topic Re: Does myFico update every time your score changes? in General Credit Topics

Does myFico update every time your score changes?

hpotterfan77 — Fri, 06 Nov 2015 18:32:08 GMT

I'm just curious if someone can answer this. I get quarterly reports available to me on here but I'm wondering if your score will update anytime when a card reports for the month as well and your score may change. Anyone know if this is the case or if I will have to wait until February to see my updated scores? lol

Re: Does myFico update every time your score changes?

AzaleaB — Fri, 06 Nov 2015 19:16:26 GMT

I only have myfico monitoring for EQ. I set alerts for my score and get an alert via email every time my score changes. I don't have the 3-bureau service so I don't how that works for score changes. Maybe someone more knowledgeable about that service can help.

Re: Does myFico update every time your score changes?

Anonymous — Sat, 07 Nov 2015 02:05:04 GMT

@hpotterfan77 wrote:
I'm just curious if someone can answer this. I get quarterly reports available to me on here but I'm wondering if your score will update anytime when a card reports for the month as well and your score may change. Anyone know if this is the case or if I will have to wait until February to see my updated scores? lol

If you have 3B monitoring, then your sores will update when something significant changes on your EQ, TU and EX report. Not all changes will cause myFICO to update your score. There is a page on this website that lists all possible changes for each CRA that triggers myFICO to recalculate your scores based on updated/changed information on your reports.

However, the score simulator only works on data collected from your last 3B report.

Re: Does myFico update every time your score changes?

Thomas_Thumb — Sat, 07 Nov 2015 02:32:57 GMT

@hpotterfan77 wrote:
I'm just curious if someone can answer this. I get quarterly reports available to me on here but I'm wondering if your score will update anytime when a card reports for the month as well and your score may change. Anyone know if this is the case or if I will have to wait until February to see my updated scores? lol

In reality, your score is not continuously being calculated by the Fico models. The data in your report may vary but impact on your score would remain unknown ... unless a trigger event occurs. The trigger event prompts pulling of your data from the CRAs into the model(s) which processes it and spits out a score.

An update of your score is due to a trigger event, not a change in score.

Re: Does myFico update every time your score changes?

takeshi74 — Sun, 08 Nov 2015 03:48:02 GMT

@hpotterfan77 wrote:
I get quarterly reports available to me on here but I'm wondering if your score will update anytime when a card reports for the month as well and your score may change. Anyone know if this is the case or if I will have to wait until February to see my updated scores? lol

It's trigger based as indicated above. See also (you can easily find this by Googlng "myfico triggers"):

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

Re: Does myFico update every time your score changes?

kaybean22 — Sun, 08 Nov 2015 17:00:20 GMT

Sorry if I'm hijacking this thread, but I'm a little new to the 3b reports and scoring....

So If I'm using it to monitor balance DECREASES and accounts falling off my report, MyFico won't alert me to that in my report or score?

Re: Does myFico update every time your score changes?

Anonymous — Sun, 08 Nov 2015 17:05:59 GMT

balance changes will...account falling off won't until a trigger event happens. Balance changes need to be over a certain threshold 5 dollars on EQ Some percentage I believe for EX and TU. Credit karma is prob better for the simple monitoring of EQ and TU reports, I often know something happened from them way before my fico. For examplemy last my fico alert was an inquiry on TU that increased my score 17 points. Kinda doubt that was the cause of the jump but no trigger events had occured for almost 3 weeks, but in that period 3 inquiries went over the year threshold and 2 accounts aged over the 12 month mark as well as my dreadful AAoA hitting a year.

Re: Does myFico update every time your score changes?

kaybean22 — Sun, 08 Nov 2015 17:27:15 GMT

HA. I also have a Transunion membership (had it for years now) and love the daily score and report refresh. I also have a Credit Karma account, but I've been discounting it because of how low the scores are compared to FICO -- but this seems like a valid reason to at least pay attention to score changes (while at least taking the scores with a grain of salt?)

Re: Does myFico update every time your score changes?

Thomas_Thumb — Mon, 09 Nov 2015 01:41:52 GMT

Agree.

Of course some trigger events (a $5 balance change....really!!!) may not change score at all if all else is constant.

That's a head scratcher.