@Anonymous wrote:
So I use Credit Karma as a reference for my scores. I also pay for my Experian score from Experian.com.
My CK scores update every Saturday.
I'm confused with Experian, does the Experian score update every day?
If the Experan score updates, does that mean my other scores are updated too? I'm just confused, because I thought my scores updated every Saturday, but it just kinda dawned on me that my score might be updated before Saturday.
I'm likely going to surprise U with what I'm about to share here bcuz its a rather common misconception that nearly everyone makes so I'll do my best to make it as uncomplicated as possible.
Scores do not change or update - EVER. They just dont. Here's the first thing U need to understand about how credit scores function...
@They are calculated. Then @ some future point in time... they are REcalculated. To put this n2 perspective U hav to understand that your credit score isnt a part of your CR and therefore not maintained in conjunction with it. And while scores are indeed produced as a function of the info contained within the CR they do not change or update based upon said info changes.
So then the next obvious (and logical) ? is.... so what accounts for the difference in your score from one period to another (assuming as I've stated it never changes)?
The correct assumption in this case would be that there was a material change to your CR (but U still must remember that this doesnt mean that your score has now changed, only that it will be different). Allow me to further elaborate.
@Since scores are not a part of your CR this means that for the purposes of determining your creditworthiness a score is generated @ such time as there is a significant enuff event to warrant it. After your score is calculated for said event it is then discarded as if it never existed. Then when another such event takes place (in your CR) another score is calculated @ that time. So each score U see isnt an update rather a new & separate score. That new score could be higher or lower than the previous score (based upon the event) but since the previous score was completely discarded your new score is just that... a brand new score NOT an update of the previous score bcuz that score technically no longer exists.
@There is also something known in the industry as 'score-hopping' which @ this point may just add more unnecessary confusion to the pot so I'm not going to delve n2 it @ this time.
Suffice to say...
@Given that changes to your CR may not hav generated a sufficient enuff event to hav an impact relative to your score u then cannot assume your score will be different in conjunction with those movements. To the naked eye a score may seem to hav become stagnant (sometimes for months @ a time).
It may still be a bit difficult to follow but just bear in mind that your CR and scores are NOT synonymous. If they were then scores would act like ticker numbers in the daily stock market - reporting movement steadily throughout the day. But since it takes a significant enuff event to affect your CR relative to your score (if you're monitoring it with regularity... say on a weekly basis) this accounts for what appears to be a lack of movement.
@Anonymous also about perception really... which is why I hav never really gotten n2 this discussion much bcuz I realize its a difficult concept to grasp when you're used to perceiving something a certain way for so long (the mind tends to be resistant that way). For that reason I'm going to just let u consider what I've stated here and allow it to sink in. Perhaps @ some point I'll broach the matter again but for now...
Just consider this food for thought.
**One last thing** Dont be misled by third party credit monitoring sites like CK and others who provide credit score updates. First, they are merely providing the info thats available to them via CBs. Second, if you're utilizing those type services and notice your scores appear to be the same from week to week its bcuz of the reasons I've explained above. Third, CK, Experian or any other bureau or third party credit monitoring site has no control over changes to your score - only your CR will be able to reflect that.
Please note: I'm not suggesting they cant 'calculate' your score (not Fico by the way) anyone can do that - only that the scores must be based on your CR and arent numbers they can just pull out of thin air (although with some of these 'so-called' scoring models that exist today..... ahhhh never mind).
