Scoring updates?

[JoeRockhead]

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@Timbo12 wrote:

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I would dispute the new balance.

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That's not something you would ask the bureaus to do via dispute. You'd need to ask the lender directly for a rapid re-score, or mid cycle reporting. Outside of mortgage purposes most lenders would likely decline the request... but I guess you could always ask.   

[Timbo12]

Latest update....

I've zero-ed out the balances on three accounts and no change with Fico. In fact...There's a 100 point difference between my Equifax Fico score and my Equifax Vantage (with Vantage being higher). I understand they're different models, but that's a huge difference.

[FicoMike0]

Many of us see "offsets" between scoring models. My fico8 scores are always higher that the corrisponding vs3 scores. My fico9 scores are higher than fico8.

I'm not sure we've clearly defined terms here. When you say 'carry a balance' , to me, that means I didn't pay in full before the due date. That's always a bad thing. Utilization, which affects score, is based on reported, not carried, balance. This is the amount the lender reports to the bureaus, generally only once a month, usually on your statement date.

As an example, my amex balance is $500, cl $1000, on statement date. Amex reports this to bureaus, my utilization is 50%. A day later I make a $400 payment, reducing my balance to $100. If anyone checks my utilization, it's still 50%, amex didn't report the new $100 balance. If I make no more payments before the due date, I will 'carry' a $100 balance and start being charged interest. This won't be reported to the bureau's either until my next statement date. Continuing this example, suppose the day after my statement date I had been granted a cli to $3000. My utilization is still 50%, amex doesn't report the new credit limit until the next statement either.

What appears as scoring delays are the result of fixed, periodic reporting to the bureaus.

[FicoMike0]

Keep in mind, I have 9 open card accounts and a ssl, all reporting each month. Only two of the 10 have the same reporting date, so my reports are updated 9 times a month, with data that's up to 30 days old in each case.

[FicoMike0]

Suppose the day after I made the $400 payment, I disputed the $500 balance to amex and the bureaus. They're all going to say, sorry charlie, it really was $500 on the day it was report, we're right, you're wrong, our game, our rules.I

If I want to play chess, the rules of checkers won't work for me.

[Timbo12]

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@FicoMike0 wrote:

Suppose the day after I made the $400 payment, I disputed the $500 balance to amex and the bureaus. They're all going to say, sorry charlie, it really was $500 on the day it was report, we're right, you're wrong, our game, our rules.I

If I want to play chess, the rules of checkers won't work for me.

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Not true. The balances I got zero-ed out were disputed after showing a balance 10 days before. Both CC's put a monthly payment charge after my payment. I paid the charge and got it fixed.

[FicoMike0]

Well, that's the way my credit reports work. I use amex as an example  because I've had occasion to watch things closely.