How often does your credit score update on credit karma

If you’re looking to buy a new home or take out an auto loan, you may be checking your credit score every day leading up to your application to see where it stands. But just because you check it often doesn’t mean there will be an update.

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.

Here’s when you can expect your credit score to update and where to check your credit score for free.

How often your credit score updates

Credit scores continually go up and down as information on your credit report gets updated. New balance amounts, bill payments and account openings are only a few factors that appear on your credit report and influence your credit score.

You can generally expect your credit score to update at least once a month, but it can be more frequently if you have multiple financial products. Each time any one of your creditors sends information to any of the three main credit bureaus — Experian, Equifax and TransUnion — your score may refresh.

That means your creditor may send updated information to Experian today, then Equifax next week, and TransUnion the following, which creates variations in your credit score.

Taking a look at my recent credit score updates through *Experian Boost®, my score changed four times in October. The fluctuations were due to a new auto loan being reported on my credit report, as well as changes in my credit card balances.

Your credit score may also fluctuate when you check different credit score services that work with different credit bureaus. As stated above, the credit bureaus may receive information at varying times throughout the month, so if you check your scores with Experian and TransUnion today, they may differ if one has info the other doesn't.

Other reasons for credit score differences include the credit scoring model used (FICO® Score vs VantageScore®) and errors on your credit report.

How to check your credit score for free

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

On Tuesday afternoon, consumers took to Twitter to express their frustration over their credit scores on Credit Karma, the personal finance company owned by Intuit.

The issue for most wasn't that the credit scores they were finding on the Credit Karma website were low—rather they were too high.

Consumers tweeted about going to apply for a credit card or loan thinking they have good or excellent credit, only to soon find that the credit score that the card issuer or lender pulled was lower than what they saw on Credit Karma.

The specific tweet that started off the conversation can be found here. Twitter users were quick to follow up and joke about how inflated their credit scores looked on Credit Karma.

But they were on to something important when it comes to checking your credit score.

Below, CNBC Select breaks down why you can expect your credit scores to differ, depending on where you check them.

Why your Credit Karma credit score differs

There are multiple reasons why your credit score differs between what a personal finance website tells you and what your credit card company or a prospective lender find.

This is mainly because of two reasons: For one, lenders may pull your credit from different credit bureaus, whether it is Experian, Equifax or TransUnion. Your score can then differ based on what bureau your credit report is pulled from since they don't all receive the same information about your credit accounts. Secondly, different credit score models (and versions) exist across the board.

As it states on its website, Credit Karma uses the VantageScore® 3.0 model. VantageScore may look at the same factors that the other popular FICO scoring model does, such as your payment history, your amounts owed, your length of credit history, your new credit and your credit mix, but each scoring model weighs these factors differently.

For this reason, VantageScore and FICO® Scores tend to vary from one another. Your VantageScore® 3.0 on Credit Karma will likely be different from your FICO Score that lenders often use.

If you plan on applying for credit, make sure to check your FICO Score since there's a good chance lenders will use it to determine your creditworthiness. FICO Scores are used in over 90% of U.S. lending decisions.

Take note of the FICO Score version you look at as well. The FICO® Score 8 is widely-used and can help you gauge which credit cards you qualify for. But there are also industry-specific FICO Scores to use when you are planning a certain purchase. For example, FICO® Auto Scores are ideal if you want to finance a car with an auto loan, while it's good to check FICO® Scores 2, 5 and 4 if you plan to buy a house. Check out the full list of FICO's score versions for different financial products here.

How to check your FICO Score for free

You can access your free FICO® credit score through your bank or credit card issuer, like American Express, Bank of America or Citi. Online resources like *Experian Boost® and Discover ScoreCard also provide free access to anyone, regardless if you're a cardholder or not.

*Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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