Under fatigue loading, the stiffness decrease in short-fiber reinforced polymers reflects the gradual degradation of the material. Thus, both measuring and modeling this stiffness is critical to investigate and understand the entire fatigue process. Besides evolving damage, viscoelastic effects within the polymer influence the measured dynamic stiffness. In this paper, we study the influence of a linear viscoelastic material model for the matrix on the obtained dynamic stiffness and extend an elastic multiscale fatigue-damage model to viscoelasticity. Our contribution is two-fold. First, we revisit the complex-valued elastic models known in the literature to predict the asymptotic periodic orbit of a viscoelastic material. For small phase shifts in an isotropic linear viscoelastic material, we show through numerical experiments that a real-valued computation of an “elastic” material is sufficient to approximate the dynamic stiffness of a microstructure with a generalized Maxwell material and equal Poisson’s ratios in every element as matrix, reinforced by elastic inclusions. This makes standard solvers applicable to fiber-reinforced thermoplastics. Secondly, we propose a viscoelastic fatigue-damage model for the thermoplastic matrix based on decoupling of the time scales where viscoelastic and fatigue-damage effects manifest. We demonstrate the capability of the multiscale model to predict the dynamic stiffness evolution under fatigue loading of short-fiber reinforced polybutylene terephthalate (PBT) by a validation with experimental results.