A network-based virtual computing resource provider may offer virtual compute instances that implement rolling resource credits for scheduling virtual computing resources. Work requests for a virtual compute instance may be received at a virtualization manager. A resource credit balance may be determined for the virtual compute instance. The resource credit balance may accumulate resource credits in rolling fashion, carrying over unused credits from previous time periods. Resource credits may then be applied when generating scheduling instructions to provide to a physical resource to perform the work requests, such as a physical CPU in order to increase the utilization of the resource according to the number of credits applied. Applied resource credits may then be deducted from the credit balance.