In essence, we all start out with no score at all (not zero). You don't start with a perfect score and go down or start with zero and go up.
Credit scores are not fluid; we don't have a credit score that's sitting out there going up or down. A credit score is only calculated at the moment that it's requested by either a lender or by you.
When you apply for credit the lender will request your report and may ask that a score be calculated for them. The lender might also calculate a score using its own proprietary scoring system. When another lender accesses your report and requests a score, a new credit report will be compiled and a new score will be calculated using the scoring system that lender chooses.
A credit score reflects the information in the credit report at the instant the report was requested. Because information in a credit report is being updated continuously, if a report is requested 10 minutes later, a new score will be calculated using the information in the report at that moment.
Check out the scope to hear answers to all the questions asked:
Do you have questions about credit?
Join our live video chat every Tuesday and Thursday at 2:30 p.m. ET on Periscope. Rod Griffin, Director of Public Education at Experian, is available to answer your questions live.
Scoped on: 07/19/2016
Want to instantly increase your credit score? Experian Boost™ will be available in early 2019 and helps by giving you extra credit for the utility and mobile phone bills you're already paying. Until now, those payments did not positively impact your score.
This service will be completely free and can boost your credit score fast by using your own positive payment history. It can also help those with poor or limited credit situations. Other services such as credit repair may cost you up to thousands and only help remove inaccuracies from your credit report.