May 16th, 2008
How Often Does Your Credit Score Change?
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We get asked this question quite often: “How often does your credit score change?” Technically, it can change any time your credit report changes. Any of the following can trigger a credit score change:
- Missing a Payment
- Applying for a New Loan or Credit Card
- Changing Your Available Credit
- Defaulting on a Loan or Charging Off
- The List Goes On……
But some people have asked why their score has not changed in months. Well, my score hasn’t changed since we launched the service in Feb, 2008 until just this week. As background:
* I have a mortgage
* I don’t carry any balance on my credit cards
* I’ve had a good payment history for over 15 years
* I don’t apply for credit often
A few days ago, I decided to apply for one of the Gas credit cards I wrote about. I then updated my credit score the next day. My score dropped 6 points from the inquiry. I’m sure it will change again when the credit card provider reports my credit line and utilization to the bureaus. I suspect it will jump back up since I won’t carry a balance and it will increase my total available credit.
I’m writing this to let users know that your score shouldn’t be constantly changing if you are stable with your finances and credit. I’ve had the same score for over 3 months, so don’t be concerned if your score isn’t jumping around. Part of the service is built to instill a sense of comfort and familiarity with your score.
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