of 12
masscredit
Valued Contributor

Re: fico scores change daily??

My Walmart statement closed on the 21st. I changed the closing date last month. I thought that change was going to happen the following month but it didn't so the statement closed with a $39. balance (rare time that I've had two cards report a balance during the month). I received notification this afternoon that said there was a balance decrease on the card. So it was already being reported 3 days after the statement closed. I'm waiting to see if I get a score change notification. Don't know if having a second card report a balance was costing me a few points. 

 

What can trigger a mid-cycle update? I've had some cards report a CLI mid-cycle. I don't think I've seen any report a balance update early. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

SDFCU Secured - $5000 / TD Bank - $5000 / Mercury - $5000 / Capital One Savor One- $5000 / Capital One QuickSiver - $4500 / Ally Master Card - $2800/ Walmart Mastercard - $2250

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