credit update on request + credit history question

Anonymous · ‎02-15-2010

I have two questions. First, is it common for a lender to update your credit reports with the big 3 upon request. It seems like some banks are very leisurely about updating, and I'll see an update skip a month or take a very long time to show up. I recently made some changes that should give my scores a nice boost before I refi, but I don't want to sit around and wait potentially 2 more months to get moving... if I can it would be nice to request an update.

Also, just wondering how long it takes for your credit history to be considered "good". I have a history of about 11-12 years and on the credit summary page of my myfico purchases it still says "not good" in the credit history area... if that's not good, then I can't imagene what good, very good, and higher would be. wouldn't that make it impossible for a 30 year old to have anything better than "not good" or is there more at play I'm not aware of?

thanks!

Jazzzy · ‎02-15-2010

ryoaska1 wrote:
I have two questions. First, is it common for a lender to update your credit reports with the big 3 upon request. It costs them to report, so I don't know how many of them will do it voluntarily if you ask them. Likely they will give you the timeframe about when they update routinely.

It seems like some banks are very leisurely about updating, and I'll see an update skip a month or take a very long time to show up. I know that this can happen. All of mine have been regular, or even an extra report during the month. Do you know the timeframe on when your creditors update (after new statement? last business day of the month?)?

I recently made some changes that should give my scores a nice boost before I refi, but I don't want to sit around and wait potentially 2 more months to get moving... if I can it would be nice to request an update. I know you can pay for a rapid rescore, but I think that costs a certain dollar amount per tradeline. Someone in the mortgage forum may have a better handle on how that works and what the costs are. Updating credit is not a fast process. It is a hurry up and wait process.

Also, just wondering how long it takes for your credit history to be considered "good". I have a history of about 11-12 years and on the credit summary page of my myfico purchases it still says "not good" in the credit history area... if that's not good, then I can't imagene what good, very good, and higher would be. wouldn't that make it impossible for a 30 year old to have anything better than "not good" or is there more at play I'm not aware of? This certainly seems like a lengthy enough history. What is your average age of accounts (AAoA)? I've read here that if they see a huge difference between your oldest tradeline and your AAoA that it can flag as a negative. It can mean that you've gotten lots of new accounts. Do you have a lot of new accounts?

thanks!

llecs · ‎02-15-2010

ryoaska1 wrote:
I have two questions. First, is it common for a lender to update your credit reports with the big 3 upon request. It seems like some banks are very leisurely about updating, and I'll see an update skip a month or take a very long time to show up. I recently made some changes that should give my scores a nice boost before I refi, but I don't want to sit around and wait potentially 2 more months to get moving... if I can it would be nice to request an update.

Also, just wondering how long it takes for your credit history to be considered "good". I have a history of about 11-12 years and on the credit summary page of my myfico purchases it still says "not good" in the credit history area... if that's not good, then I can't imagene what good, very good, and higher would be. wouldn't that make it impossible for a 30 year old to have anything better than "not good" or is there more at play I'm not aware of?

thanks!

Most creditors only update once per month. You can ask the lender-to-be to do a rapid rescore.

Many things come into play for your "length of credit history" including total length, length of your oldest revolving, AAoA, the scoring bucket you are in, etc. On TU, my oldest TL is a month shy of 9 yrs and a 2, soon-to-be 3 yr, AAoA and I'm rated as "not good". On EQ, I have a just over 13 yr history, 3, almost 4 yr, AAoA, an am rated as "good".

Anonymous · ‎02-15-2010

Thanks for the replies. I didn't realize it was also based on an Average age of my accounts as well, that could be why. I only have a few things from the 10-12 year range, the majority of accounts are from 2005-present, around the time I really started paying attention to my credit and trying to build it...

The weird thing is that under "amount of new credit" I have a "good", and "very good". Oh well, it doesn't seem to be hurting me too much, but it would be nice to have more things helping me out!

Also, thanks for the info on rapid rescore and credit updates. I don't really keep track EVERY month, but from when I have it seems like it's once a month, but sometimes it delays to 2 months or so. I guess I'll wait a little while, but I might start getting impatient and ask about the rapid rescore... The lender that is my first choice for the refi is the same one that owns the account I made one of my major changes to (paying off full balance of CC), so they would be able to clearly see that the card is fully paid down even though it isn't reflected on my report yet.