How often does my score change?
Your credit file is continually updated with new information from your creditors. The FICO score is calculated based on the latest "snapshot" of information contained in your file at the time the score is requested. Therefore, your FICO score from a month ago is probably not the same score a lender would get from the credit reporting agency today. Fluctuations are quite common.
Why are my scores different?
Your scores may be different at each of the three main credit reporting agencies as the FICO score only considers the data in your credit file from that agency. If your score from the three credit reporting agencies is different, it is probably because the information those agencies have on you differs. Also keep in mind that
there is a different FICO formula for each credit reporting agency.
How can I improve my score?
It takes time and there is no quick fix. In fact, quick fix efforts can backfire. Scores reflect credit payment patterns over time with more emphasis on recent information. The best advice is to manage your credit responsibly over time. Scores automatically improve, as one's overall credit picture gets better. That means showing a historical pattern of paying your bills on time and using credit conservatively.
-- from http://ficoforums.myfico.com/
If you're ready to explore your options for purchasing a home -- whether you do so with conventional mortgage lending, or through seller financing, or Rent to Own -- Happy Home Solutions can help. Call or Text Adam at 630-697-4500. We always have Rent to Own homes available!
No comments:
Post a Comment