I recently paid off 4 card balances, Capital One $275.00, Ebay Mastercard $296.75, Amazon $5.43, Fortiva $223.00, all in the last two weeks or so.
Got a phone alert from Credit Sessame, "score drop".
I'm thinking they pulled the last reporting, and most of the recent pay offs hasn't reported until the next reporting date.
If anything is to be learned, creditor's wont hesitate for a moment to report a late, even 1 day. But on time payments, or pay off's, will take weeks, before they update the information.
They have an interest to keep reporting in a lag state, and that's interest.
For example many creditors now will disclose to you if they gave you credit, that did not have the best interest rate, they make available.
So by taking their sweet time, it gives the banking industry a lot of extra time to approve you at a higher interest rate, although reality doesn't reflect the true risk.
It's the same logic as to why creditor's raking in millions, and many billions from credit lines, they each use their own FICO version.
It's difficult as a consumer to truly feel anything is fair, when one considers, FICO 4, is not a very good version, compared to FICO 8. Not sure about FICO 9 yet myself. But I do know the scoring between version 4 and 8, are huge differences, and maybe in part indifference. It's hardly accurate I suppose, when scoring models vary so widely, therefor no actual standard from a consumers point of view, that really exists. As the differences easily skews the data by supposition. Rather than actual data points.
