How often does FICO score monitoring update?

[alyssamarie]

How often does your score update if you purchase the 3 bureau credit monitoring? Is it just once a month or does it update in real time as your score changes?

Also, which version do mortgage lenders typically use and does this show that score?

Thanks!

[alyssamarie]

And what is the difrence between the 3 bureau monitoring and the score watch?

[Anonymous]

It updates whenever there's changes to your report . If your doing the report 1% balance every month trick make sure you switch between 1% and 2% every month . There has to be some type of change for it to update .

[Anonymous]

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@Anonymous wrote:
It updates whenever there's changes to your report . If your doing the report 1% balance every month trick make sure you switch between 1% and 2% every month . There has to be some type of change for it to update .

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+1. The above is true. However, if there is no change to your credit report, you will receive weekly status updates. Each update will make you aware that there has been no change that week, and it will designate the CRA in the email. Best of luck.

[Revelate]

Scorewatch is EQ only.

The scores provided over time by the monitoring solution aren't used in mortgage lending; however, when signing up will be given a slew of scores from EX / EQ and those do include 2 of the scores for mortgage lending.  TU isn't available yet.

The score updates are individual to each CRA: EQ will trigger on any balance change (has to differ from last report numerically) just like Scorewatch, EX not sure yet on and TU appears to be percentage based as others have suggested.  

The busier your report, the more updates you'll get.

[takeshi74]

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@alyssamarie wrote:

Also, which version do mortgage lenders typically use and does this show that score?

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Typically FICO 04.  MyFICO provides 08 scores.  In other words, you can't get the scores typically used by mortgage lenders from myFICO.

This sticky is in the Understanding FICO Scoring subforum.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

[Anonymous]

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@takeshi74 wrote:

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@alyssamarie wrote:

Also, which version do mortgage lenders typically use and does this show that score?

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Typically FICO 04.  MyFICO provides 08 scores.  In other words, you can't get the scores typically used by mortgage lenders from myFICO.

This sticky is in the Understanding FICO Scoring subforum.

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/The-many-flavors-of-FICO-Editions-version...

As of 2014, FICO 08 is reported to be the most commonly used by lenders. However, most mortgage lenders use FICO 04 for Equifax and Transunion, and FICO 98 for Experian.

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You can now.

[disdreamin]

+1 on getting FICO 04 now with sign-up for monitoring.  Do be aware that the only score that seems to update is the FICO 8 score (the one that was originally available here) and the other scores stay whatever they were the day you signed up for monitoring though.

[alyssamarie]

I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending. 

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited. 

[Anonymous]

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@alyssamarie wrote:

I signed up for the 3 bureau monitoring and it listed Fico 2 and Fico 5 as the most common used for lending. 

I asked our lender and she said she didn't know which one they used, is that normal? We are applying for down payment assistance so our lender options are limited. 

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She should know or be willing to find out.