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How Often Does Your Credit Score Update?
Learn how often your credit score updates in the UK, the factors that can cause it to change and how long it takes for changes to be reflected in your score
A credit score is updated whenever lenders report new financial activity to a credit reference agency (CRA) such as repayment behaviour, balance changes, public record updates, or applications for new accounts.
How often your score updates will depend on the lender, CRA, and nature of your financial activity, but it’s usually once a month. Reports that show significant financial activity could result in a speedier update of your credit score.
In this guide, we’ll share everything you need to know about credit score updates, including timeframes, factors that impact your credit score, and how to protect your credit report.
You’ll also pick up tips on how to improve your credit score and how the added benefits of an Aqua credit card can help you regain control of your finances and improve your overall credit health.
How do credit score updates work?
Credit score updates rely on lenders such as banks, building societies, utility companies, and credit card providers regularly reporting new financial activity to credit reference agencies.
Types of information shared with a CRA can include payment history, debt records, or new applications for credit. Each one potentially improving or negatively impacting your overall score.
Even if your score isn’t where you want it to be, nothing is permanent when it comes to credit. How long it takes to improve your score comes down to consistent behaviour, rather than one-off events.
What factors affect my credit score?
If you’re wondering why your credit score may have gone down, it could be due to one or multiple reasons. Here are some of the most common factors that impact a score:
Repayments – Making repayments on time is a smart way to demonstrate control of your finances. It can lower your risk profile, boost your score, and demonstrate to lenders you’re responsible with credit.
Missed payments – Making a late payment or failing to settle an outstanding balance will signal to lenders you could be in financial hardship and a higher risk for lending. Even a single late payment can result in a lowered credit score.
Balance changes – Nearing your credit limit with a high utilisation can indicate you’re overly reliant on credit. Wherever possible, maintain a utilisation rate that doesn’t exceed 30% of your overall borrowing capacity.
Credit history – A healthy and long-standing credit history is always a plus with potential lenders. Whereas a history of defaults or bankruptcy can lower your score and make it more challenging to secure future lending.
Credit types – Having multiple forms of credit can increase your score, but only if your accounts are managed sensibly. If you’d prefer to have a single account for credit, a balance transfer could be a sensible option.
Despite the myths, checking your own credit score does not lower it. In fact, monitoring your score at least once a month is a smart way to stay on top of your credit health and address any factors that could be lowering your score.
Does the credit reference agency you’re using affect your score?
The CRA you choose will impact how your credit score is updated. Not simply due to the use of different scoring models, but because updates are made at different times.
Where TransUnion will typically update your score every four to six weeks, Experian and Equifax will generally update scores once a month. ClearScore also updates scores at least once a month (or weekly if there’s been significant financial changes).
It’s also the case not all lenders provide credit score updates to every CRA. So while your score might be higher with one agency, it may vary when compared against other scoring platforms who haven’t acknowledged your latest financial behaviour.
To give you an overview, it’s wise to compare your financial health against the average credit score in the UK which combines all credit scores calculated across every CRA.
How can I improve my credit score?
Staying on top of bills, paying off debt, keeping your credit card balance low. Even the smallest actions can have a big impact on improving your credit score. With a bit of consistency, things can start moving in the right direction.
Keeping on top of your debt – Your payment history is the single most important factor that affects a credit score. Always make payments on time and never borrow beyond what you can comfortably afford to repay.
Keep your credit card balance low – Maintaining a low utilisation rate will indicate to lenders you have control of your finances. Continually showing a high dependency on credit can potentially harm your score.
Check your credit card report for errors – Fraudulent activity, an incorrect address, inaccurate records of a late payment – they all have the potential to pull your score down. If you spot an error, report it to a CRA straightaway.
Avoid multiple hard credit applications in a short space of time – Making multiple applications for credit might flag to lenders you’re struggling to manage your finances. Wherever possible, limit the number of applications to protect your score.
Will using an Aqua credit card improve my credit score?
Provided it’s used responsibly, an Aqua credit card can help you improve your credit score. But just like other credit cards, it can also negatively impact your score if repayments are late or missed, or you continually carry a high credit utilisation ratio.
All financial activity on your Aqua credit card is reported to CRAs which contributes to your credit report and overall credit score. For that reason, you should consistently pay credit card bills on time and maintain a balance well within your credit limit.
Provided your Aqua account is managed well, you can gradually improve your score over time and feel in control of your finances.
A credit score is usually updated once a month, but varies depending on the lender, CRA, and nature of your financial activity (with significant activity likely to be updated more promptly).
If your credit score is holding you back, there are actions you can take to get back on track, such as making payments on time, maintaining a low credit utilisation, and only borrowing what you can comfortably afford to repay each month.
Before you commit to any financial product, it’s important to understand your credit score, how it works, and what you can do to maintain a healthy credit report.
Want to improve your credit score? Find out if you’re eligible for an Aqua credit card today, and start building healthy borrowing habits and strengthening your credit profile!
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FAQs
Does paying off my credit card instantly improve my credit score?
Paying off your credit card is one of the fastest ways to improve your credit score, but it doesn’t happen instantly. In most cases, it takes between 30 to 45 days for lenders to share your financial activity with credit reference agencies. After which, your score will be updated.
Does your credit score update immediately after you make a payment?
No, your credit score doesn’t update immediately after making a payment. On average, it takes lenders 30 to 45 days to report your financial activity to credit reference agencies which is later reflected in your score.
How quickly can I improve my credit score?
It usually takes a few months to improve your credit score which is often reflected after paying off debt, maintaining a low credit utilisation ratio, and correcting any errors on your credit report.
Will my credit score go down if I check it regularly?
No, checking your credit score regularly won’t lower it. In fact, regularly checking your score is a smart way to assess you overall financial health and address any issues that may be impacting your score.
Failure to make payments on time or to stay within your credit limit means that you will pay additional charges and may make obtaining credit in the future more expensive and difficult.
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