How often does FICO update?

[Anonymous]

Hi

Does FICO scores update once per month?  My FICO says my next update is in 30 days. However on credit karma and credit sesame scores update more than than once per month. Example, I  paid down my credit cards. I  just received an alert from credit sesame that my Transunion score increased 47 points but on MyFICO, it was not updated.  I'm asking because I'm applying for a mortgage soon.  When they pull, does the score update?

Thanks

[Anonymous]

Keep in mind your score is a numerical representation of what's in your credit report.

Your score changes or doesn't change based on what is in your report. Typically credit cards, installment loans report/update balances once a month. This can increase or decrease your score (like what you noticed) depending on any changes in your report. Things like carrying a balance, paying off a balance affect your score. 

Credit karma allows you to generate your vantage score once a week. MyFico allows you to view your Fico8 scores once per month (These are your actual scores). 

Do not go by your vantage score as it is not the one your lender will be using (So ignore your score from Credit sesame, credit karma and the like).

If you head over to the Experian website, you can sign up for a week trial of their access to all three bureaus for $1. You can pull your fico 8s and reports. Be sure to cancel before the week is up. 

I hope this wasn't confusing. 

[Trudy]

FICO scores can update daily depending on the information reported to the credit bureau, whenever your lender does this.  As noted, this is usually once a month and has nothing to do with when you pay, just when that lender reports.  Also, age of account can affect your score and this is not reported by lenders....just time.

You can pull your FICO scores through MyFICO anytime for a fee.  But it you have a subscription you receive all 28 FICO scores either quarterly or monthly.  With a subscription you are suppose to receive updates to your Classic FICO 8 scores whenever it occurs (although they can be very late with alerts).  But your subscription report will provide your MTG scores and others which don't update like FICO 8 throughout the month (if there's a change).

And since Credit Karma (uses vantage scores not FICO), you can't always count on a change to your FICO score based on changes with Credit Karma scores.  Completely different formula.