Question
Why does a credit score change daily?
We are judged by what is in our credit file. Inconsistencies throw up a red flag for lenders while the inconsistency of the score itself is over looked. How is it that I can check my credit score today and tomorrow it will be different, and different still the next day, and so on, and so on. Sometimes, the spread has been as much as 70 points! Over a 90 day period, I have not gotten the same score of any previous day. (This is true for all reporting agencies) Next, why does a lender get a different score than what I get from a reporting agency on the same day? Once again, a big spread as much as 70 points, generally higher to the lender. I have tried all of the best known credit monitoring services and it is the same story among each. I don't have a problem in this area, I am just frustrated by the inconsistency of the so called,"Experts" who have so much control over our financial lives. My conclusion; the FICO score is essentially worthless! You are right, FICO does tend to be used generically. All info remained the same during this period, only the scores change. Credit repair services are a rip off. They can't do anything we can't do ourselves. "There are no short cuts to good credit"
3 weeks ago - 3 answers
Best Answer
Chosen by Asker
You likely aren't getting your true FICO scores from those, Unless something has changed on your reports, Your score should not change daily, and unless you've been getting a lot of inquiries and new accounts, your scores wont change by 70-pts, A 70-pt drop is like having a 30-day late show on your reports, While lenders buy FICO scores, they will also use a scoring profile of their own to evaluate your credit as to how they see you, Car stealers are know to use what they call an 'Auto Enhanced FICO' score, so if you've never had a car loan before, you will be considered a risk even with high scores, Of course having a large down payment will make you a well-qualified buyer, LOL ... As accounts and inquiries age your scores will increase, also having a good credit mix, ie, car loan, mortgage and a couple revolving accounts being reported paid as agreed, will give you the best mix for high FICO scores, My scores haven't fluctuated by more than 20-pts in the past year with 9-inq's and 7 new accounts on Equifax (which is a true FICO score), I've been as high as 787 and as low as 752, Currently it's 766, Good luck,
by drive_55_not
3 weeks ago
Asker's Rating: 
Other Answers
If you're pulling your credit score from the same source each day, the only reason it should be changing is if your credit data has changed - which is a possibility. Credit data is being reported to the credit bureaus constantly and that data can affect your score. That's the way the system works. >> Why does a lender get a different score than what I get from a reporting agency on the same day? There are many different credit scoring algorithms out there. You might receive an "Experian" credit score, but it could be that score was using Experian data but a scoring algorithm developed by the provider of the score - not Experian. Because of that, you'll see a wide variation in scores between vendors and scores provided to potential creditors. >> My conclusion; the FICO score is essentially worthless! This is part of the misunderstanding. People use "FICO score" like they use the term "Kleenex." There is only one FICO score and it's provided by Fair Isaac Company (FICO). They originally developed a scoring system and that's why people use them as a generic name. The credit bureaus have developed their own scoring algorithms, other credit vendors have created their own and on and on.
by FightIDTheft- 3 weeks ago
Probably you have some wrong items in your credit report. Use credit repair service to find and remove such bad stuff from your credit - buildcredit.ifastnet.com
by Clay- 3 weeks ago