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Raising your credit score by 200 points in 30 days is technically possible. Even though it’s not a realistic goal 99% of the time.
Want to give it a shot? Let’s take a look at some helpful tips to get your score to where you need it to be.
Tips to Raise Your Credit Score by 200 Points in 30 Days
Raising your credit score substantially requires major diligence on your part. If you stick to these tips, you will be able to see major improvements in your score.
Here’s how to raise your credit score by 200 points in 30 days. With consistent work, you can see it go even higher!
1. Dispute Errors on Your Credit Report
Making a mistake like missing a payment can happen. While it affects your report now, you must work to make sure it never happens again.
But some credit issues aren’t necessarily your fault. In fact, there could be inaccurate reports keeping your score down.
Set aside time to look at your credit report and see if there are any discrepancies. If there are, follow these steps:
- Determine what the error is and record the information.
- Prepare any necessary documentation that proves your dispute. The more evidence you have, the easier it will be to file with confidence.
- Reach out to the bureau in question online, by phone, or by mail.
- Wait for the credit bureau to get back to you.
Once that error is cleared from your credit report, it can have a positive impact on your current score. Check credit score regularly!
2. Lower Your Credit Utilization
If you’ve just opened a credit line and are using it, you might be wondering why your score is so low.
One reason might be that you’re using too much credit. Just because you have it doesn’t mean that you should use it all. Rather, you want to use only a certain amount.
It’s best to use only 30% of your available credit. However, 10% or less is even better. This can give your score the bump it needs to help you reach your goals.
Take a moment to look over your credit accounts and see how much you’re using. Then, set a personal limit so you’re not going over that amount each month.
3. Get More Credit Accounts
We just talked about how too many accounts could make lenders think you’re too risky.
So, which is it? While the statement above still rings true, opening up another account could actually boost your credit score. This is because it achieves the exact opposite of closing an account.
When you open a new account, your total credit limit goes up. This lowers your credit utilization. As long as you’re paying on time, your new credit accounts can be an asset to your credit.
Your average length of credit history will be reduced, but it has far less impact than reduced credit utilization.
4. Always Make On-Time Payments
Missed payments are arguably the biggest risk to your credit score.
Missing a payment can cause your credit score to plummet. The longer it goes unpaid, the more your credit score is damaged.
Of course, that’s not the only problem you’ll encounter. Let’s imagine that you’ve missed a payment on your credit card.
This can result in late fees and increased interest rates. The longer you go without paying, the longer the debt climbs. This can result in climbing debt that becomes increasingly difficult to tackle.
If you benefit from credit card perks, those might be revoked too. This might happen in instances where you’re currently in a 0% APR period.
Missing a payment can even result in being sent to collections which will hurt your credit even more.
Overall, it’s not a good idea to miss payments. Plan accordingly, never spend more than you can afford, and stay on top of your bills.
5. Get a Credit Builder Loan
A credit builder loan is an excellent way to build credit quickly.
That being said, it doesn’t function like a traditional loan. Instead, it is more like a savings account that you won’t be able to draw from until a certain amount is reached.
You agree to pay back a certain amount of the loan each month. Once you’ve reached the end of the agreement, you are able to access the money that was stored away. Each successful monthly payment is reported to credit bureaus.
The best part? These types of loans are easy to secure for those with lower credit scores. Whereas other accounts may have barriers, these are far more accessible. If you want to build credit fast, consider this type of loan.
A credit score is one of those things in life that’s always in our peripheral. If you have low credit, looking to get that extra 100 points overnight is a dream you likely have. While this won’t likely happen, you can work to boost your score substantially.
All of the key points listed above will teach you how to raise your credit score by 200 points in 30 days. With hard work and dedication, you can absolutely get your credit score to where you want it to be!
6. Do Not Close Old Accounts
To most, it makes sense to close old accounts. After all, if you’re not paying something back or using a tool, it’s no longer useful. Right?
It turns out that closing old accounts can actually have a negative impact on your credit score. This happens for two reasons.
- Closing your account reduces the length of your credit history. If you’ve opened several accounts recently, this could make you look less capable of managing debt.
- Closing old accounts lowers your credit limit. Let’s imagine that you have multiple credit cards with a total limit of $12,000. Let’s also imagine that you’re using around $3,000 of it. Should you close an account, your credit utilization goes up. This can cause your score to drop rather than the reverse.
Never close your old accounts when you’re looking to raise your credit score quickly.
How Is Your Credit Score Calculated?
Learning how your score is calculated can make it easier for you to engage in good habits. This helps you raise your score faster.
So, how are credit score calculations broken down? Here’s how your credit score is calculated.
- Payment history. Payment history makes up 35% of your credit score. If you have consistent on-time payments, lenders are more likely to approve you. However, delinquency can plunge your score and prevent you from accessing opportunities.
- Amounts owed. Amounts owed is another big category, accounting for 30% of your score. If you’re overutilizing your credit, it can indicate a higher risk of defaulting. Always aim to use less credit so you’re not overextending yourself (>30%).
- Length of Credit History. The length of your credit history makes up 15% of your score. A longer credit history is not needed but can be helpful. The longer your history of on-time payments, the better.
- Credit Mix. Your credit mix makes up 10% of your score. It is good to consider having a mix of revolving and installment accounts.
- New Credit. New credit also makes up 10% of your score. Opening up several new accounts can be an indicator that someone is high risk. Consider opening each account carefully before applying.
Knowing what impacts your credit can help you adjust accordingly. With hard work, you can even get an 800 credit score. But which habits matter most? Let’s take a closer look at what you need to do to raise your credit score with greater ease.
How Fast Can I Raise My Credit By 200 Points?
It depends on your own unique situation. For example, let’s imagine that there’s a major error in your credit report. It’s keeping your score down, and a dispute can change everything.
Taking the time to dispute it could mean a massive increase in your score. However, someone with years of poor credit decisions might not be so lucky.
When looking to raise your credit score, be realistic. Most importantly, stick to the habits that are going to help you raise your score over time.
Can I Improve My Credit Score in 2 Weeks?
You can work on improving your score within a matter of two weeks.
That being said, changes in scores are typically reported monthly. This means that you’ll need to work on these changes a month prior for them to be reflected in next month’s score.
Keep this in mind if you’re new to checking your score and wondering why it’s not regularly adjusting.
How Many Points Can Your Credit Score Increase in a Month?
It depends on your unique credit situation.
If you’re behind on bills and working towards financial stability, the change may be less dramatic.
If, on the other hand, you’re building credit you didn’t have, it could skyrocket quite rapidly.
For some, a change of five points is more realistic. For others, you may see around 100 points.
You may even wish to test things out to see how quickly your score rises. Then, you can anticipate future monthly changes based on current habits.
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Dylan Buckley is a freelance finance writer and editor with 7 years of professional experience. Specializing in personal finance, cryptocurrency investments, and Fintech, Dylan is deeply passionate about creating content that helps readers make informed, confident financial decisions. He studied finance in college and maintains a credit score over 780.