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How often does a credit score change?
Your credit score may only change once a month. Now, you credit file with change two to three times a month, depending on how much credit information is being picked up by the credit bureaus. Let’s say you have high credit card balances and you decide to pay them off in full. The credit file will start reflecting that information immediate, however the credit scores may not be affected from this until maybe a month of two later.
Also, each credit bureau will pick that information up at different times of the month. Experian.com may report this information at the beginning of the month, Equifax.com may report this information in the middle of the month, and transunion.com may pick this information up at the end of the month. This is the major reason your credit scores will more likely be the same number?
Now even though you make have great credit scores many banks and lenders may use their own credit scoring when deciding to give you credit cards or personal loans. So, the best way to see if you’re going to be approved for a credit card or a personal loan is to make your monthly payments on time, keep your credit card balance below 30%, and keep you inquires to a minimum of 8 within a 2 year period.
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