topic Re: How often is score updated? in General Credit Topics

How often is score updated?

Anonymous — Sat, 02 May 2015 16:42:30 GMT

I'm looking to buy a car this coming week. My score is currently around 750 but I just paid off a credit card last week. Will my score reflect this payment and my new balance is $0 or does it take several weeks for it to update?

Re: How often is score updated?

Anonymous — Sat, 02 May 2015 16:49:50 GMT

When does the statement on the card close? Most companies update to the CRAs on statement day. It usually takes 2-3 days for the balance change to show up. Notable exceptions = US bank updates last business day of the month, Chase will do midcycle updates if the balance is paid down to 0. There may be others.

Re: How often is score updated?

takeshi74 — Mon, 04 May 2015 12:19:11 GMT

Whenever a score is generated it uses whatever is the current data in your report. A score is as updated as whenever it was generated.

Scores are not like reports. Your score is not set at a given point and updated in given time increments. When a creditor pulls your report and score the information is up-to-date as of the pull. That said, there is a lag between the time a creditor reports to the CRA and the CRA updates your report.

Monitoring services, on the other hand may provide score updates on a set timeframe. However, a score can change daily and even within a day as the report updates.

@Anonymous wrote:
My score is currently around 750 but I just paid off a credit card last week. Will my score reflect this payment and my new balance is $0 or does it take several weeks for it to update?

As asked above, when does the account report? There isn't a fixed timeframe as you're thinking. If you have your reports they should indicate the last report date for your accounts. If you use CK you can view your TU and EQ reports via CK. Most cards report on statement date but not all do. You can also call your creditors to verify.