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, usually a mortgage lender, sends the three major credit bureaus proof of recent changes to your credit files. 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. With a rapid rescore, on the other hand, they can get you a new score a little faster by using your new information. [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].
This post explains what a rapid rescore is and how it might help you if you think that recent things you’ve done could help your credit score go up.
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
At least one month will pass before your credit report and score show that you’ve made a payment, paid off a loan, or fixed a mistake.
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 that their balances are low compared to their credit limit and that they have a history of paying their bills on time. You should also know that if they don’t pay or use the full amount on the card, it could hurt your credit.
Request a Credit Limit Increase
One easy way to raise your credit limit on credit cards you already have is to use them less and improve your credit score. This lets you get more credit and keep your balances low compared to your credit 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.
Your credit report can be updated in just a few days with rapid rescoring, instead of the weeks it usually takes during regular reporting cycles. This could help you get a few more points by letting you see good 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 might also want to think about a rapid rescore to make disputing any mistakes you think are on your credit report go more quickly. 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.
These mistakes include things like debts from identity theft or accounts that are reported more than once, which make it look like you have more credit lines open or more debt than you actually do.
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?
Raising your credit score by 100 points in 30 days is ambitious but achievable. The key is to focus on strategies that have a significant and immediate impact on your credit report.
Why isn’t my credit score not updating?
Credit scores change at different times every month, and sometimes it can take days or weeks for your score to reflect the changes. And even if you check it today and go to apply for a loan or credit card tomorrow, your score may change.