Most businesses report information to the credit bureaus every 30 to 45 days. Each on-time payment you make may barely affect your score, while a missed payment can have a significant effect.
But how often does your credit score update? Let’s find that answer, and learn how to keep an eye on your credit history and credit score.
Key Points
• Credit scores update frequently, typically every 30 to 45 days, reflecting recent financial activities.
• Checking your own credit score does not impact the rating; it’s a soft inquiry.
• Hard inquiries, such as loan applications, can temporarily lower credit scores.
• Regularly monitoring credit reports helps identify errors and potential fraud.
• Payment history, credit utilization, and credit history length significantly influence credit scores.
When Do Credit Reports Update?
Whenever consumers take some sort of action relating to their credit, their score — usually a number between 300 and 850 — will fluctuate.
For instance, if they apply for a loan or miss a credit card payment, their score could change.
There is no set date for a credit score update because a lender or creditor may send information to the three main credit bureaus at different times: Experian one day, Equifax five days after that, and TransUnion a week later.
An update, though, will occur at least every 45 days.
Rather than constantly checking for updates, you might want to focus on long-term goals that can help you build credit, like paying off debt, always sending payments on time, and ensuring that your scores are going in an upward direction.
Need help managing your finances? With an online budget planner, you can set budgets, organize spending, and spot upcoming bills.
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Recommended: Which Credit Bureau Is Used Most?
What Is a Good Credit Score?
Lenders most often use FICO® Score, but the credit bureaus introduced the VantageScore® in 2006 to provide a score that was more consistent among the three credit agencies.
This is how the FICO Score and the latest VantageScore models break down:
| FICO | VantageScore |
|---|---|
| Exceptional 800-850 |
Excellent 781-850 |
| Very Good 740-799 |
Good 661-780 |
| Good 670-739 |
Fair 601-660 |
| Fair 580-669 |
Poor 500-600 |
| Poor 300-579 |
Very Poor 300-499 |
People with high scores typically have access to higher lines of credit and lower interest rates. Those with low credit scores may not be approved for certain credit cards and loans. And if approved for, say, a mortgage, they will usually pay a much higher mortgage interest rate.
How to Check a Credit Report
Under federal law, consumers are entitled to one free copy of their credit report every week from each of the main credit reporting agencies: TransUnion, Experian, and Equifax.
AnnualCreditReport.com is the only authorized website for free credit reports, according to the Federal Trade Commission.
Consumers can also call 1-877-322-8228 and provide their name, address, Social Security number, and date of birth to verify their identity.
If you want to check your credit history more frequently, you can ask one or all three credit reporting bureaus for another copy. They may charge you a small fee for the service.
Why check your credit report periodically? Mainly:
• To make sure the information is accurate and up to date before you apply for a home or car loan, buy insurance, or apply for a job.
• To help guard against identity theft.
Recommended: How to Read A Credit Report
How to Check a Credit Score
The free credit reports do not include your credit score — or more accurately, scores. Your credit score from each of the credit bureaus will vary based on the information each has. Lenders also use slightly different credit scores for different kinds of loans.
How to get your credit scores then? Here are a few ways:
• Buy a score directly from the credit reporting companies or from MyFICO.com.
• Look at a loan statement or a credit card statement. Some financial companies provide credit scores for customers as a perk.
• Use a credit score checker. Some services give consumers access to their credit scores but charge for premium services like checking a score daily. Other sites may require that you sign up for a credit monitoring service with a monthly subscription fee in order to get your “free” score.
• Sign up for a money tracker app like the one from SoFi. It provides free weekly updates on your credit score and tracks all of your money in one place.
When signing up for credit score checking websites, it’s important for consumers to look at the terms of service and ensure they’re not being charged for premium services they do not want.
Also, it’s best to avoid an “educational” credit score vs. a score that a lender would use. For some, there will be a meaningful difference, according to the Consumer Financial Protection Bureau.
What Makes Up a Credit Score?
Learning about what factors make up a credit score can help consumers raise their scores. Main factors that contribute to the score include:
Payment History
Payment history is the most important factor when calculating a score, so it’s critical to always repay debts on time.
Credit Utilization
The credit utilization ratio is the amount that is owed in relation to how much credit a person has overall. Keeping your credit utilization ratio below 30% is commonly recommended.
Length of Credit History
For the length of the credit history, consumers can increase their score by not closing cards. The longer someone’s credit history is, the better.
New Credit
Applying for a new credit card and loan that requires a hard inquiry could ding your credit score. But rest assured, the drop is temporary. It’s multiple hard inquiries on a credit report in a short period that can cause damage. Then again, if someone is shopping for a mortgage or auto loan, both FICO and VantageScore account for multiple hard inquiries in a grace period of 14 to 45 days.
Credit Mix
Credit mix refers to credit cards, student loans, auto loans, personal loans, and mortgages. By having a mix, consumers show that they can manage all kinds of debt.
Why Credit Scores Matter
Having a high credit score can help consumers in a number of scenarios. For starters, it can help consumers qualify for better interest rates, which in turn can lower the cost of borrowing.
Consumers with a strong credit score can often reach their financial goals quicker and utilize better products. For example, they may get approved for a credit card that offers perks like bonus travel rewards or cash-back rewards. They might also be able to use a card with a 0% introductory APR or 0% balance transfer rate for a certain period.
But the benefits extend beyond borrowing. People with a high score may be able to rent a better apartment or home since landlords often check prospective tenants’ credit. They may also gain access to better car insurance rates and be able to avoid paying deposits to utility companies and cellphone providers.
The Takeaway
How often does your credit score update? All the time, really, but once every 30 to 45 days is a good barometer. While it can be tempting to constantly check your score — especially if you’re getting ready to make a major purchase — you may instead want to focus on strategies that build up your credit. Some steps include paying bills on time, paying down revolving debt, and keeping older accounts open.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
About the author
Kylie Ora Lobell
Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.
SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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