My Vantage scores were all within 20-30 points of my Fico scores until about 4 days ago. I got the Credit Karma line of credit (credit builer loan). Once the loan reported to the boroughs, my Vantage scores went up about 90 points, but my Fico scores haven't moved. Do Fico scores update less often or at different times than Vantage scores update? I thought they updated in real time as new items appear on my reports from the different boroughs. I have a lot to learn though, so I'm hoping someone could shed some light on it for me.
@FicoMike0 wrote:Timing can be confusing. First there is the timing of the data or event that drives a score change. For example, I have a wells card that posts on the 24th. A change in utilization or credit limit on that account won't be reported to the bureaus until the 24th, regardless of when it occurs.
Then there is score sampling. Different score sources update at different intervals. Many only update monthly. I have one, that provides a fico bank card score, that only updates every three months. Vantage scores from credit karma, on the other hand, appear to update daily.
Thanks for the quick reply. My Vantage scores through Credit Karma all went up about 90 points a few days ago when the new line of credit appeared on my reports. My Fico scores through myFico and the Experian website haven't moved. I just bought the myFico subscription 2 hours ago, so I guessed they would be up to date.
Another thought I had was that maybe the secured loan from Credit Karma has more weight for Vantage than for Fico.
@HereHaveSomeCredit wrote:My Vantage scores were all within 20-30 points of my Fico scores until about 4 days ago. I got the Credit Karma line of credit (credit builer loan). Once the loan reported to the boroughs, my Vantage scores went up about 90 points, but my Fico scores haven't moved. Do Fico scores update less often or at different times than Vantage scores update? I thought they updated in real time as new items appear on my reports from the different boroughs. I have a lot to learn though, so I'm hoping someone could shed some light on it for me.
Scores don't update. Only data updates, and it updates continuously.
When your score is pulled, it will be based on the updated data.
@FicoMike0 wrote:90 points is huge! I'm not familiar with the credit karma loan, how does it work?
I did a share secured loan, which gained me 30-40 points on fico8. I don't track vs3 closely, but I don't think I got much of a boost there. My vs3 scores are always less than fico8.
To be honest, I'm not 100% sure how it works, but from what it seems, I will pay toward it monthly and it frees up $500 at a time for my use as I hit every $500 saved. It seems like Selflender's secure loan, but it reports as a "line of credit" for $1000.
I think the 90 point jump was due to me having no revolving credit reporting for the last couple years.
@JoeRockhead wrote:So just to clarify to those unfamiliar about this program. It's the same as many other credit builder loans, where they deposit the approved amount into a secured account that you can't access. It's not reported as a loan, but rather reported as a revolving line of credit (showing low utilization is likely the reason for the big jump in VS scores). While you may be "approved" for a certain amount with no hard pull, you don't actually get that money until you've made all scheduled payments, and paid off the "loan". So essentially... it's a savings account. I've read that to be eligible for this program, you have to have a TU VS 3.0 score of 619 or lower to qualify.
That is my understanding of how it works. I figured it would at least change my Fico scores a little bit. I just got a Cap1 secured card too that hasn't reported yet, so hopefully that budges them some.