How Often Does My Credit Score Change?

Your credit score is a number that is calculated by the credit bureaus based on a scoring system created by the Fair Isaac Corp. Your score is dynamic and can change constantly. When you do something that could affect your credit, it may take some time before the changes reflect in your credit report.

When Your Credit Score Changes

Your credit score is tied to your credit report and is basically a numerical summary of your report. The calculation of your credit score is based on a number of credit factors. When one of these factors changes, your credit score will be updated almost immediately. Your score could potentially change on a daily basis depending on when items are reported on your credit report. Until the item hits your credit report, your credit score will not be changed.

Creditor Reporting

To gather information about you to create a credit score, the credit bureaus rely on creditors to report your actions. Any time you make a payment or open an account, the creditor typically reports it to the credit bureaus at some point. This means that it is up to the creditors to do their part and contact the credit bureaus to report this information. In some cases, creditors may not contact the bureaus unless something goes wrong, while other creditors report your actions very frequently.

Frequency of Reporting

Your payment history with your creditors will typically be updated on a monthly basis. This usually occurs on the first day of the month from the time that you open your account. On your credit report, next to each account, a statement is included about the current status of your account. For instance, it may say "30 days late" or "current." When each creditor contacts the credit bureau to report the status of your account, it can alter your credit score.

Credit Score Factors

Your credit score can be altered by many different factors in your credit report. For instance, your payment history is one of the most important factors that can influence your score. When you open a new credit account, it can also impact your score. Paying down a large amount of debt can also influence your credit score. The number of accounts that you have open can play a role in what your credit score is. Anytime one of these factors changes, your score could be updated.