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How Often Credit Scores Are Updated

Fri, 04/11/2008 - 11:54am by SavvySugar
1,885 Views - 7 comments

Many of you have been diligently paying off your credit cards, and you've been getting a little antsy about when your hard work will be reflected by your credit scores. Since it's not free to get your credit score you don't want to be wasting your money checking it every other week — that's money you could use towards paying down your debt, and there's nothing I hate more than being counterproductive! To see how often you can check you score without it being a waste of time and money just read more.

Your credit score is based on the information that makes up your credit report, so any changes in your report will reflect in your score as well. The FICO website says that your score from a month ago is probably different than what your score would be today. My interpretation of that vague statement is that it's not worth it to check your score within a month's time, and it would probably be best to stretch out that month a few weeks longer to ensure you'll be paying for an updated score.

Another thing to remember is that your score may vary between the three agencies because the information they have may be different at each of them. So, if you're carefully monitoring your credit score and want to get an idea of how much it's going up or down, you may want to consistently use the same agency a few times, consecutively.

Source

on Yahoo!

7 Comments Add a Comment

  • ehadams's picture
    ehadams
    1

    If you have a WaMu credit card they will tell you your credit score for free whenever you want and when it was last updated (not a full report, just the score from Experian). Also, you can set up notices so they email you whenever your score changes significantly (like 20 points or so). It is helpful to get a sense of where you are, then you can order a full report if you have a problem. The card has a lot of other nice features like this on their website (personal spending profile, budget tracker, etc), and has a low interest rate and high credit limit- I love it! Love

    31 weeks 6 days ago Report Comment
  • cvandoorn's picture
    cvandoorn
    2

    My Bank of America Privacy Assist costs me around $5 a month, comes with ID theft protection, and it gives me an updated credit report and credit score every 3 months. I find it really useful.

    31 weeks 6 days ago Report Comment
  • Renees3's picture
    Renees3
    4

    ehadams thanks for the info! MY brother in law was telling me about that too, I think that's an awesome feature, might look into getting one!

    31 weeks 5 days ago Report Comment
  • DearMissPriss's picture
    DearMissPriss
    5

    I have a WaMu car too and that feature is awesome. There's also a calculator to determine your monthly expenses vs. income to see how much you have leftover to save. I think the service is only free for a year though.

    31 weeks 5 days ago Report Comment
  • raieven's picture
    raieven
    6

    I'm doing the line of credit Credit Card w/ wamu and am so excited about (eventually) having good credit again!!!!

    31 weeks 5 days ago Report Comment
  • JaimeLeah526's picture
    JaimeLeah526
    7

    I noticed that my credit report is off by a month and the payments I made 2-3 weeks ago aren't reflected. I figured it was the same for my credit score.

    31 weeks 5 days ago Report Comment

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