Credit scores tell lenders how responsible you are when managing debt. Your score can move up or down depending on different factors. But how often does a credit score update?
The simple answer is that credit scores can change when new information is added to your credit reports. That means credit scores may change several times per month or even daily. If you’re checking your credit, the score you see on any given day depends on the details in your credit file.
Learning more about how credit score changes work is helpful if raising your score is one of your financial goals.
How often does a credit score update?
How often your credit score updates depends on when lenders report information from your credit accounts, like credit cards, to the three major credit bureaus. Creditors choose their own reporting schedules, so the timing for when a credit score updates can vary.
Lenders usually report information to the credit reporting agencies every 30 to 45 days.¹ But some might report at the beginning of the month, while others report at the end of the month or somewhere in the middle.² That means your credit score can fluctuate multiple times throughout the month.
If you’re checking your credit regularly, your score on any given day may not be the same as what you see the next day or week. That’s not necessarily bad; it just means that credit scores aren’t fixed or static.
Why do credit scores update?
Credit score updates can happen for several reasons. It comes down to how scores are calculated. Positive changes, like an on-time payment, can add points to your score if added to one of your credit reports. On the flip side, negative changes, like a missed payment, can lower your score.
Here are some of the most common reasons for a credit score change.
1. Hard inquiries
A hard inquiry means that you’ve applied for credit and a lender has requested a copy of your credit file. Hard inquiries account for 10% of your FICO® credit score, and each one can cost you a few credit score points.³, ⁴
Chime pro tip: Soft inquiries, like checking your credit yourself, won’t affect your credit score. Also, getting pre-qualified for a loan doesn’t harm your score since it only requires a soft credit check.
2. Late payments
Payment history accounts for 35% of your FICO credit score, making it the most important overall scoring factor. Paying credit cards or other debts late could cause a significant drop in your score. As a general rule, the higher your score is before a late payment shows up on your credit report, the steeper the decline tends to be.⁵
3. Bankruptcies
Bankruptcy can help you wipe the slate clean on debt and get a fresh start. However, one of the major cons of bankruptcy is that it can cause significant harm to your credit score. As a result, it could make it very difficult to qualify for new loans or credit cards for years.
How long it takes for a bankruptcy to fall off your credit reports depends on which chapter you filed. Chapter 7 bankruptcy can stay on a credit report for up to 10 years, while Chapter 13 can stick around for up to seven years.⁶
4. High balances
After payment history, credit utilization is the second most important FICO credit scoring factor. Credit utilization refers to how much of your credit limit you use at any given time, making up 30% of your score.⁷
Maxing out credit cards can negatively affect your credit utilization ratio and cost you credit score points. A good rule of thumb to avoid that is only charging what you can afford to pay off in full each month.
5. Age of accounts
Credit age makes up 15% of your FICO credit score. The longer you’ve been using credit, the better. Why? Because lenders want to see that you have a lengthy track record of using credit responsibly.⁸
As your credit accounts age, that can positively impact your scores. New accounts, on the other hand, can drag your average credit age down.
Which credit bureaus calculate credit scores?
The three major credit bureaus that collect data from lenders to create your credit reports are Equifax, Experian, and TransUnion. Credit scoring companies use the information inside of these reports to calculate your credit scores.
One of the most popular credit scoring companies is FICO – around 90% of lenders consider your FICO score when deciding whether to lend you money.⁹ Based on FICO’s most popular credit credit scoring model, credit scores range from 350 to 850.⁴ The higher your score, the better.
The main credit agencies may use FICO’s credit scoring model or another popular model – VantageScore – to calculate your credit score.¹⁰ Note that your credit score could vary depending on which credit report is used to calculate it since some lenders don’t report information to all credit bureaus.¹¹
How can you check your credit scores?
Many options exist if you want to check your credit score for free. For example, Equifax offers free monthly Vantage scores each month with its Equifax Core Credit offering.¹² You can also get a free FICO score from Experian.¹³
Another way to get your credit score for free is to check with your lender or credit card company. Some providers offer this perk.
And if you would like to read your credit reports for free, you can visit AnnualCreditReport.com. Reviewing your credit reports often helps ensure they are accurate and can help you maintain good credit.
As a Chime member, you can check your FICO score for free in the Chime app.⁴
Credit score changes are normal, so don't panic
Changing credit scores can be helpful if your score is moving in the right direction. But if you check your credit and see that you’ve lost points, don’t panic.
See what caused the change, then ask yourself what you might be able to do to turn it around. The more proactive you are about staying on top of your finances, the better your credit health is likely to be in the long run.
Curious about how your scores measure up? Learn what counts as a good credit score in your 20s.
Frequently Asked Questions
What day of the month does your credit score update?
The exact day your credit score updates varies depending on when lenders report your information to the three major credit bureaus. As a result, your credit score could change many times each month if you have several active accounts.¹
Does your credit score change every 7 days?
Your credit score doesn’t change based on a specific schedule. How often it changes depends on when your creditors decide to report information to the credit reporting agencies.
How long does it take for my credit score to update after paying off debt?
It usually takes up to 30 days or longer to see changes to your credit score after paying off debt. That said, it’s possible that your score could change sooner if your lender reports the paid off account earlier.
How often does Chime report information to the credit bureaus?
If you’re using a Chime secured credit card to build credit, we generally report information to the credit agencies at the start of every month.