Credit Advice

Hey novedadink, Credit Karma has a simulator that you can use to see how your score is affected by many situations (on-time payments, late payments, credit inquiries, and more). In my experience, it can take a very long time to see an increase in your credit score - sometimes I will only see an increase of 10 points over a few months.

Check it out! http://www.creditkarma.com/simulator

One interesting thing about the simulator is that it calculates credit score changes based on your report. If you and I both simulated an on-time payment history of 12 months, our scores would increase by different amounts, as we likely have very different credit histories.

Hope this helps!

On-time payments count for 35% of the score (approximately). This seems to be based on percentage. Thus, if you have a history of being on-time, being on-time going forward appears to be more of a status quo. Though, the number of total payments may also have a factor in here, as well.

The mix of credit you have (installment vs. revolving), % utilization of revolving credit, and length of time for credit lines make up most of the remaining 65%.

Also, an account must remain in good standing for at least 12 months from the time it is opened before it really has a positive impact on score.

As your accounts get older, that helps, as well.

As to the question of how often your score will change? Every time a new piece of data is reported, it affects the score. You may not see an actual change in the score, but it has the potential.

With no real changes and making all payments ontime, I have seen my score move in a 30 point range over the course of a month because of when and how things are reported.

The best way to learn is to update your score regularly on this site (you can up to once per day), and look at how your score fluctuates throughout the month. (I've been updated 2-3 times per week the last few months to look for trending information ... which could help me determine the best time of the month to apply for a credit card, loan, etc, based on my score fluctuations.)