Loans

Question: What would you like to ask?are there certain times during any month or following payments on loans that your?

(Posted by: crossed1 on 2010-03-09 14:19:17)

Loan payments that your FICO score changes?

Posted by: bdancer222 on 2010-03-09, 15:53:04

Creditors update at diffrerent times during the month. The info on balances and payment history could change every day. It can all impact your FICO score but we're talking a few points for the most part. Not some huge difference in your score.

Posted by: Gaytheist Buddha on 2010-03-09, 14:22:22

No, FICO scores are fairly stable and do not normally fluctuate wildly as your question suggests.

Posted by: Beaux Bells on 2010-03-09, 14:23:16

Credit cards report to the bureaus once a month. Usually on your closing date when your balances are at their highest. So if you are trying to buy a house and want your balance to show 0 on your credit cards, you'll have to make a second payment right before the closing date. This should be done by everyone before applying for a mortgage. First answer is right - fico scores don't fluctuate enough that your monthly credit card payment will make much of a difference. But when you are buying a home, ever point counts. /

Posted by: Credit Trauma on 2010-03-09, 14:27:00

Your credit card companies report the balance of your last statement right after your statement cut-off, therefore your credit score will change every time one of your creditors reports to the bureaus.