How Can I Raise My Credit Score in 30 Days?
Is it possible to boost your credit score in 30 days? Yes, absolutely! Credit monitoring via an app like Float allows you to track changes and see how much your behavior influences your score, and there are actions you can take to increase your score fast.
Instead of paying off debt quickly (which helps, for sure), if that’s not something you can necessarily do, you can try other things, including paying your credit card bill twice a month or calling to increase your credit limits.
Want to increase your credit score in a little as 30 days? Follow these easy tips, none of which include paying more than you already are. If you’re strapped for cash then this list is for you.
How to Raise Your Credit Score in 30 Days
Get a Copy of Your Credit Report
First thing’s first…you’re going to need a copy of your full credit report. At Float, we give you access to everything you need to monitor your score (plus more). But, to analyze your score and form an attack plan, it’s best to get the full report which you can get from Float as well:
Obtain your free credit report here.
Write Down All Negative Accounts
Take a look at the report. It’ll list all of your open accounts and show any delinquent marks. If an account is delinquent, it’s likely what’s causing the dip in the report. Check for any errors, which can happen. If you don’t see any significant errors, go ahead and write down all of your negative accounts and the overdue amount.
Just because an account is overdue doesn’t mean that it has to stay that way, even if you can’t pay. Often, you can (and should) contact creditors and ask to negotiate. Sometimes, they’ll accept partial payment on a bill in order to bring it up to date. Once they do so, it’ll be classified and reported as paid and your credit score will improve.
Request to Increase Your Credit Limit
The more credit you have, the higher your credit score will be as it demonstrates that you’re financially responsible enough to handle that limit and pay your bills on time. If you want to raise your credit score in 30 days, try to increase the credit limits on the cards you have. And, always pay your bills on time and keep your credit utilization ratio low. Just because you’ve raised your credit limit doesn’t mean you need to use it; just let it sit there and work in your favor.
Be Strategic About Debt Payment
Credit utilization is an important factor when it comes to your credit score. Essentially, it’s the ratio of your outstanding credit card balances to your credit card limits. The ideal credit utilization rate is about 10-30% of your credit. So, if you’ve used up 50% of your credit on one of your cards and only 5% on your other card, it’s best to prioritize paying off that first card. Working towards getting that higher balance lower is going to benefit you more in the long run.
Pay Your Bill Twice a Month
Depending on the reporting date of each account, it can benefit you to pay your credit card bill twice a month. While this might vary for other credit accounts such as student loans and mortgage loans, it’s a good strategy to adopt if you have credit card debt. Pay two weeks before the reporting date and then once again right before the reporting date.
Become an Authorized User
Can you raise your credit score in 30 days without paying a penny more than you usually do? If you become an authorized user on another account, yes! It’s easy. If you have very close friends or family members who have great credit, you can ask to be added as an authorized user on their account. As long as they pay the bill and keep their credit utilization low, you’ll reap the benefits of their fantastic financial habits.
Monitor Your Credit Score
Implement all of the changes listed above and you’ll be in great shape. Make sure you have a solid way to monitor changes to your credit score, though, so that you can watch it go up over the course of the 30 days.
To monitor changes and gain insight into what’s affecting your score, download Float. Connect with friends and family and share your score with them and vice versa. It’ll help you stay encouraged and focused on your financial goals.
Sign up today to access your free credit score (and tons of other great perks).