In some instances, when you want your credit report updated quickly, you can speed up the process through rapid rescoring. With rapid rescoring, a lender, typically a mortgage lender, submits proof of recent changes to your credit accounts to the three major credit bureaus. This is something you cannot do yourself.[1]
If youâve recently made payments that may help you qualify for better terms on a time-sensitive loan, you probably want this factored into your score, but lenders typically update your account information only periodically, anywhere from 30 to up to 45 days. However, with a rapid rescore, they can factor in your updated information slightly faster to get you a new, updated score.[2] A rapid rescore can generally be completed two to three business days after the lender submits the documentation, although the time it takes varies by lender.[1]
If you think recent actions youâve taken could help elevate your credit score, this post explains how a rapid rescore works and how it may work in your favor.
Having an accurate and up-to-date credit score is crucial when you apply for loans credit cards or other lines of credit. Lenders rely heavily on your credit score to evaluate your creditworthiness and determine whether to approve your application. But sometimes your credit score may not reflect recent changes that could improve your chances of getting approved, like paying down debt or correcting errors. So how can you get your credit score to update faster to reflect positive changes? Here are some tips
Understand How Credit Reporting Works
Before trying to force your credit score to update, it’s important to understand the normal reporting timelines. The three major credit bureaus – Equifax, Experian, and TransUnion – don’t update your credit report and score in real-time. Instead, they rely on creditors and lenders to report new information on a monthly basis. This reporting cycle means it can take 30-45 days for new information to be reflected in your credit reports and scores.
Some key things to know:
- Credit card companies generally report your balance once a month after your statement closes
- Mortgage and auto loan servicers report your payment history monthly
- Changes in credit limits may take 1-2 billing cycles to appear
- Errors or disputes can take 30 days or more to investigate and update
So if you’ve made a payment paid off a loan, or corrected an error you’ll have to wait at least a month for your credit report and score to catch up.
Pay Down Credit Card Balances
One of the fastest ways to improve your credit score is to lower your credit utilization ratio. This ratio compares your total balances to your total credit limits on revolving credit accounts like credit cards. Experts recommend keeping your utilization below 30%.
The lower you can get your credit card balances, the more it will help your utilization and credit scores. Try to pay down balances before the statement closing date so the lower balance gets reported. Just be sure to still make at least the minimum payment on all cards to avoid late fees and hits to your credit.
Become an Authorized User
If you have a spouse, partner, family member, or friend with a long credit history and good credit score, you can ask them to add you as an authorized user on one of their credit cards. This will help build your credit history and likely improve your credit score.
Just make sure they have low balances relative to their credit limit and a strong on-time payment history. Also, be aware that if they miss payments or max out the card, it could hurt your credit too.
Request a Credit Limit Increase
Another easy way to improve your credit utilization and score is to request a higher credit limit on existing credit cards. This gives you more available credit and allows you to keep balances low relative to the limit.
Many issuers allow you to request credit limit increases online or through their mobile app. Just be sure not to spend up to the new higher limit.
Rapid Rescoring
If you need your credit score updated quickly, ask your lender about rapid rescoring. This expedited process allows them to report recent credit updates, like new accounts or loan payoffs, directly to the credit bureaus.
With rapid rescoring, your credit report can be updated within a few days instead of waiting weeks for standard reporting cycles. This may boost your score a few points by factoring in positive changes sooner.
Add New Credit Accounts
Applying for and opening new credit accounts can also help improve your credit mix, history length, and overall score. Things like new credit cards, installment loans, or utility accounts get added to your reports relatively quickly.
Just be sure not to apply for too much credit at once, as multiple hard inquiries can ding your score temporarily. Also, don’t open accounts you don’t need just to build credit. Manage any new accounts responsibly.
Dispute Errors Immediately
If you find mistakes or errors that may be hurting your credit score, dispute them with the credit bureaus right away. Common errors include incorrect account status, balances, late payments, or personal information.
Disputing online is typically the fastest method. Be sure to submit supporting documentation. Errors could take 30 days or more to be removed after investigation, so dispute promptly.
Monitor Credit Regularly
Staying on top of your credit reports and scores is key to ensuring they reflect the most up-to-date and accurate information possible. Sign up for credit monitoring or check your reports manually at least every few months.
Monitoring helps you catch issues early before they impact your score. Ongoing monitoring also tracks how changes influence your credit over time.
Build Credit Responsibly
The only way to truly increase your credit score over time is to consistently demonstrate responsible credit management. Make on-time payments, keep balances low, and only open accounts you need.
Healthy credit behaviors like these will strengthen your credit report and steadily grow your credit scores as they get reported. Be patient, as rebuilding credit takes time.
Let Time Pass
Finally, don’t forget that one of the biggest factors in your credit score is the length of your credit history. The longer you actively use credit accounts, the stronger your credit profile becomes.
Even negative marks like late payments diminish in importance as time passes. So if you have past credit mistakes, just focus on responsible habits going forward. Your credit score will slowly recover and reflect your improved management.
Key Takeaways
- Credit scores take 30-45 days to update normally as new information gets reported
- Pay down balances, increase limits, add new accounts to improve your credit profile
- Dispute errors quickly and leverage credit monitoring to stay updated
- Consider rapid rescoring for an expedited credit review and score update
- Building credit responsibly over time remains the best way to increase your score
Being proactive and using techniques like rapid rescoring when opportune can help you give your credit score a boost faster. But cultivating consistently healthy long-term credit behaviors is crucial for growing your credit profile and scores. Monitor your credit, and be patient as you build and rebuild credit. With time and perseverance, you can force your credit score to reflect your true creditworthiness.
What is a rapid rescore and how does it work?
With a rapid rescore, you request that your lender submits updated information to one or multiple credit bureaus so that an updated, and hopefully, elevated score can be generated.[2] This may be beneficial if you are applying for a loan and your current credit score is just a few points below what you need to get better loan terms, such as a lower interest rate on a mortgage loan or to simply get approved. If you are facing this situation, your lender may recommend, or initiate for you, a rapid rescore.[1]
It may help quickly correct errors on your credit report
You should also consider a rapid rescore to speed up the process of disputing any errors you suspect exist on your credit report. Doing so can save you time and frustration. Rather than trying to resolve the errors yourself,[4] which may take up to 30 days,[5] a rapid rescore may correct mistakes reported by creditors quicker. However, be aware that a rapid rescore is a different process than credit repair.
Examples of such errors include items, such as debts caused by identity theft or accounts that are reported more than once, that create the impression that you have more open lines of credit or more debt than you actually have.
WHEN DO CREDIT SCORES GET UPDATED?
FAQ
Can you force a credit score update?
You can’t request a rapid rescore on your own; you’ll need to do so through your lender. Without intervention, lenders typically report to credit bureaus every 30 to 45 days, and your credit score updates about once a month.
How to rapidly rescore yourself?
You cannot initiate a rapid rescore on your own. Instead, you’ll need to rely on a creditor that provides these services, such as a credit card company or another type of lender.
How can I raise my credit score 100 points in 30 days?
Why isn’t my credit score not updating?
Credit scores refresh at different times throughout the month and there may be times where it takes a few days or weeks before your score updates. And even if you check it today and go to apply for a loan or credit card tomorrow, your score may change.