Which score does lender see?

[Anonymous]

I have an EX FICO of 719 that is fully updated for all accounts that reported last month. One of my accounts will report an updated, lower balance on the 13th this of month. If I submit a credit app on the 14th, which score will the lender see? The fully updated one that I see from last month (719) or a new score with the newly reported drop in balance?

[Anonymous]

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@Anonymous wrote:
I have an EX FICO of 719 that is fully updated for all accounts that reported last month. One of my accounts will report an updated, lower balance on the 13th this of month. If I submit a credit app on the 14th, which score will the lender see? The fully updated one that I see from last month (719) or a new score with the newly reported drop in balance?

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That will be completely dependent on how quickly the creditor reports the new balance.

[jamie123]

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@Anonymous wrote:
I have an EX FICO of 719 that is fully updated for all accounts that reported last month. One of my accounts will report an updated, lower balance on the 13th this of month. If I submit a credit app on the 14th, which score will the lender see? The fully updated one that I see from last month (719) or a new score with the newly reported drop in balance?

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Like the other poster stated, "It all depends."

Sometimes a credit reporting agency will pick up new payment data in as little as one day and sometimes it will take as long as 2 weeks. One day is very short! I would say on average it takes 7 to 10 days for new payment data to actually end up on the report.

[Anonymous]

Thanks for the comments guys, but keep in mind that I'm referring to the lender who makes the request to view the report from the CRA. I check my Experian report almost daily and I get notifications when a creditor has reported new data, whether it's a new account, made/missed payment, or updated balance. For the last 2 years, this particular creditor has always posted to the CRA on the same day except on weekends.

With that said, I'm trying to get insight from someone familiar with the reporting process to know exactly how recent is the credit information when a particular lender requests to access my credit report. Is it accurate to that day it's requested or just accurate to the last score update by the CRA? (It is my belief that CRAs only update your score a couple of times during the month instead of after each individual change to your credit report IMO.)

[gdale6]

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@Anonymous wrote:
Thanks for the comments guys, but keep in mind that I'm referring to the lender who makes the request to view the report from the CRA. I check my Experian report almost daily and I get notifications when a creditor has reported new data, whether it's a new account, made/missed payment, or updated balance. For the last 2 years, this particular creditor has always posted to the CRA on the same day except on weekends.

With that said, I'm trying to get insight from someone familiar with the reporting process to know exactly how recent is the credit information when a particular lender requests to access my credit report. Is it accurate to that day it's requested or just accurate to the last score update by the CRA? (It is my belief that CRAs only update your score a couple of times during the month instead of after each individual change to your credit report IMO.)

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CRAs have nothing to do with the process of generating your score, Fair Isaac calculates it. A Fico score is a snapshot of a moment in time based on the info in your CR. It is constantly changing with updates to your reports its never a fixed number its only accurate for that instant it was created.

[Anonymous]

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@gdale6 wrote:

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@Anonymous wrote:
Thanks for the comments guys, but keep in mind that I'm referring to the lender who makes the request to view the report from the CRA. I check my Experian report almost daily and I get notifications when a creditor has reported new data, whether it's a new account, made/missed payment, or updated balance. For the last 2 years, this particular creditor has always posted to the CRA on the same day except on weekends.

With that said, I'm trying to get insight from someone familiar with the reporting process to know exactly how recent is the credit information when a particular lender requests to access my credit report. Is it accurate to that day it's requested or just accurate to the last score update by the CRA? (It is my belief that CRAs only update your score a couple of times during the month instead of after each individual change to your credit report IMO.)

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CRAs have nothing to do with the process of generating your score, Fair Isaac calculates it. A Fico score is a snapshot of a moment in time based on the info in your CR. It is constantly changing with updates to your reports its never a fixed number its only accurate for that instant it was created.

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Also, dmp05001, not all creditors will necessarily pull EX. On top of that, they may pull just your FICO08, or, they may pull one of the other FICO scoring modelsthat are maximized for the type of credit you seek (bankcards, mortgage, etc) and even possibly one of many versions of that model (04, 08, etc.)

And once it's been pulled, they then score it using their own internal scoring model. The FICO score really it's just an indicator of whether they'll consider you, it's not the final step in their decision.

So, yes, generally, as long as it's been reported to EX, the lender will see it. But even to this, there may be exceptions. If you've apped with the same lender recently, they may use the original pull. It doesn't happen often, but I've heard stories here where this happens (I can't recall the lenders, sorry.) Another possibility is if the lender uses soft pulls. This generally only happens for pre-quals and for CLIs (depending on the lender) but if an SP is used, it might be an old one.

[Anonymous]

Thanks to all who have replied. You have answered my question very much to my satisfaction.

[TURNERHOOVER]

Should be the same score we see, one would hope.