How long does it take for credit scores to change?

[genchan]

I'm looking to improve my credit score a bit more before I apply for a mortgage loan and I was wondering how long it takes for the scores to change. What is the lag time, if any. For example, there was some incorrect information in my credit report. Once that incorrect information has been removed, will the credit score instantly reflect this or will it take awhile for it to reflect the new information? If so, about how long?

[crazy4deals]

From my own personal experience, sometimes creditors take awhile to report updated info to the credit bureaus, so i took it upon myself to call the credit bureaus directly to have the info updated. I would call the agency in question and ask how to best speed up the update. Hope this helps.

[b4freedom]

Typically, three months. If you plan on doing something major, like buy a house, check your credit records three months before you start applying for loans. It is possible to do it faster, but it's a giant pain. I also noticed that it tends to take recent activity (good or bad) about three months to make it onto a credit record. You'd think it'd be faster, but it's not.

Once a month, a major credit issuing company will produce a giant electronic file and send it to the credit reporting company. Many times they send it via snail mail. After the credit reporting company receives the file, they take the file and (manually) import it into their database. Then the reporting companies produce a file of their own and send it to another company (electronically) to calculate the FICO score. The FICO score is calculated (which takes time because there are millions of records) and then sent it back to the credit reporting companies. The credit reporting companies then sell the information back to the credit issuing companies.

[MrsChambers]

your credit score can (and most of the time will) change every single day... I used to do a soft pull on my credit with scores every day.. and sure enough.. the scores would change..

Here's the scoop....

there are THREE credit reporting agencies.... Experian, Equifax and Transunion.

you have a score for each of these three agencies.. however, they just announced a few months ago that they are ALL going to use the same "credit scoring model" (before they would just each have their own scoring system which made for a confusing credit consumer!)

Typically, most people furnish information to the big three on a monthly basis.. so you will see a change in your score every-single-month.. .(unless you are a credit freak like I used to be and you check it everyday!)


any day of the week, any number of your creditors or collectors can (and will) "update" their tradeline in your credit file.... this will result in a (newly generated) different score.


If you are totally interested in your credit and all that good credit stuff... I would like to tell you to go over to www.creditboards.com and READ READ READ

good luck!

[Ima saver]

Thanks for the info, Mrs. Chambers!