Credit Scores Calculations- How Often

[AdPray123]

Hi,

I checked my FICO's on and finally got over the 600 mark (not by that much but it was an accomplishment!!!) Anywho, I had got a $250 increase on my MC but had to use it at the last minute for an emergency. I want to pay that part in about a month. Will this hurt my score a lot? Are scores calculated each month based on what is reported and recalculated immediately?  When do the scores change? Thanks.

[nothingman02]

Scores are calculated as when the changes to the account are sent to the CRA. If there are no changes to the account and its just the monthly reporting/updating done by the OC to the CRA, then the answer would be once a month.

You said that there was a $250 increase. Is that a CLI on your MC because of your increase in score (past 600) or an increase of $250 on your balance. I am assuming the latter. In which case, you would have to determine when your OC reports to the CRA. Its usually a few days after your statement cuts. If you still have the time, you can pay it off to keep your UTL<9% and thus maintaining your score.If the statement has already come out for the month, you are still okay as the charge has not been reported for this month. You can use your card as much as you want and make more charges on your card. It does not matter and your score will not be changing with every charge. Just make sure you almost PIF  before the statement date so the OC reports only the small remaining balance to the CRA.

Else you are gonna have some drop in your score until you bring the UTL. back down again. UTLis a significant factor in your scoring.

[AdPray123]

Thanks alot. Yes the $250 was a balance increase from the OC. They do increses periodically.  Unfortunately this particular company couldnt give me a consistent answer as to when they report so it may post soon. I should have the money soon so I my score should be good again in about a month or two.  Thanks again!

[nothingman02]

You're welcome. NP.

So the balance increase then actually is a CLI!  And not an increase of the balance (your charges) on your card. And you are also saying that this particular OC does it periodically without any request?

Is this a HSBC MC? Can you disclose the CL and how long you've had this card and when was the first CL?

[AdPray123]

Yes it was a line increase. Its from the bank of delaware and when i got the card it said it will increase the line of credit periodically based on how i did with the card.