Understanding FICO® Scoring

[murcury]

I subscribed to the score watch service here at myfico.  I love it...watching my score change as I fix my credit is awesome.  Here is my question.....

I just paid off an outstanding bill on my report plus paid off my credit card balance to $0 and plan on keeping it there for a while.....

How long before I see it post to my report?  Some months I get 2 updates...some only one...and this month I have yet to get one.  Is there any regularity in this?  I asked about the outstanding bill and they said up to 30 days for it to clear reporting...but what about the credit card?  It's a Cap One if that helps.  I also cleared up some outstanding medical bills that I"m sure was NOT helping....hoping for a big jump this next report!

[murcury]

Also....I notice that when Cap One reports a "new balance" it reports twice....is this bad? or normal?

[JM-AM]

Double reporting happens infrequently. Personally I think its a flaw in system. It does have an impact on your scores, but recovers several days later or next statement. YMMV when it recovers, but it does recover.

[bobebob]

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murcury wrote:

I subscribed to the score watch service here at myfico.  I love it...watching my score change as I fix my credit is awesome.  Here is my question.....

I just paid off an outstanding bill on my report plus paid off my credit card balance to $0 and plan on keeping it there for a while.....

How long before I see it post to my report?  Some months I get 2 updates...some only one...and this month I have yet to get one.  Is there any regularity in this?  I asked about the outstanding bill and they said up to 30 days for it to clear reporting...but what about the credit card?  It's a Cap One if that helps.  I also cleared up some outstanding medical bills that I"m sure was NOT helping....hoping for a big jump this next report!

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The update settings give you a couple of ways to see updates more often:

I change the setting for my target to my current score.

Set the balance increase to 5% (smallest you can set it)

Set the balance increase larger than $5 (smallest)

New activity in an account to 3 months

These changes will increase the frequency you get updates.  Particularly for positive changes.  Negative changes usually come through right away.

Ideally, MyFICO should update you ANY time your score changes in either direction.  

But this is the system we have to deal with.