How often are the scores updated?

[Anonymous]

Does anyone know how often the scores are updated. I was with scoresense and it was always just after they deducted my monthly payment. I like this service much more. However the scoresense numbers were about 50 points lower on all 3 scores.

[elim]

with a lot of cards changing balances they update quite often so, no action / no scores. it kind of bites sometimes.

[takeshi74]

Dupe of http://ficoforums.myfico.com/t5/General-Credit-Topics/New-member-question-about-score-update/td-p/44...

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@Anonymous wrote:

However the scoresense numbers were about 50 points lower on all 3 scores.

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Scoring differences can come about due to:

• Different scoring models which use different algorithms which evaluate report data differently.
• Different CRA.  CRA's won't necessarily have identical information.
• Changes to report data.  Even if the model and CRA are identical but the scores are generated at different points in time with sufficient changes that can lead to a diference in the numbers generated.

Do not assume all scores to be equivalent.  You must consider the specific scoring model and CRA.  You also need to consider the relevance of a given model/CRA combo to a given creditor/product.  When a creditor pulls your report and score it will only consider the report pulled from the CRA that the creditor uses.  The score considered will only be the scoring model used by the creditor using the CRA used by the creditor.  For example, if a creditor/product uses a TU FICO 8 then only TransUnion is relevant to the decision and only the FICO 8 model is relevant.  FICO has many models used by creditors and none of the others will be relevant for the decision.  EQ and EX will also not be relevant to the decision for this example.

If you want to know what number a creditor will pull for you then you need to know the model & CRA and then pull that specific score, if available.  You cannot use a score generated by one model to determine a score generated by a different model.

From what I can tell, ScoreSense provide FAKO's that are not used by any creditors.

[Mantis350]

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@Anonymous wrote:

Does anyone know how often the scores are updated. I was with scoresense and it was always just after they deducted my monthly payment. I like this service much more. However the scoresense numbers were about 50 points lower on all 3 scores.

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These are typical scenarios:

A. When a team scores a touchdown

B. When a Safety occurs

C. Field goal

D. someone makes a basket

E. An Ace 

but for real...just depends.  Sometimes daily, sometimes less.  It just depends on when new information gets processed. 

[Anonymous]

Thanks....awfully complicated....I guess pay on time and don't max out the cards that I have is the best route. (keeping the balance 25% or less.

Thanks for all the help. You are too nice!!!

[Mantis350]

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@Anonymous wrote:

Thanks....awfully complicated....I guess pay on time and don't max out the cards that I have is the best route. (keeping the balance 25% or less.

Thanks for all the help. You are too nice!!!

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Keep your balances below 10%

If you want to play the util game then by all means go ahead.  FICO scoring doesn't have a util memory.  If you have no big purchases coming up soon (car, home, refi) then play around and see what works best for YOUR credit profile.  What might benefit me might drop your score 3-5 points.  It's all calculated with unicorn farts and rainbows.

[Anonymous]

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@Mantis350 wrote:

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@Anonymous wrote:

Thanks....awfully complicated....I guess pay on time and don't max out the cards that I have is the best route. (keeping the balance 25% or less.

Thanks for all the help. You are too nice!!!

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Keep your balances below 10%

If you want to play the util game then by all means go ahead.  FICO scoring doesn't have a util memory.  If you have no big purchases coming up soon (car, home, refi) then play around and see what works best for YOUR credit profile.  What might benefit me might drop your score 3-5 points.  It's all calculated with unicorn farts and rainbows.

Totally agreed with the way it's calculated. Ahhh unicorn farts and rainbows aka. UFAR.  

[Anonymous]

So the UTI has no memory at all? i.e. If I keep my UTI at 38% for a few months and then suddenly pay it down I'll get the same bump in my scores? 

[Anonymous]

 If you had a score of say 700 with 10% UT. Increased balances and went ti 50% UT, your score would go down, but once you paid them down and got back to 10%, you'd be back at 700. (very simplified and assuming all other factors are the same, which they rarely are) A credit report is a "snap-shot" of your credit at that specific point in time. From what I understand, when you let a small UT report (1%-10%) you get a credit score bump as it reflects use with responsibility. It doesn't matter that before and/or after that it may have been 50%, all that matters is what is reported and what is reported is not cumulative in this respect. (please correct me if I am wrong, but that's how I udnerstand it)

[Anonymous]

Whatever you do dont pay down CC balance to zero!!   I lost 15 points on my scores