change in scores

[kp4164]

How often does your fico score change?

If I start paying down my credit debt, say by 20% in the next 3-4 months, when will I see a change in my score?

Just curious.

[pizzadude]

---

@kp4164 wrote:

How often does your fico score change?

If I start paying down my credit debt, say by 20% in the next 3-4 months, when will I see a change in my score?

Just curious.

---

Your FICO score is based on the information on your report at the point in time that you request the score.    Most creditors send updates to the CRAs once a month, usually after each monthly statement is generated.

You should see an upward trend in your FICO score as your revolving debt is paid down, assuming that everything else is the same.

[llecs]

If the 20% improvement in utilization will have a positive impact on your FICO then you will see a score change when it reports 20% lower whether you do it in one month or one year. Paying down util by 20% won't always have a positive impact on your FICO though. For example, if you start from 90% and drop util to 70% you probably won't see any FICO change. Pay it down from 21% to 1% and you would very likely see an increase. It's always a YMMV thing and everyone's credit is different.

[kp4164]

Thank you.

Mine would be 70% to 50%.  This should have some positive effect on my score right?  After my divorce 5 years ago, I had trouble keeping up with mortgage (like many) and tried to have my loan modified.  I have 180 day late with citimortgageadvice I took from a so-called  loan modification expert (Ha!) I hired, who advised me to NOT pay my mortgage for 2 months, to get the banks attention.  My modification took 15 months to finally happen.  In the meantime, I have a 180 day late.    It's 2 years now since I had 180 late, 5 more to go to get score up right?

I really need to refinance in the next year and want to clean up my credit.

I also have one 30 day late and a 70% debt ratio.  Really want to clean up my credit.  It seems working really hard to get ccards paid is my best bet.  Score is 563, which isn't good when trying to refi.  Before loan modification, my score was 730. Bummer!!

Thanks for any suggestions.