FICO Score Updates..How often does it cycle into a new Score?

[Anonymous]

As the subject says....How often does FICO score change? E.g. I purchased my scores 11/2/2009 1:14:10 PM at the time I did that, I owed roughly  $5300.00 total across 5 Credit Cards.

Since then I have paid them off 100%---------> I am now debt free

TransUnion    616    as of 11-05-2009
Equifax    591   as of 11-05-2009

FICO Score Simulator says

Equifax 621 - 661 ***IF I PAID THEM OFF IN 30 DAYS** Which I did

FICO Score Simulator says

TransUnion 646 - 686 ***IF I PAID THEM OFF IN 30 DAYS** Which I did

When should I "purchase a new report" E.G. (GET TODAYS SCORE)

Message Edited by g3kk0 on 11-05-2009 11:08 AM

Message Edited by g3kk0 on 11-05-2009 11:09 AM

Message Edited by g3kk0 on 11-05-2009 11:14 AM

[Anonymous]

Hi g3kk0!

Your FICO score is dynamic, and is driven by the information that's currently in your credit reports at any given instant. It changes as the information changes. That said, depending on when your lenders report to the bureaus (usually on or around the statement close dates as a general rule), it can take upwards 30 days (assuming that the creditors in question update every month) for the paid off balances to report.

Congratulations on becoming debt free!

[Anonymous]

That's what I figured...because I have Privacyguard that gives me Experian,TransUnion & Equifax and I called them they said I will have a new REPORT November 8th everytime I get a new report It updates my stuff ont here alone with balanaces off course and scores.

I am sure the date is different though for FICO. Maybe I'll try December 4/5th and purcchase a new FICO report

[Anonymous]

---

g3kk0 wrote:

That's what I figured...because I have Privacyguard that gives me Experian,TransUnion & Equifax and I called them they said I will have a new REPORT November 8th everytime I get a new report It updates my stuff ont here alone with balanaces off course and scores.

I am sure the date is different though for FICO. Maybe I'll try December 4/5th and purcchase a new FICO report

---

The date when you can pull new reports from the CRAs or third party vendors doesn't necessarily align to when your lenders update information regarding your accounts.

For example, I can pull reports daily through Amex's Credit Secure (or whatever they're calling it, LOL). But, my creditors only update once per month. BoA will transmit new information on the 23rd of this month. NFCU will transmit updates exactly six days after my statement close dates (which turns out to be the 13th and the 20th for my Visa & MC respectively). Target will update on the 22nd of the month. These udpates will be reflected on my Experian reports on those days. Equifax will take a few days longer and TU will follow that. So, if I paid my balances in full today, I'd still need to wait until at least the first week of December to see the updates from these cards. I might have to wait another full month for my Amex card, as it's my understanding that they're always a month behind. I have a couple of other cards that report generally at the beginning or end of months.

If I pulled my FICO scores today, the utilization weight would be driven by the same balances that drove my score two weeks ago, because my lenders haven't updated since then. My scores might be different, but it wouldn't be the result of a change in utilization-- not until such changes have been reported.

[Anonymous]

oh this is good info

[Anonymous]

My cards were

Capital One CC1=Balance was $300.00/LIMIT=$500   now-->$0

BOA CC2=Balance was $3200/LIMIT=$3500  now-->$0

BOA CC3=Balance was $1800=LIMIT=$2200  now-->$0

BestBuy CC4=Balance was $100 LIMIT=$300 now -->$0

CHASE CC5=Balance was $100 LIMIT=$300  now-->$0

Express Card=Balance was $139 LIMIT=500 now-->$0    (THIS CARD IS LESS THAN 31 DAYS OLD)

I made all these payments This week...last one cleared today,

[Anonymous]

Congratulations! Sounds like you should be getting some good news soon!

[haulingthescoreup]

Can you pull your PrivacyGuard reports daily? If so, wait until all three CRA's show the new balances, and then it will be worth pulling your FICO's.

Typically, EX updates within 24 hours of notification by the lenders. EQ might update within 5-7 days of notification, and TU maybe a day or two later. EQ and TU frequently flip-flop as to which will be the caboose.

Otherwise, as the others have said, your FICO scores don't exist until you or someone else pulls them. They are then generated at that moment, reflecting whatever is on your reports. That's why it's useful to be sure that all three have updated before paying for a FICO score.

[Anonymous]

Yes I can, I pay $11.99 a month for privacyguard. I get updated reports every 31 days...by updated I mean I see my balance changes,score changes/etc/etc

I called them and my next update is November 8th 2009

[Anonymous]

Equifax is now 619

The BOA Card still says I owe over 3000$ though. I am hoping by December 1st this will be fixed.