If you look at the account in your TransUnion credit report, you may see a line that reads “Date Updated.” This would tell you the most recent day the account information was provided to TransUnion. Because lenders don't all provide updates on the same day, new information may be added to your reports quite frequently.
The credit bureaus may have different information.
And a lender may report updates to different bureaus at different times. So, it's possible that Equifax and TransUnion could have different credit information on your reports, which could lead to your TransUnion score differing from your Equifax score.
Your lenders may not have reported certain information yet
The information you see on Credit Karma is based on your most recent TransUnion credit report, so if you've recently made a change, like paying a credit card balance, or closing an account, it may not be reflected yet.
It takes one to two months for a credit score to update after paying off debt, in most cases. The updated balance must first be reported to the credit bureaus, and most major lenders report to the bureaus on a monthly basis – usually when the monthly account statement is generated.
TransUnion will typically update their consumer credit reports when they receive new information from a credit reporting agency. Most agencies will send new data every month or at least every 45 days. So, from the TransUnion standpoint, credit reports are typically updating as soon as information arrives.
Even if you don't make any major changes to your credit activity, your credit scores can change depending on things such as your existing accounts age, you make on-time payments, or pay off debt.
A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. ... Consumers with FICO® Scores in the good range (670-739) or higher are generally offered significantly better borrowing terms.
For a score with a range between 300 and 850, a credit score of 700 or above is generally considered good. A score of 800 or above on the same range is considered to be excellent. Most consumers have credit scores that fall between 600 and 750.
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
Updates from TransUnion are usually available through your Credit Karma account every seven days. All you have to do is log in. You'll see the date of your last update under your personal details on your credit report and you can see when your next update is due at the top of your dashboard.
If you have an installment loan that reports only to Experian, your Experian credit score may be very different Equifax and TransUnion. Delinquencies reported on a loan reported on one credit report, but not the others, is the most common reason why you'll see wide credit score discrepancies, like 100 points.
Credit Karma receives information from two of the top three credit reporting agencies. This indicates that Credit Karma is likely off by the number of points as the lack of information they have from Experian, the third provider that does not report to Credit Karma.
Is TransUnion more important than Equifax? The short answer is no. Both TransUnion and Equifax are reliable credit reporting agencies that compile reports and calculate your credit scores using different scoring models.
The reason that your Equifax score is lower than your TransUnion score is based on the fact that TransUnion adds personal information and employment data that is weighted into their model. The other two only report the name of your employer and do not add any weight to that fact.
The scoring model used in mortgage applications
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
Very good (700-760) – Your credit score may have a minimal impact on your interest rate. You could be offered interest rates 0.25% higher than the lowest available. Good (660-699) – Your credit score may have a small impact on your interest rate. ... Moderate (620-660) – Your credit score will affect your interest rate.
FICO® score ranges vary — they can range from 300 to 850 or 250 to 900, depending on the scoring model — but higher scores can indicate that you may be less risky to lenders.
Going into 2022, the minimum credit score needed to get approved for a mortgage is 640, though it would be more accurate to say that anywhere between 620 and 680 would be considered a minimum, depending on the lender.
Whenever you make a major change to your credit history—including paying off a loan—your credit score may drop slightly. If you don't have any negative issues in your credit history, this drop should be temporary; your credit scores will rise again in a few months.
Your score falls within the range of scores, from 580 to 669, considered Fair. A 645 FICO® Score is below the average credit score. Some lenders see consumers with scores in the Fair range as having unfavorable credit, and may decline their credit applications.
Because lenders don't all provide updates on the same day, new information may be added to your reports quite frequently. You can get your credit report from each of the three nationwide credit reporting agencies weekly at annualcreditreport.com.
The most common reasons credit scores drop after paying off debt are a decrease in the average age of your accounts, a change in the types of credit you have, or an increase in your overall utilization. It's important to note, however, that credit score drops from paying off debt are usually temporary.
Why did your credit score go down when nothing changed? If you didn't change the amount you owe, perhaps your credit card company has increased or decreased your total credit limit. If your spending habits remain the same, a decrease in your credit limit would increase your credit utilization ratio and harm your score.