FICO Updating?

[Anonymous]

Am considering getting a car loan in the coming months.  I have an excellent credit record except in respect of overall revolving credit balances.  Meanwhile, I'm also paying those balances down very aggressively.  How quickly does a dramatically reduced revolving credit balance affect a FICO score (is FICO recalculated daily, monthly, quarterly, etc.)? 

[MarineVietVet]

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@Anonymous wrote:

Am considering getting a car loan in the coming months.  I have an excellent credit record except in respect of overall revolving credit balances.  Meanwhile, I'm also paying those balances down very aggressively.  How quickly does a dramatically reduced revolving credit balance affect a FICO score (is FICO recalculated daily, monthly, quarterly, etc.)? 

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Reducing utilization is one of the fastest ways to increase a score. FICO scores both overall utilization and individual card utilization.

I like to look at a FICO score as a "potential" score in that it doesn't exist until it is pulled. It has no memory and is a snapshot of credit health at the moment it is looked at. Your score is calculated as often as you or a lender pulls it but not until then.

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work

[chasmith]

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@MarineVietVet wrote:

Reducing utilization is one of the fastest ways to increase a score. FICO scores both overall utilization and individual card utilization.

I like to look at a FICO score as a "potential" score in that it doesn't exist until it is pulled. It has no memory and is a snapshot of credit health at the moment it is looked at. Your score is calculated as often as you or a lender pulls it but not until then.

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Since FICO scores compute when pulled, essentially they update each time the CRA is updated.

[laz98]

agreed.  your creditors have to report your new info before FICO will take it into account.  i wish it could just "ping" your creditors & find out your exact balance in real time, & calculate your score on that, but no such luck yet

[MarineVietVet]

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@chasmith wrote:

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Since FICO scores compute when pulled, essentially they update each time the CRA is updated.

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But like the philosophical question that asks if a tree falls in a forest and no one is there does it still make a noise does a score really exist if no one ever pulls one? 

From a BK years ago to:
EX - 9/09 pulled by lender 802
EQ - 7/06-663, 3/10-800
TU - 8/10-772
You can do the same thing with hard work