How to Improve Your Credit Score in 30 Days
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Improving your credit score can be quite a challenge. The three-digit number can affect everything from the rates you pay on mortgages and car loans to the interest rates you’re offered on credit cards and other loans, so it's not hard to see why someone with bad credit would want to bump up their score.
It’s important to know the factors that affect your credit score. The three major credit bureaus, Experian, TransUnion, and Equifax, have different methods of calculating a person’s creditworthiness, but each considers factors such as payment history, amounts owed, length of time with accounts, types of accounts, and new credit Inquiries.
Bad credit can be your worst nightmare and while there is no quick fix to improve your credit score, below are some easy actions you can take to help you reach a good credit score in 30 days.
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10 ways to improve your credit score in 30 days
1. Never delay another bill payment
Your payment history is essential to determining your credit score and is the largest scoring factor in both FICO and VantageScore credit scoring systems. Although you can't make up for missed payments, you can raise your credit score by paying off as many of your accounts as you can.
Creditors report your outstanding balance to the credit bureaus at the end of every month — so paying off your balance before the closing date can boost your score. Just keep your spending in check once you pay off your account. Paying your utilities, mortgage, and other bills on time will also reflect positively on your credit score.
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2. Make a plan to pay down debt
Staying on top of debt repayments not only keeps you on track with your financial goals but also lets you improve and maintain a healthy score. It’s best to find a strategy that suits your budget and helps you progress monthly on reducing your debt.
You can try the snowball method, where you pay the smallest debt as fast as possible and pay the extra toward the next largest debt, or you can try debt consolidation, which lets you combine debts into a single account, but you will have to avoid any other debt until after payoff. You can also opt for automatic payments if you tend to be forgetful.
3. Check your credit report
Keeping an eye on your credit report is the most important thing you can do to keep improving your score and ensure it is accurate. You are entitled to one free credit report from Experian, TransUnion, and Equifax every 12 months on AnnualCreditReport.com.
Alternatively, you check your credit report at least twice a year through a service like Credit Karma. Checking your credit reports regularly can help you spot credit report errors and negative information, catch fraud and evaluate your current credit situation. This can help you make financial decisions by giving you a sense of how creditors view your creditworthiness and whether you’ll be able to get approved to borrow a huge amount of money or open new credit accounts.
4. Dispute errors
After accessing your credit report, one of the first things you should do is to check for errors because they could potentially lead to lower credit scores and make it difficult for you to open new accounts or get a loan. Read your report carefully. Look out for old debt that should have been removed, incorrect identity-related or other information that isn’t yours, and fraudulent charges.
If there is any information you feel needs to be corrected, contact the appropriate bureau and dispute it with them. Often, filing a dispute is a good idea if you believe a negative item on your credit report is inaccurate. You can also approach one of the many credit repair companies to do the job for you.
5. Reduce your utilization ratio
One of the simplest ways to improve your credit score is to lower your credit utilization, which is simply the portion of your available credit you use, expressed as a percentage. The less credit available you use, the better your credit score. And it's not hard to see why. This practice keeps your score intact and helps you build credit.
To swiftly improve your credit score, you can request set up balance alerts, or make it a habit to pay twice per month instead of once. This will help you keep your credit utilization under 30% and closer to zero – creditors prefer to see you doing a good job managing your money and avoiding overspending.
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6. Keep old credit accounts open
The age of your credit history is crucial to your credit score. Older accounts can boost your credit score by improving the average age of your credit history. Creditors like to see the length of your credit history to see how you have managed credit for a period of time.
Unused credit cards also come in handy when applying for new credit soon. And if you’re worried about overspending, keep that old credit card in a place that is hard to access, like a safe deposit box, and only use one card in emergencies.
7. Consider a balance transfer card
Transferring outstanding debt on one credit card to a new one can positively impact your credit score if your new card has a low APR. Moving your balance increases the amount of credit available to you and helps you lower your credit utilization ratio.
Moving multiple debts to a single balance transfer credit card can also lower your overall credit utilization rate, showing creditors that you're not accumulating debt you can't repay. Also, the money you save on lower interest with a balance transfer can help shrink your debt faster and improve your credit score.
8. Request a higher limit
You also may want to consider requesting a credit limit increase from credit card companies. Keep in mind that a credit limit increase requires a hard inquiry, which can cause your score to drop a few points in the short term, but it will reduce your overall utilization ratio and improve the score in the long run.
A higher credit limit has benefits, like earning additional rewards points or cash back or gaining extended warranties or cell phone insurance. The higher your score, the more eligible you are for loans or additional credit applications at more favorable rates.
9. Apply for new credit
If you can't pay off your balance or reduce spending but want to raise your limit, you can apply for a new line of credit. Doing that with a lower balance right after you have paid off an old account in full or near full will help raise your available balance ratio and boost your score over time.
Opting for a secured credit card means paying a cash deposit upfront to guarantee your credit line. It is one of the easiest ways to build credit if you have a low credit score or a limited credit history. You can also get added as an authorized user to a credit card account, preferably someone with a good credit history, because their account will show up on your credit report.
10. Have a diverse credit mix
Creditors like to see you managing different credit accounts, such as a mortgage, personal loan, and new credit card. It shows them that you can manage different types of debt simultaneously and that you are a reliable person for loan options. It also helps them gauge your ability to pay the debt back by giving them a picture of your finances.
Having different types of credit on your credit reports may not always raise your scores, but the more credit you have, the better it is in the long run as if you are avoiding late monthly payments. However, you should not get in the habit of applying for new credit simply to strengthen your credit mix.
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FAQs
Can I raise my credit score in 30 days?
Although there are no super quick fixes to raising a low score, if you dispute errors, pay your bills on time, pay down debt and add positive credit history, you can boost your credit score in as little as 30 days.
What is the most important way to raise a credit score?
Repaying debt on time is one of the most important ways of improving your credit score. Pay down your credit card balances on time to reduce overall credit use.
What information goes into calculating a credit score?
Credit scores are based on three key areas of your credit reports: account information on credit cards, auto loans, student loans, mortgages, etc.; public records such as judgments or bankruptcies; and requests by lenders to view your credit.
The bottom line
A swift increase in your credit score is always great and sometimes necessary, but you will need to consistently build and maintain good credit over 30 days and beyond to see a noticeable improvement. Always keep in mind the factors affecting your credit score as you work on improving your credit. Have some headroom in your finances to make on-time payments and avoid going over the 30% credit utilization ratio to find yourself in a better place than you were a month ago.
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Writer
Aimen Hakim is a business writer with over six years of experience covering the financial, global markets and real estate industries. In her off time she likes to paint and photograph.
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