How long for my fico.com to update?

[Anonymous]

Hello,

im getting ready to apply for a mortgage, so have paid down my three credit cards.  Two out of three are reflecting the new, lower balances  ( and the bump in scores) on myfico, but the third card doesn't show (nor do the scores).   Equifax.com shows the new balance, and the updated FAKO scores ( as of yesterday).

So, any idea why the lag from myfico?  And any idea if a mortgage lender does a HP if the Fico numbers they see will reflect all pay downs even though myfico.com does not?

Do actual pulls reflect more up-to-date info than myfico.com?

thanks!

[Anonymous]

Whatever your FICO reports/scores show, that is what lenders will see. Had my credit pulled for a mortgage about 2 months ago and everything that was on myfico was on the tri merge report the lender pulled.

[Anonymous]

SE, thanks.

The three scores Myfico.com shows are FICO 8 model, correct? Although myFICO. Com shows different models, mortgage scores for three bureaus are all using different models! I've given up trying g to predict, and instead am focusing on the data that will go into the modeling.

It looks loke Myfico.com (and hence Fair Issac overall), is a few days behind Equinox and Experian. And don't even get me started on TU, which hasn't updated the new balances yet! So, FICO should show the pay down on 2 out of three cards in the next day or two, and who k ones when TU updates.

I may just have the lender pull our scores before TU shows up on FICO.

[Anonymous]

For mortgage scores, you should be looking at scoring models 2, 4 and 5 from EX, TU, EQ. FICO 8 scores. Not sure if you are in a hurry or not or just don't want to spend the additional $47 on new scores, but I can totally understand your angst. I've spent a fortune on credit monitoring the last 5 months trying to make sure my mortgage scores are on point. I just wanted to know where I sat before the LO pulled my credit.

[Anonymous]

Thanks SE!   Knowing which model each bureau uses for mortgage pull is super helpful.

Yes, I'm beginning to believe that the bank lobbies, and the credit-monitoring company lobbies, are a powerful coalition when it comes to ensuring a real lack of transparency, and lack of federal regulation in terms of reporting.   I'm sure they throw huge resources behind making sure consumers don't clearly and easily know what's going on with reported socres, and hence can't really do much to clearly compare rates, etc.

But I"ve resigned myself to playing the game as best I can, and qualifying for this mortgage.  These forums are super super helpful to help everyone undertand how to play the game.  Its not a level playing field, but at least I can get advice!

I hope that TU reports soon, and then we'll see what the three mortgage scores show next week.  FIngers crossed!

[Anonymous]

I just got off a call with myFICO and the way the rep described the process, I may not buy it.

"Your Creditor send the bureaus (EQ, EX,TU) the new balance, etc., then the bureaus send it to myFICO to calculate the score. My question was how come CCT always gets their Experian score 3-5 days ahead of myFICO. Don't myFICO calculate the score then send it to them? The numbers are all the same when both service gets updated.

Currently myFICO haven't even posted my new EX score of 775.

[Anonymous]

CT:  I hear you!

For what its worth, EQ and EX updated my scores yesterday (Thurs).   TU has not.

Myfico.com just now (as in minutes ago) sent me a notice that they have recieved the info. from EQ, and have updated accordingly (so a 24 hour lag).

We'll see when they update EX, and also TU.  I'll report back.

I'm happy I got a 30 point bump in the EQ Fico!

Eileen

[Anonymous]

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@Anonymous wrote:

Hello,

im getting ready to apply for a mortgage, so have paid down my three credit cards.  Two out of three are reflecting the new, lower balances  ( and the bump in scores) on myfico, but the third card doesn't show (nor do the scores).   Equifax.com shows the new balance, and the updated FAKO scores ( as of yesterday).

So, any idea why the lag from myfico?  And any idea if a mortgage lender does a HP if the Fico numbers they see will reflect all pay downs even though myfico.com does not?

Do actual pulls reflect more up-to-date info than myfico.com?

thanks!

---

I have found that the 3 CRA's vary by up to 3 days or so, in how quickly new account information gets onto your reports - whether thats the CRA's lag or the reporting entities lag is anyones geuss. Also, myFICO is alert based, so they won't update until the CRA "alerts" them that specific changes have occurred - they sometimes seem to be a little slow on doing that.

When the lender does a pull they will get the most up-to-date version of your reports that is available.

[Anonymous]

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@Anonymous wrote:
SE, thanks.

The three scores Myfico.com shows are FICO 8 model, correct? Although myFICO. Com shows different models, mortgage scores for three bureaus are all using different models! I've given up trying g to predict, and instead am focusing on the data that will go into the modeling.

It looks loke Myfico.com (and hence Fair Issac overall), is a few days behind Equinox and Experian. And don't even get me started on TU, which hasn't updated the new balances yet! So, FICO should show the pay down on 2 out of three cards in the next day or two, and who k ones when TU updates.

I may just have the lender pull our scores before TU shows up on FICO.

---

myFICO only updates the FICO 8 scores with regards to alerts. The other scores will only update when myFICO does the sheduled quarterly pull of all your reports, or you purchase a new set of reports.

Have those paid down cards' statements closed out? Most lenders report within 3-5 days after the statements close, but there are some that report at the end of the month.

[Anonymous]

Hi Norman-

Yes, 2 out of 3 cards have reported and the new balances reflect on myFico.

The third card has reported to the CRA (on 3/8).

EQ and EX show the information and bump as of 3/10.

TU has not shown the update.

MyFICO.com shows the updated EQ info (and bump), but EX has yet to show a change in myFico.com.  And of course TU doesn't show anywhere, YET.

I assume that EX will show on myFICO.com in the next day.   TU is anyone's guess.

I am aware that when the mortgage lender pulls the report next week, it won't matter what myFico.com says. The latest data from the CRAs will populate the report based on models.   SO.....all i need is for TU to update. with the CRAs.

Thanks.