When Are Reports Updated?

[dazedandconfused]

I've been trying to do some credit repair.  I actually paid off over $80,000 in credit card debt in August and early September.  I was hoping for a quick pop on my credit score for a new mortgage.  All of my credit card companies show me a new credit score, but not all of the scores have been updated since Sept 19 and still aren't reflecting the massive decrease in my credit usage.

How long does it take for reporting agencies to update POSITIVE information?  I've noticed that they're extremely quick with the Negative information....

Anyone have any idea? Would greatly appreciate feedback.  I don't want to pay another $60 bucks to MyFico only to find out that they haven't been updated.

Thanks!

[Anonymous]

I think you are asking how often you get a report (with scores) if you are a subscriber to the myFICO Ultimate 3B product.  The following link explains how that product works. 

https://www1.myfico.com/products/fico-credit-monitoring

You'll see that you get your report and scores every quarter.  Meaning every 90 days.  From the second bullet....

Access updated credit reports and your most widely used FICO® Scores every quarter

Are you trying to buy a house in the near future?  If not, then you can easily get by with just your FICO 8 scores, rather than paying $360 a year for the myFICO Ultimate.  There are lots of free or ultra low cost methods of getting frequent reports and FICO 8 Classic scores.

[dazedandconfused]

Actually I’ve been frustrated that although I paid down all this credit card debt in August and early September my scores hadn’t been updated- Equifax still had me at 675 when I clearly should be over 720 etc. The last update was September 19. So I’m really wondering how often my scores are updated by the bureaus, not by myfico. And yes, my lender is waiting for new scores so I can save .5 point. Thanks!!!

[Anonymous]

Maybe I misunderstood you.  But iit sounded like you are using some credit monitoring tool to look at your scores.  And I guessed that the tool was the myFICO Ultimate 3B.  (You mentioned paying money to myFICO.)

Reading over your first post more closely, however, it looks like maybe you are using your credit cards to look at your credit scores.  You'll have to call each CC ossiuer and ask them when they will next pull an updated score.

But the real thing you want to know is whether your credit reports (at the three bureaus) have updated your new CC balances.  A good place for you to start would be for you to join Credit Karma.  You will be able to get free copies of your TU and EQ reqorts as often as once a week.  Do that and then circle back with us and tell us what you find out.

[Anonymous]

You mentioned credit card companies. Are your credit scores coming from your credit card co websites?

[Ardecko]

You can pay 19.99 for a one off report/score from myFICO from a specific bureau.

Last night I discovered you can pay 4.95 for a full report w/ scores from Experian from their free identity works/credit works account. (But if you think you will do that more than once per month, you should pay the 9.99/month for the cheapest identity works subscription and get EX scores daily.)