topic Re: Scoring updates? in Understanding FICO® Scoring

Scoring updates?

Jhlowe86 — Wed, 30 Oct 2024 04:45:57 GMT

I did some searching and couldn't find the exact answer. It's referring to to your scores like mortgage scores and not 8 and above.

I read the mortgage score wont update until a 3b report is pulled.

I am using the experian weekly trial everywhere, does that count as a pull to update all the scores or does it have to be purchased through myfico or by a lender?

And last question is signing up for myfico premium monthly going to update all the scores accurately every month?

Re: Scoring updates?

GZG — Wed, 30 Oct 2024 05:38:56 GMT

@Jhlowe86 wrote:
I did some searching and couldn't find the exact answer. It's referring to to your scores like mortgage scores and not 8 and above.

I read the mortgage score wont update until a 3b report is pulled.

I am using the experian weekly trial everywhere, does that count as a pull to update all the scores or does it have to be purchased through myfico or by a lender?

And last question is signing up for myfico premium monthly going to update all the scores accurately every month?

with the Experian free trial subscription service thing from Experian's direct website, you'll get a refresh of your FICO 8's for all 3 and you'll get daily refrehes of your Experian FICO 2 (mortgage)

and Experian FICO's: 3, bankcard score 2/8, auto score 2/8

if you're talking about the $1 free trial thing from other websites, they can all offer different scores, so you'll have to check what you're looking at.

if you do subscribe to the $40/monthly myFICO service, you'll be able to pull updated, accurate scores month including all 3 mortgage scores

Re: Scoring updates?

Jhlowe86 — Wed, 30 Oct 2024 05:58:59 GMT

If I did the myfico and wanted to pull it again 15 days later, would it affect my credit score? I understand I would have to pay for it.

Re: Scoring updates?

JoeRockhead — Wed, 30 Oct 2024 14:12:57 GMT

@Jhlowe86 wrote:
If I did the myfico and wanted to pull it again 15 days later, would it affect my credit score? I understand I would have to pay for it.

You pulling your own credit won't affect your score, but unless there were major changes that happened in the meantime, it would be a waste of money to see a few points difference.

Re: Scoring updates?

SouthJamaica — Wed, 30 Oct 2024 17:59:56 GMT

@Jhlowe86 wrote:
I did some searching and couldn't find the exact answer. It's referring to to your scores like mortgage scores and not 8 and above.

I read the mortgage score wont update until a 3b report is pulled.

I am using the experian weekly trial everywhere, does that count as a pull to update all the scores or does it have to be purchased through myfico or by a lender?

And last question is signing up for myfico premium monthly going to update all the scores accurately every month?

Yes, a subscription to the expensive MyFICO monthly service will give you updated scores each time you pull your 3-bureau report.

Re: Scoring updates?

SouthJamaica — Wed, 30 Oct 2024 18:01:45 GMT

@Jhlowe86 wrote:
If I did the myfico and wanted to pull it again 15 days later, would it affect my credit score? I understand I would have to pay for it.

It wouldn't be 'affecting' your score, but it would give you the current score based on your updated data.

Data changes. Scores do not change, because they do not exist except when they are pulled. When a score is pulled, it's based on the updated data.

Re: Scoring updates?

AndySoCal — Wed, 30 Oct 2024 18:32:00 GMT

@Jhlowe86 The scores are calculated at the time the score is requested. The score based on the credit profile at the time of the request. If you pulled credit report on the 1st of the month the scores will be calculated at the time of the request. When the credit report with scores is requested again on the 15th the scores will be calculated on the credit profile at the time of the request. The difference in the scores will from updates to your credit profile between those two times.

The misconception is that the scores are only updated on certain day etc. It is simply not true

Re: Scoring updates?

Jhlowe86 — Thu, 31 Oct 2024 01:26:55 GMT

Thank you everyone! This is going to save me some money. Was going to pull today but checking dates, none of my accounts will start reporting until the 5th.

Re: Scoring updates?

Timbo12 — Thu, 31 Oct 2024 13:21:40 GMT

I'm paying for the monthly Experian updates and my FICO just updated to an inquiry I had a month ago. (My FICO score just went down 2 pts and that was the reason given in the alerts)

Is that the normal adjustment time for FICO scores?? I paid down a ton of credit card debt and I'm waiting for my FICO to adjust to it.

Re: Scoring updates?

SouthJamaica — Thu, 31 Oct 2024 14:21:38 GMT

@Timbo12 wrote:
I'm paying for the monthly Experian updates and my FICO just updated to an inquiry I had a month ago. (My FICO score just went down 2 pts and that was the reason given in the alerts)

Is that the normal adjustment time for FICO scores?? I paid down a ton of credit card debt and I'm waiting for my FICO to adjust to it.

There is no "adjustment time for FICO scores". The data is adjusted in real time. The score is whatever it is when it is pulled, based on the adjusted data.

Re: Scoring updates?

FicoMike0 — Thu, 31 Oct 2024 18:23:07 GMT

@Timbo12

Who did you pay the ton to? When does the account post? That's when you'll get credit for the reduced utilization. Fico can't give you credit for data that hasn't yet been reported to the bureaus.

I had an amex card close to 50% last week. What do you think my utilization on that account was and still is? 7%, because that's what it was when the account posted on 02Oct. I paid it off this week, so on 02 Nov, my until will drop to 0%.

Re: Scoring updates?

Timbo12 — Thu, 31 Oct 2024 18:55:47 GMT

@FicoMike0 wrote:
@Timbo12
Who did you pay the ton to? When does the account post? That's when you'll get credit for the reduced utilization. Fico can't give you credit for data that hasn't yet been reported to the bureaus.
I had an amex card close to 50% last week. What do you think my utilization on that account was and still is? 7%, because that's what it was when the account posted on 02Oct. I paid it off this week, so on 02 Nov, my until will drop to 0%.

Amex and another Credit Card company last week. It showed up on all the reports. TU and Equifax moved up.......Experian didn't move at all. Just showed a 1 pt drop from an inquiry exactly one month ago.

Re: Scoring updates?

FicoMike0 — Thu, 31 Oct 2024 20:48:04 GMT

If you made large utilization reduction s and they reported, you should see some score improvement. What were your reported utilization s before and after? Did you pay a ton after charging a ton, for little net change?

Re: Scoring updates?

Timbo12 — Thu, 31 Oct 2024 20:54:03 GMT

@FicoMike0 wrote:
If you made large utilization reduction s and they reported, you should see some score improvement. What were your reported utilization s before and after? Did you pay a ton after charging a ton, for little net change?

My totals were there for sometime slowly decreasing and I went all in to get three down so all of my accounts were under 30%. My Amex total was a big one where I took off $900 on a previous total getting it from $1,500 to $600. I'm now at 22% utilization overall. FICO still claims I have a high utilization for some reason.

Re: Scoring updates?

FicoMike0 — Fri, 01 Nov 2024 14:37:39 GMT

High util is relative. Fico is telling you there are more points to be had with further reduction.

If you want the experts here to help, you should start a new thread and give a complete data dump.

Re: Scoring updates?

JoeRockhead — Fri, 01 Nov 2024 15:22:00 GMT

@Timbo12 wrote:
@FicoMike0 wrote:
If you made large utilization reduction s and they reported, you should see some score improvement. What were your reported utilization s before and after? Did you pay a ton after charging a ton, for little net change?

My totals were there for sometime slowly decreasing and I went all in to get three down so all of my accounts were under 30%. My Amex total was a big one where I took off $900 on a previous total getting it from $1,500 to $600. I'm now at 22% utilization overall. FICO still claims I have a high utilization for some reason.

How many accounts you have reporting a balance also has influence on your scores regardless of low reported utilization. For example, if you have 5 revolving accounts and 3 of them are reporting a balance, it doesn't matter if there's $1 on each of them, it would still be a penalty because more than 50% of your accounts are reporting a balance.

Re: Scoring updates?

Timbo12 — Fri, 01 Nov 2024 16:13:11 GMT

@JoeRockhead wrote:
@Timbo12 wrote:
@FicoMike0 wrote:
If you made large utilization reduction s and they reported, you should see some score improvement. What were your reported utilization s before and after? Did you pay a ton after charging a ton, for little net change?

My totals were there for sometime slowly decreasing and I went all in to get three down so all of my accounts were under 30%. My Amex total was a big one where I took off $900 on a previous total getting it from $1,500 to $600. I'm now at 22% utilization overall. FICO still claims I have a high utilization for some reason.

How many accounts you have reporting a balance also has influence on your scores regardless of low reported utilization. For example, if you have 5 revolving accounts and 3 of them are reporting a balance, it doesn't matter if there's $1 on each of them, it would still be a penalty because more than 50% of your accounts are reporting a balance.

Seriously? The algorithm can't break down the difference between having a zero balance, $1 balance or $1,200 on an account that has a $2,000 limit? The rule always use to be "carry a little debt" on an account.

So should I go back and pay off the accounts that are carrying some balance and dispute them if I'm going for a loan soon??

Re: Scoring updates?

Thomas_Thumb — Fri, 01 Nov 2024 17:27:34 GMT

As you know, Fico looks at all your reported individual account balances and calculates utilization levels for each account. It also calculates your aggregate balance and utilization. Additionally it sums total number of open card accounts and total number of such accounts with balances.

Fico looks at the following scoring factors relative to revolving credit:

1. Aggregate utilization.

2. Highest utilization % on cards that report a balance.

3. Aggregate balance in absolute $

4. Percent and number of card accounts that report a balance.

The first three factors capture different aspects of amount of debt. The fourth purposely looks at qty of accounts showing a balance independent of amount because qty/% is known to correlate with risk.

There is no silly rule to carry some debt on all accounts. Such behavior is considered an increase in risk and score is often penalized depending on qty of accounts involved. If there is only one account, it should report a small balance.

Re: Scoring updates?

JoeRockhead — Fri, 01 Nov 2024 17:23:31 GMT

@Timbo12 wrote:
Seriously? The algorithm can't break down the difference between having a zero balance, $1 balance or $1,200 on an account that has a $2,000 limit? The rule always use to be "carry a little debt" on an account.

So should I go back and pay off the accounts that are carrying some balance and dispute them if I'm going for a loan soon??

The rule of thumb is to carry a small balance on one, or two cards as long as you have enough cards to avoid the "too many accounts with balances " penalty, which by the way isn't that many, but it's still points if you're trying to maximize points. It's a completely separate scoring metric that ignores dollar amount. It's initiated anytime you have 50% or more of your revolving accounts report a balance.

If you go back and pay off enough cards to to get under that 50% threshold, those lost points come back the next time those accounts report. Just as if you had high reported utilization, then paid it down to a favorable scoring metric, under 30%, under 9%... as soon as the unfavorable condition is removed and the accounts report, the points go up.

I'm not sure I understand what you would want to dispute, as there's nothing to dispute.

Re: Scoring updates?

Timbo12 — Fri, 01 Nov 2024 17:36:38 GMT

@JoeRockhead wrote:
@Timbo12 wrote:
Seriously? The algorithm can't break down the difference between having a zero balance, $1 balance or $1,200 on an account that has a $2,000 limit? The rule always use to be "carry a little debt" on an account.

So should I go back and pay off the accounts that are carrying some balance and dispute them if I'm going for a loan soon??

The rule of thumb is to carry a small balance on one, or two cards as long as you have enough cards to avoid the "too many accounts with balances " penalty, which by the way isn't that many, but it's still points if you're trying to maximize points. It's a completely separate scoring metric that ignores dollar amount. It's initiated anytime you have 50% or more of your revolving accounts report a balance.

If you go back and pay off enough cards to to get under that 50% threshold, those lost points come back the next time those accounts report. Just as if you had high reported utilization, then paid it down to a favorable scoring metric, under 30%, under 9%... as soon as the unfavorable condition is removed and the accounts report, the points go up.

I'm not sure I understand what you would want to dispute, as there's nothing to dispute.

I would dispute the new balance.