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.
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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