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Regular Contributor
babymixer
Posts: 105
Registered: ‎11-15-2011
0

How quickly can your FICO score change?

How long before you will see changes in your credit score?

cc's copy
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
0

Re: How quickly can your FICO score change?

[ Edited ]

A FICO score is calculated on the information contained in your report at that time. As your creditors update your reports the information is constantly changing.

 

There does seem to be some information that indicates some CRAs only update once a day so I guess you could say that your FICO score may be fixed for one day at a time.

 

ETA: Two people typing the same thing at the same time........:smileywink:

Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
0

Re: How quickly can your FICO score change?

[ Edited ]

Welcome!

 

FICO scores are based on a snapshot of your credit report.

 

Whenever there is a change to your credit report, i.e.  you have a new balance, new account, new inquiry, or an account age off your credit report; it will be factored into the score pulled at that time.

 

Bear in mind that any changes to an account will impact your score when, and only when, those changes show up on your credit report.

 

Hope that helps!

 

ETA: outtyped by the Greg :smileywink:

Just puttin' syrup on something, don't make it pancakes.
New Contributor
BGinVA
Posts: 131
Registered: ‎10-03-2011
0

Re: How quickly can your FICO score change?

It can obviously change daily, I was 630 Friday, 626 Monday & 599 on Tuesday within the last week, of course those are likely FAKO scores from freecreditreport, but the 630 from that site Friday matched exactly what my mortgage broker pulled on the same day, so they must be close.  What hit between Friday - Tuesday? This is what I think happened, first I applied for a new credit card last week (hard inquiry), then at the end of the week I decided on the spur of the moment to apply for a refinance because I am having an ongoing dispute with my current second mortgage holder (Bank of America) and I decided the best way to end the dispute is by getting rid of them (another hard inquiry), then I received the new credit card, I was thinking the new avialable balance would help my utilization ratio since my 2nd is a HELOC that we used to put a pool in, and is almost at the max limit.  But instead I think what that additional line did, was to decrease the average age of my accounts, as I have one credit card that is only about a year old, one store card that is only 2 months old, an installment loan that is only about 5 months old (but was a refinance for a better rate), and I'm not even sure if they count my mortgages, but one is almost 8 years old and the other is almost 7 years old.  So you can see how 3 new lines in 6 months would lower my average account age.  In addition, I did some Christmas shopping on my store card, and I think that might have hit as well, even though I'm planning to pay it off next week.  The only thing I can do now, is to pay off my store card & 1 credit card with a balance (only about $1K together), not use the new card, and pray that brings it back a few points, and that the mortgage underwriter either doesn't re-pull it before closing, that it recovers at least 21 points (the minimum score for the mortgage I'm trying to get), or that if he does he doesn't care about the score change as long as there are no new debts or derogatory accounts.   


Starting Score: EQ 630 TU 632
Current Score: 660 EQ 663 TU
Goal Score: 660 to purchase new vehicle


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Mega Contributor
RobertEG
Posts: 17,728
Registered: ‎03-19-2007
0

Re: How quickly can your FICO score change?

[ Edited ]

Anticipating the amount of any score change is almost impossible, as the effect of any change is dependent upon other items in your credit report.

 

For example, removal of a delinquency from a CR with no other delinquencies would probably have a greater impact than removal of the same delinquency from a CR that still contains delinquencies, as it would move you to a clean credit history.  How quick/how much it changes depends upon your total credit history.

Established Contributor
hoping2rebuild
Posts: 905
Registered: ‎07-25-2008
0

Re: How quickly can your FICO score change?

My TU went up 57 points within 24 hours

 

so it can change pretty fast


Starting Score: 377EQ/350EX/400TU As of 11/2011
Current Score: 620EQ/614EX/612TU As of 01/2013
Goal Score: 700+ across the boards
Established Contributor
cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
0

Re: How quickly can your FICO score change?


hoping2rebuild wrote:

My TU went up 57 points within 24 hours

 

so it can change pretty fast


When my last baddie, a PR, dropped my EQ FICO went up from 707 to 780.

It's pretty clear PRs are very, very bad for your FICOs.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Member
tonikay68
Posts: 14
Registered: ‎03-25-2007
0

Re: How quickly can your FICO score change?

In July 2010 my Fico Score was 789..  When checking my score today Nov. 29 2011. It dropped to 701.. It dropped 88 points. I attempted to open one credit card acct to establish credit after divorce.  Is there an aqnswer why this score did a huge dip.

]Thank You

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: How quickly can your FICO score change?


tonikay68 wrote:

In July 2010 my Fico Score was 789..  When checking my score today Nov. 29 2011. It dropped to 701.. It dropped 88 points. I attempted to open one credit card acct to establish credit after divorce.  Is there an aqnswer why this score did a huge dip.

]Thank You



Were both pulls done via myFICO? If so, what changed between both reports? Even the smallest of items like account statuses, one added account, one dropped account, CC utilization, accounts reporting balances, etc., can easily throw off your score into the double digits.


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