Frequently Asked Questions(FAQ)

Why do I have so many different credit scores?

There are multiple credit scoring models out there, including several types of FICO scores, several types of VantageScore scores and industry-specific credit scoring models. In addition to different scores that result from different scoring models, each of the three credit bureaus also assigns you a score. 

How long does it take for my credit score to update after I catch up on late payments?

According to the Consumer Financial Protection Bureau (CFPB), late payments and other negative information can stay on your credit reports for up to seven years. However, late payments don't actually show up on your credit reports until at least 30 days have passed since your due date. If you see a late payment impacting your score in a major way, try reaching out to your creditor to see if they'll make a on-time exception and stop reporting this information.

What should I do if I notice a big change in my credit score?

If you notice a big change in your credit score, you'll want to check your credit reports to see if any new information may be causing it. For example, you may find on your credit reports that a payment was falsely reported as late, or that you see accounts you don't even recognize. In any case, you'll want to dispute false negative information on your credit reports so it can be promptly removed.

Can your credit score go up 100 points in a month?

It may be possible to see your credit score increase by 100 points in 30 days, but it all depends on your unique situation and your overall credit health. Common scenarios where your credit score could increase 100 points in a month include getting a false late payment removed from your credit reports or paying off a load of debt and seeing your credit utilization ratio drop as a result.

What day of the month does your credit score update?

The day of the month your credit score updates depends on when lenders and creditors report information, and when each credit bureau decides to make updates. 


About the Authors

Holly Johnson

Written by: Holly Johnson

Award-Winning Personal Finance Contributor

I’m a professional writer who is obsessed with money, travel, and budgeting.

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