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I recently paid off about $90k of my $112k credit card debt. My utilization will drop from 45% to 10% My FICO 8 scores are starting to climb as the new balances are reported and by Sept 10th should all be in. The simulator showed a 70-90 point estimated increase to the 780 range.
My question is how long does it take the FICO AUTO 8 score to catch up? A couple years ago my AUTO scores were around 715 and I got a prime rate 3.9% from GM (they pull Experian). My utilization then was about 12%. Now my Ex AUTO score is 640 but I'm expecting it to rise as the utilization changes.
How long does it usually take the auto score to catch up and update? My other scores are up 25-35 already with about $30k for the repayment registering. But the auto scores haven't budged.
if you have the 3B report monthly subscription from myfico, the only scores that update daily is FICO 8. You will have to either 1) wait until your new full reports/scores are available or 2) purchase a 3B report separately from myfico.
If you have an experian paid subscription, all of your experian fico score versions update daily.
Thank you. I will look at getting a short term Experian re-OTR to update.
I would expect a similar FICO Auto score bump unless you have any derogatory auto or installment accounts, in which case you probably won't see as much of a gain.