Does FICO score change at any given time each and every month?

[BuckyB]

I understand that, generally, FICO scores only change when there is a change to a credit report.  And, from what I understand, the score changes instantly when that happens, not at a later date.

Correct me if I'm wrong ^^^

However, does the score also change at a set time each month if it's checked by the consumer?  For example, if I have a late payment on one of my accounts from 1 year 11 months ago, and the next month it ages to 2 years, will the score adjust for that, even if nothing else has happened?  Or from 2 years 0 months to 2 years 1 month?  Or each month when all the accounts age a month?

OR is the score calculated on the fly whenever a new lender checks, and only then?

Guess it's a bit like if a tree falls in the forest and there's no one there to hear it, does it make a sound?  Does a score change if there's no creditor who checks it?  Does the score change when a consumer checks it each month?

If so, is there a day of the month when this happens?  The 1st?  The 31st?  etc?

[GZG]

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@BuckyB wrote:

I understand that, generally, FICO scores only change when there is a change to a credit report.  And, from what I understand, the score changes instantly when that happens, not at a later date.

Correct me if I'm wrong ^^^

However, does the score also change at a set time each month if it's checked by the consumer?  For example, if I have a late payment on one of my accounts from 1 year 11 months ago, and the next month it ages to 2 years, will the score adjust for that, even if nothing else has happened?  Or from 2 years 0 months to 2 years 1 month?  Or each month when all the accounts age a month?

OR is the score calculated on the fly whenever a new lender checks, and only then?

Guess it's a bit like if a tree falls in the forest and there's no one there to hear it, does it make a sound?  Does a score change if there's no creditor who checks it?  Does the score change when a consumer checks it each month?

If so, is there a day of the month when this happens?  The 1st?  The 31st?  etc?

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if there is a change to the credit profile there can be a change to the fico score, fico scores are calculated based on the information in the report at the time that the score is pulled. You could theortically pull a 1b score ($20?) every time a change is made and see this yourself. 

nowhere allows you real-time access to FICO score changes, but experian fico score changes will typically show daily and you'll get delayed 2-5 days fico 8 score changes with the myfico product 

time/age based credit events should occur on the first of the month, I would assume sometime after 3 est, but that's just me guessing, but any time based changes will have reflected by early morning at the latest. 

[JoeRockhead]

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@BuckyB wrote:

However, does the score also change at a set time each month if it's checked by the consumer?  For example, if I have a late payment on one of my accounts from 1 year 11 months ago, and the next month it ages to 2 years, will the score adjust for that, even if nothing else has happened?  Or from 2 years 0 months to 2 years 1 month?  Or each month when all the accounts age a month? 

 There are ageing metrics for everything. With lates for example, there are thresholds of 6, 12 , 18 months etc... at  2 years 1 month? No. The penalty for a late is reduced at each threshold but it still has effects on your score until it falls off.... 

If you've not read the Credit Scoring Primer thread... get comfortble and check it out here  

[BuckyB]

Thanks for the info, though the free credit score thing I get through my credit union (credit journey or credit wise or whatever it's called) says that scores will be impacted less by late payments more than two years old, specifically.  IDK.  I will read the primer at the link above.

[SouthJamaica]

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@BuckyB wrote:

I understand that, generally, FICO scores only change when there is a change to a credit report.  And, from what I understand, the score changes instantly when that happens, not at a later date.

Correct me if I'm wrong ^^^

However, does the score also change at a set time each month if it's checked by the consumer?  For example, if I have a late payment on one of my accounts from 1 year 11 months ago, and the next month it ages to 2 years, will the score adjust for that, even if nothing else has happened?  Or from 2 years 0 months to 2 years 1 month?  Or each month when all the accounts age a month?

OR is the score calculated on the fly whenever a new lender checks, and only then?

Guess it's a bit like if a tree falls in the forest and there's no one there to hear it, does it make a sound?  Does a score change if there's no creditor who checks it?  Does the score change when a consumer checks it each month?

If so, is there a day of the month when this happens?  The 1st?  The 31st?  etc?

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The data in the report changes continually.

The score, theoretically, could change when data changes, but the score is only calculated when someone pulls it.

The timing of age factors varies. The impact of some occurs at the beginning of a month, with others when they actually occur.

[Anonymalous]

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@BuckyB wrote:

I understand that, generally, FICO scores only change when there is a change to a credit report.  And, from what I understand, the score changes instantly when that happens, not at a later date.

Correct me if I'm wrong ^^^

However, does the score also change at a set time each month if it's checked by the consumer? For example, if I have a late payment on one of my accounts from 1 year 11 months ago, and the next month it ages to 2 years, will the score adjust for that, even if nothing else has happened? Or from 2 years 0 months to 2 years 1 month? Or each month when all the accounts age a month?

OR is the score calculated on the fly whenever a new lender checks, and only then?

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The part I bolded is correct. Your score isn't continually adjusted, in the background.

A FICO score is a moment in time, and when it's generated, it's generated from whole cloth, based on your credit profile as it exists in that moment. It represents that specific instant, not a second before, and not a second later. Except for those instants when a score is generated, you don't really have a score. If you think of it as a graph, it's a bunch of dots not a line.

[Thomas_Thumb]

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@SouthJamaica wrote:

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@BuckyB wrote:

I understand that, generally, FICO scores only change when there is a change to a credit report.  And, from what I understand, the score changes instantly when that happens, not at a later date.

---

The data in the report changes continually.

The score, theoretically, could change when data changes, but the score is only calculated when someone pulls it.

The timing of age factors varies. The impact of some occurs at the beginning of a month, with others when they actually occur.

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^ Correct. Score can only change when data is pulled to generate a score. An initiator such as: you, a monitoring service or a creditor must request a data pull. Then Fico or Vantagescore will run the current CRA data on file through their algorithms to generate point in time scores.

[BuckyB]

Interesting stuff, thank you