How Quickly Do Credit Scores Update?
How quickly your credit score updates when there’s been a change depends on a few different factors (and which credit bureau is reporting it). However, in general, credit scores and credit reports both update at least once a month.
It’s important to understand that small fluctuations, especially after hard credit pulls, are normal and unlikely to have a lasting negative impact on your score by themselves. Tracking your score over a longer period is the best way to understand your creditworthiness.
- Each of the three credit bureaus usually updates your credit report when lenders provide new information on your accounts.
- Lenders report payments and balances to the bureaus about once a month.
- Rapid rescoring can help you get credit updates reflected on your report more quickly, but must be requested through a lender or creditor who offers this service.
Credit bureaus update scores at least once monthly
Your credit score — the three-digit number meant to sum up your credit history at a glance — is reported by three different major U.S. credit bureaus: Equifax, Experian and TransUnion. These bureaus typically update consumer credit scores when they get a request for that score — like when you or a creditor checks your credit.
However, the cadence of when you’ll actually see a change in your score is largely based on when the credit bureaus receive information from your lenders (or any prospective lenders with whom you file an application). If you have multiple accounts with different payment dates, that means your score could shift more often than once a month.
Keep in mind, too, that not every lender reports information to all three bureaus — which is one reason you may find your score slightly different depending on where you check it. You may also see different scores depending on whether the source you’re using offers Vantage or FICO Scores, which are each calculated a little bit differently.
Most lenders report to credit bureaus monthly
Along with the credit bureaus updating your scores on a monthly basis, there’s also the question of how often the lenders are reporting to the credit bureaus themselves. Again, the answer here is “usually at least monthly,” though the specifics can vary depending on the lender.
If you have an open loan or revolving line of credit, your lender will likely report your balance on the statement’s closing date. But when that day is can be somewhat random: Most credit card issuers stagger their clients’ closing dates throughout the days of the month so they don’t have to produce all those statements at once.
Additionally, payments made in the middle of your billing cycle may not be reported to the credit bureaus until the closing date, which means they could take longer to affect your score. If you’re curious, you can always call your credit card or loan issuer to understand when they report payments to the bureaus, as well as which bureaus they report to. This can help you gauge how long it will take for payments you make to be reflected in your score.
While your score will typically update at least once every 30 or 45 days, how long it will take for you to get that information depends on how and where you’re tracking your score. Some credit tracking services offer moment-by-moment updates on information like new hard credit pulls. Other free credit trackers, like Credit Karma, update on a weekly basis. LendingTree Spring offers credit alerts as well as personalized tips and insights — all for free.
In the end, it’s hard to offer a concise answer because there are so many factors that affect the timing of when you’ll see your new score: how often the credit bureaus update, how often lenders report to the credit bureaus and, finally, what kind of tracking service you’re using. However, you should be able to track credit score changes at least monthly and see updates that reflect your progress.
How long do credit reports take to update?
For starters, keep in mind that a credit report is not quite the same thing as a credit score. Your credit report is a detailed document that includes historical information about your addresses, open credit accounts, payment history and more.
Since your credit score is a reflection of your credit report, the report, too, is usually updated at least once every 30-45 days. Thanks to a permanent extension of a program begun during the pandemic, all U.S. consumers now have free access to their credit report from all three bureaus not just once a year, but once a week. You can pull the reports at AnnualCreditReport.com.
What is a rapid rescore?
A rapid rescore is a process — usually initiated by a mortgage lender — in which the credit bureaus are paid to have a consumer’s recent credit changes updated more quickly. If you’re trying to qualify for a home loan in a competitive market and have recently done something that could have a major impact on your score (like paying off a loan), rapid rescoring could give you an edge as a buyer.
The credit bureaus do charge a fee to run a rapid rescore — which can be as much as $40 per credit bureau if your lender wants an update to all three scores. But the good news is, this fee is fronted by the lender, not the borrower.
However, there’s no way to know for sure that your rapidly rescored reports will improve your score enough to move the needle as far as eligibility, so they can be a bit of a gamble.
Can I request rapid rescoring?
Rapid rescoring must be requested by a lender, not a borrower or consumer — which is to say, no, you can’t request rapid rescoring from the credit bureaus on your own. Instead, you’ll need to be working with a creditor who offers rapid rescoring services, such as a mortgage lender or, less commonly, a credit card issuer.
You’ll want to ensure that there has been sufficient time for your updates to have been reported to the credit bureaus in the first place; otherwise, the rapid rescore will be in vain. If you’re not sure your lender has yet reported a payoff to the bureaus, you can call them directly to confirm.
What causes credit scores to change?
Credit scores are calculated based on an algorithm that is meant to assess your riskiness as a borrower. FICO Scores — the most commonly used type of credit score in the U.S. — are calculated based on the following factors:
- Payment history: Making payments in full and on time can increase your score, while late payments can decrease it.
- Amounts owed: Keeping a low amount owed compared to your amount of available credit can also be beneficial for your score, whereas higher amounts owed can have a negative impact.
- Length of credit history: A shorter credit history gives lenders less information to work with, while a longer credit history can nudge your score upward. (That’s why it’s often a good idea to avoid closing paid-off credit card accounts, even if you rarely use them.)
- Credit mix: This category gives those with a more diversified mix of credit products, such as installment loans, credit cards and mortgages, a slight boost over those with only one type.
- New credit: This portion of the score measures how many hard credit pulls have been placed on your report. Having a high number of hard pulls in a short time can have a negative impact on your credit score.
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