4 tips to boost your credit score fast (2024)

When you have agood credit score, you can get better terms and lower interest rates on loan products and credit cards. But it's not always easy to just boost your credit score overnight. First, you need to consider why your score is low.

"Understanding the specific circumstances as to what is impacting your score is your first step in understanding how to quickly increase your credit score," Jim Triggs, president and CEO of nonprofit credit counseling agency Money Management International, Inc (MMI), tells CNBC Select.

Below, we get advice from Triggs and a couple other experts on how quickly your credit score can increase and tips for making it happen.

1. Pay down your revolving credit balances

If you have the funds to pay more than your minimum payment each month, you should do so. Chipping away at your revolving debt can have a major impact on your credit score because it helps to keep your credit utilization rate low.

"How quickly [your score can go up] depends on how quickly the individual creditors report the paid balance on the consumer's credit report." Triggs says. "Some creditors report within days of the payment, some report at a specific time each month."Credit card companies typically report your statement balance to thecredit bureausmonthly, but this could vary depending on your issuer. You can call or chat online with your card issuer to find out when they report balances to the bureaus.

The sooner you can pay off your balance each month the better. You can also make multiple payments toward your balance throughout the month so it is easier to track your spending, and it keeps your balance low. And although it helps to even pay off a portion of your debt, paying off the entire balance will have the biggest and fastest impact on your credit score.

2. Increase your credit limit

You can increase your credit limit one of two ways: Either ask for an increase on your current credit card or open a new card. The higher your overall available credit limit, the lower your credit utilization rate (as long as you're not maxing out your card each month). Before asking for a credit limit increase, make sure you won't be tempted to spend more than you can afford to pay off.

If you are considering opening a new credit card, do your research beforehand. How often you apply for and open new accounts gets factored into your credit score. Each application requires the card issuer or lender to pull your credit report, which results in a hard inquiry on your report and dings your credit score a few points.

"Usually the negative impact of those factors is much less than the benefit to your score of reducing your credit utilization ratio," Triggs says. Just make sure you don't apply to too many credit cards over a short amount of time and send a red flag to issuers.

It's more important now than ever to do your research before applying for new credit because issuersmay have stricter terms and requirements in wake of the economic fallout from coronavirus. Check to see what your credit score is beforehand.

Most of the best rewards credit cards require good or excellent credit to qualify, but there are some cards catered to those with less than stellar credit. The Petal® 2 "Cash Back, No Fees" Visa® Credit Card has no fees whatsoever*, offers cash back and allows applicants with no credit history to apply. If you have a credit file, it does factor into the application process. TheCapital One QuicksilverOne Cash Rewards Credit Card (see rates and fees) accepts fair or average credit and offers 1.5% cash back on all purchases.

3. Check your credit report for errors

One way to quickly increase your credit score is to review your credit report for any errors that could be negatively impacting you. Your score may increase if you are able to dispute them and have them removed.

About 25% of Americans have an error on their credit reports, so it's important to take the time to review. Some common errors to look out for include fraudulent or duplicated accounts, as well as misreported payments.

"Most of the clients we meet with have not reviewed their report within the past year, and are often surprised by what we find to discuss with them," says Thomas Nitzsche, a financial educator at MMI.

You can get a free credit reportfrom the three majorcredit bureaus(Experian, Equifax and TransUnion) on a weekly basis by going toAnnualCreditReport.comnow through April 2021.

4. Ask to have negative entries that are paid off removed from your credit report

You may have a series of late payments on your credit report, or perhaps an old collection account that's since been paid off still shows up. If this is the case, ask to have them removed. (And if you do have a collection account that's unpaid, make this a priority. Unpaid collection accounts can negatively impact your score.)

This step may take more time and effort on your end, but it could be worth it. Triggs suggests speaking to the collections agency, debt buyer or original creditor (depending on who now services your account) to remove a paid-off account from your credit report.

"You'd most likely have better results using this method with collection agencies or debt buyers versus the original creditor," he says.

Try to convince them to not only show the account as paid, but to remove the account altogether, which could have a much bigger impact on your credit score. "Having even a paid collection account or paid charge-off on your credit report could deter creditors in issuing you future credit at all," Triggs says.

Bottom line

When it comes to improving your credit score, no there's noone solution that fits all.

"It's important to remember that every person's credit journey is unique," Beverly Anderson, president of global consumer solutions for Equifax. "So while there are many factors that apply to most consumers, they won't always impact everyone's credit scores in the same manner."

Don't miss:4 steps you can take now to help you clean up your credit report

Petal 2 Visa Credit Card issued by WebBank.

*The regular APR variable for the Petal® 2 "Cash Back, No Fees" Visa® Credit Card currently range from 18.24% - 32.24%

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.

4 tips to boost your credit score fast (2024)

FAQs

What brings your credit score up the fastest? ›

4 tips to boost your credit score fast
  • Pay down your revolving credit balances. If you have the funds to pay more than your minimum payment each month, you should do so. ...
  • Increase your credit limit. ...
  • Check your credit report for errors. ...
  • Ask to have negative entries that are paid off removed from your credit report.

What are 4 ways to build your credit score? ›

There is no secret formula to building a strong credit score, but there are some guidelines that can help.
  • Pay your loans on time, every time. ...
  • Don't get close to your credit limit. ...
  • A long credit history will help your score. ...
  • Only apply for credit that you need. ...
  • Fact-check your credit reports.
Sep 1, 2020

What are five 5 tips for improving your credit score? ›

Here are five credit-boosting tips.
  • Pay your bills on time. Why it matters. Your payment history makes up the largest part—35 percent—of your credit score. ...
  • Keep your balances low. Why it matters. ...
  • Don't close old accounts. Why it matters. ...
  • Have a mix of loans. Why it matters. ...
  • Think before taking on new credit. Why it matters.

What is the trick to increasing your credit score? ›

You can improve your credit score by making on-time payments, keeping balances low and limiting new credit applications. Find more tips for improving credit in 2024 below. Experian, TransUnion and Equifax now offer all U.S. consumers free weekly credit reports through AnnualCreditReport.com.

How to raise your credit score overnight? ›

How to Raise Your Credit Score 100 Points Overnight
  1. Become an Authorized User. This strategy can be especially effective if that individual has a credit account in good standing. ...
  2. Request Your Free Annual Credit Report and Dispute Errors. ...
  3. Pay All Bills on Time. ...
  4. Lower Your Credit Utilization Ratio.

What habit lowers your credit score? ›

Making a Late Payment

Every late payment shows up on your credit score and having a history of late payments combined with closed accounts will negatively impact your credit for quite some time. All you have to do to break this habit is make your payments on time.

What are the 4 C's of credit score? ›

It binds the information collected into 4 broad categories namely Character; Capacity; Capital and Conditions.

How to fix a bad credit score? ›

8 steps for fixing your credit score
  1. Check your credit report and score. ...
  2. Dispute any errors. ...
  3. Get bill payments under control. ...
  4. Set a goal for less than a 30% credit utilization ratio. ...
  5. Limit new credit inquiries. ...
  6. Avoid closing old credit cards. ...
  7. Consider a balance transfer card. ...
  8. Apply for a secured credit card.
Jan 26, 2024

How to get a good credit score for beginners? ›

Paying credit card or loan payments on time, every time, is the most important thing you can do to help build your score. If you are able to pay more than the minimum, that is also helpful for your score.

What are the 5 C's of good credit? ›

The five Cs of credit are important because lenders use these factors to determine whether to approve you for a financial product. Lenders also use these five Cs—character, capacity, capital, collateral, and conditions—to set your loan rates and loan terms.

How long does it take to raise your credit score? ›

How soon can you see improvement? The length of time it will take to improve your credit scores depends on your unique financial situation. At the earliest, you may see a change between 30 and 45 days after you have taken steps to positively impact your credit reports.

What goes into my credit score? ›

What's in my FICO® Scores? FICO Scores are calculated using many different pieces of credit data in your credit report. This data is grouped into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%) and credit mix (10%).

How can I raise my credit score in 30 days? ›

Steps you can take to raise your credit score quickly include:
  1. Lower your credit utilization rate.
  2. Ask for late payment forgiveness.
  3. Dispute inaccurate information on your credit reports.
  4. Add utility and phone payments to your credit report.
  5. Check and understand your credit score.
  6. The bottom line about building credit fast.

How to get a 700 credit score in 2 months? ›

How To Get a 700-750 Credit Score Fast
  1. Check Your Credit Report Regularly. ...
  2. Make Payments on Time. ...
  3. Avoid Closing Old Accounts. ...
  4. Add Rent and Utilities to Your Credit Report. ...
  5. Increase Your Credit Limit. ...
  6. Make Small Purchases With Your Credit Cards. ...
  7. Pay Off Your Maxed-Out Credit Cards. ...
  8. Don't Open Too Many New Accounts at Once.
Sep 7, 2023

How to raise your credit score 200 points in 30 days? ›

How to Raise your Credit Score by 200 Points in 30 Days?
  1. Be a Responsible Payer. ...
  2. Limit your Loan and Credit Card Applications. ...
  3. Lower your Credit Utilisation Rate. ...
  4. Raise Dispute for Inaccuracies in your Credit Report. ...
  5. Do not Close Old Accounts.
Aug 1, 2022

How many points does your credit score go up each month? ›

It all depends on your unique situation and the specific actions you're taking to improve your credit. Realistically, you probably won't see your credit score increase by more than 10 points in a month.

Top Articles
Latest Posts
Recommended Articles
Article information

Author: Prof. An Powlowski

Last Updated:

Views: 5953

Rating: 4.3 / 5 (44 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Prof. An Powlowski

Birthday: 1992-09-29

Address: Apt. 994 8891 Orval Hill, Brittnyburgh, AZ 41023-0398

Phone: +26417467956738

Job: District Marketing Strategist

Hobby: Embroidery, Bodybuilding, Motor sports, Amateur radio, Wood carving, Whittling, Air sports

Introduction: My name is Prof. An Powlowski, I am a charming, helpful, attractive, good, graceful, thoughtful, vast person who loves writing and wants to share my knowledge and understanding with you.