How Often Does Your Credit Score Update?
If you’re like most people, you probably check your credit score regularly to see how you’re doing. But have you ever wondered how often your credit score is actually updated?
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How often does your credit score update?
Your credit score is a moving target. It can go up or down, depending on your credit habits and other factors. That’s why it’s important to keep tabs on your score and understand how it’s calculated.
So, how often does your credit score update? The answer depends on the type of scoring model used to calculate your score.
There are two major credit scoring models in use today: FICO® Score 8 and VantageScore® 3.0.
FICO® Score 8 is the most widely used scoring model, and it’s used by more than 90% of lenders to make lending decisions. This scoring model updates your score monthly, taking into account any new information that appears on your credit report.
VantageScore® 3.0 is a newer model that’s slowly gaining adoption among lenders. It also updates your score monthly, but it uses a different method to calculate your score than FICO® Score 8. As a result, your VantageScore® 3.0 score may be slightly different than your FICO® Score 8 score.
To get the most accurate picture of your creditworthiness, it’s best to check both scores regularly. You can get free access to your FICO® Score 8 and VantageScore® 3.0 scores through several credit card issuers and personal finance websites.
