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Is there a delay from FAKO TU and EQ score updates to creditors?

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Is there a delay from FAKO TU and EQ score updates to creditors?

Not entirely sure this is in the right forum or not so apologies if it is not.

 

I was just wondering if when your creditkarma TU and EQ scores update, will the creditors associated with cards have the updated scores as well or does it usually take 30 days? My credit sesame and credit karma all just shot up today significantly. I wanted to open a new card to have more available credit and maybe do a balance transfer if the apr is good enough but want to be sure the creditors would already have the updated scores.

 

Thanks!

3 REPLIES 3
Senior Contributor

Re: Is there a delay from FAKO TU and EQ score updates to creditors?

When a creditor pulls a report/score they get the updated score. Problem is that no creditors use the scores provided by CK and CS.

Message 2 of 4
Senior Contributor

Re: Is there a delay from FAKO TU and EQ score updates to creditors?


@CB0225 wrote:

I was just wondering if when your creditkarma TU and EQ scores update, will the creditors associated with cards have the updated scores as well or does it usually take 30 days?


Scores don't update on fixed intervals as you are assuming.  A given source like CK may provide score updates on a fixed interval but that doesn't mean that the score is only generated on that interval.  Your reports update as changes take place and the CRA's update your report data.  Reported data from creditors is not updated in real time but pulls are recorded as they happen.  A score can be generated at any point in time.  A creditor doesn't get a score until they request a score and a score is generated at that point in time based on the data in the report.  There are MANY scoring models (see also the Understanding FICO Scoring subforum and its stickies for info in just the FICO models) out there and the scores aren't just distributed to all creditors.

 

There are creditors that use VantageScores in their decision but you need to confirm whether or not any of your creditors or the ones you intend to apply with acutally use a TU or EQ VantageScore 3.0 before assuming that CK's scores are relevant.  If not, then the scores from CK will not be relevant to your creditors.  Creditors do not all use the same scoring model and/or CRA.  If you want to know where you stand score-wise with a given creditor/product then you need to know which model & CRA is used in the decision for that product and then go pull that specific score.

 

You cannot use a score generated by one model to determine a score generated by a different model.  Different models evaluate report data differently and can even have different scoring ranges.

 

You can use resources such as the Credit Pulls Database (Google to find) and prior threads here to determine which model & CRA is used in the decision for a given product.  However, keep in mind that it is never just about score.  Your entire credit profile matters as well as the specific product's underwriting critieria.  Score is just one consideration for a creditor.

 


@CB0225 wrote:

Is there a delay from FAKO TU and EQ score updates to creditors?


Regardless of the flawed assumption in the question I mentioned above, FAKO covers a wide variety of scoring models and they're not all identical.  You cannot assume that all FAKO's are the same.  You cannot assume that all FICO's are the same either, for that matter.

 

Always consider the specific scoring model when referencing scores.  Always consider the relevance of a given model/CRA combo to a given product.  Only the specific model/CRA used in the decision for the product is relevant to the decision.  The creditor isn't going to use other models and CRA's.

 


@CB0225 wrote:

I wanted to open a new card to have more available credit and maybe do a balance transfer if the apr is good enough but want to be sure the creditors would already have the updated scores. 


Be very careful relyling on a new card for BT's.  Look at your revolving utilization.  If it's high then don't count on a new card for a BT.  Even if approved, high revolving utilization can lead to low limits and high APR's.

Message 3 of 4
Contributor

Re: Is there a delay from FAKO TU and EQ score updates to creditors?

mine update when they pull the new-next week.

Starting Score: 523EQ, 522EX, 548TU
Message 4 of 4
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