Sarah Edwards | October 19, 2022
Summary: Are you struggling to raise your credit score? SoloSuit made this guide to show you 6 ways you can increase your credit score fast.
With a high credit score, you'll be eligible for the most favorable rates and terms when applying for a mortgage or other bank loan. But what if your credit isn't that great?
Your credit score matters when applying for a loan, when applying for an apartment, and in some cases, when applying for a job. If you're concerned about less-than-stellar credit, we're here to help you out with some quick ways to raise your credit score by 40 points.
How is my credit score calculated?
Your credit score basically serves as your financial report card. It's built on your past credit history and lets lenders know how much they can trust you to repay a loan in the future.
The most commonly used credit score is known as the FICO score and ranges from 300 to 800. Here's how that breaks down:
Credit Score Scale | |
Scale | Score |
Excellent | 740 or more |
Good | 700 to 739 |
Fair | 630 to 699 |
Poor | 629 or less |
According to the Consumer Financial Protection Bureau, FICO has used more than 60 different scoring models since 2011. Not only is there no common formula, but the formula itself is a well-guarded secret. You'd have an easier time getting the recipe for Coca-Cola than FICO's credit score equation.
Still, your score is influenced by a small constellation of factors, including:
- Payment history (35%)
- Amounts owed (30%)
- Length of credit history (15%)
- New credit (10%)
- Credit mix (10%)
To improve your credit score, you'll need to address as many of these categories as possible.
Six ways to raise your credit score by 40 points
Raising your credit score by 40 points can make a big difference. Imagine that you buy a house for $305,000. You put down 20%, which means your mortgage loan totals $244,000 (the 2022 national average). With a credit score of 685, you'll qualify for an APR of 4.546%, spending $203,000 in interest over the course of a 30-year loan.
But if you bump your credit score up to 725, you'll qualify for an APR of 4.369% and spend $194,000 in interest, a difference of $9,000. That saves you $300 a year over a 30-year term, enough to supplement your summer vacation savings.
Here are six ways to quickly raise your credit score by 40 points:
1. Check for errors on your credit report
One of the fastest ways to improve your credit score is to remove errors on your credit report. These errors can negatively impact your credit score, which means that correcting them can give your score a much-needed boost.
You are entitled to a free credit report once a year from the three major credit bureaus:
Some third-party providers offer credit monitoring, which alerts you to suspicious activity and lets you respond immediately to fraudulent charges.
Monitoring addresses the problem directly, but it can still take some time before the error completely disappears from your credit history. Checking your credit report regularly can help you identify these issues rapidly and protect your record from errors.
According to a report from the Federal Trade Commission (FTC), nearly 1 out of 100 (0.93%) of consumers had an error that cost them 25 points or more on their credit report. But if you dispute a large error, you could improve your score by as much as 100 points, depending on how low your score was prior to the dispute.
2. Remove a late payment
Late payments can reduce your credit score by as much as 125 points. In some cases, you may have paid a bill by the due date, but your creditor did not record the payment until after the deadline passed.
These situations are frustrating but fixable. Contact your creditor, and explain the situation. As long as you're not a frequent offender, they may extend grace and change the status of your past payments. You can also ask about setting up automatic payments to show you're committed to keeping up with monthly payments.
Assuming you can eliminate the late payment, you can avoid this deduction and raise your score by as much as 125 points.
3. Reduce your credit card debt
Remember, 30% of your credit score is based on the amount of debt that you carry. Cut your credit card debt, and you can expect to see your credit score rise in 30 to 60 days.
While there's no absolute rule about this, it's generally better to keep your credit card usage within 30% of your credit limit. This rule means that if your credit limit is $1,000, you'll want to keep your outstanding balance below $300.
How this affects your score depends on how many total credit card accounts you have and your credit utilization rate on each one. But if you can reduce your total debt, a 40-point increase is not unreasonable.
4. Become an authorized user on someone else's account
A quick way to boost your credit is to become an authorized user on someone else's account. If you have a family member or close friend with strong credit, you can become an authorized user on their credit card account. This can affect your score dramatically, especially if your score is low and the other user's is high, raising your score by as much as 100 points or more.
The catch, of course, is that if the primary user forgets to make payments or accumulates a large balance, it could negatively impact your credit score. And if your credit score is already low, this could impact you more than the primary user.
5. Pay twice a month
Paying your bills on time will increase your credit score, though this can take time. But one way to save on interest charges is to pay twice a month. Instead of waiting until the deadline to make one big payment, make smaller payments every two weeks.
This approach will help you hit the deadlines, and it will also keep your principal balance below 30% of your credit utilization. Both of these factors can favorably impact your score, in some cases as much as 125 points.
6. Build credit with a credit card
If you follow the other advice on this list, you can actually use a credit card to build credit. How? Use a credit card to pay for your regular expenses, such as rent/mortgage or car payments. Setting up autopay ensures that you make these payments on time.
As long as you stay on top of your credit card balance, this data will add to your positive payment history, which can raise your credit score and also help mitigate late payments and other financial blemishes. There's no limit to how much this can boost your credit, though this method is the slowest and is unlikely to give you a 40-point boost in only a month or two.
Find help for outstanding debt
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To learn more about how to respond to a debt collection lawsuit, check out this video:
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How to answer a summons for debt collection in your state
Here's a list of guides for other states.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
Guides on how to beat every debt collector
Being sued by a different debt collector? Were making guides on how to beat each one.
- Absolute Resolutions Investments LLC
- Accredited Collection Services
- Alliance One
- Amcol Clmbia
- American Recovery Service
- Asset Acceptance LLC
- Asset Recovery Solutions
- Associated Credit Services
- Autovest LLC
- Cach LLC
- Cavalry SPV I LLC
- Cerastes LLC
- Colinfobur
- Covington Credit
- Crown Asset Management
- CTC Debt Collector
- Cypress Financial Recoveries
- Delanor Kemper & Associates
- Eagle Loan of Ohio
- Educap
- Estate Information Services
- FIA Card Services
- Forster & Garbus
- Freshview Solutions
- Fulton Friedman & Gullace LLP
- Harvest Credit Management
- Howard Lee Schiff
- Hudson & Keyse LLC
- Integras Capital Recovery LLC
- Javitch Block
- Jefferson Capital Systems LLC
- LVNV Funding
- Mannbracken
- Mariner Finance
- Medicredit
- Michael J Adams PC
- Michael J Scott
- Midland Funding LLC
- Mullooly, Jeffrey, Rooney & Flynn
- Mountain Land Collections
- MRS Associates
- National Collegiate Trust
- Nationstar Foreclosure
- Northstar Capital Acquisition
- NCEP LLC
- NRC Collection Agency
- OneMain Financial
- Palisades Collection LLC
- Pallida LLC
- Paragon Revenue Group
- Pinnacle Collections Agency
- PMAB LLC
- Portfolio Recovery Associates
- Provest Law
- PYOD LLC
- Reunion Student Loan Finance Corporation
- Revenue Group
- Regents and Associates
- RSIEH
- Salander Enterprises LLC
- Second Round Sub LLC
- Security Credit Services
- Sherman Financial Group
- Suttell and Hammer
- T-Mobile
- Transworld Systems
- Tulsa Teachers Credit Union
- UCB Collection
- Velo Law Office
- Velocity Investments
- Waypoint Resource Group
- Weinberg and Associates
- Wolpoff & Abramson
Win against credit card companies
Is your credit card company suing you? Learn how you can beat each one.
- Bank of America
- Capital One
- Chase
- Credit One Bank
- PayPal Synchrony Card
- SYNCB/PPEXTR
- Synchrony Bank
- Target National Bank
- Wells Fargo
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Learn More With These Additional Resources:
Need help managing your finances? Check out these resources.
How to Make a Debt Validation Letter - The Ultimate Guide
How to Make a Motion to Compel Arbitration Without an Attorney
How to Stop Wage Garnishment — Everything You Need to Know
How to File an FDCPA Complaint Against Your Debt Collector (Ultimate Guide)
Defending Yourself in Court Against a Debt Collector
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Effective strategies for how to get back on track after a debt lawsuit
New Hampshire Statute of Limitations on Debt
Sample Cease and Desist Letter Against Debt Collectors
The Ultimate Guide to Responding to a Debt Collection Lawsuit in Utah
West Virginia Statute of Limitations on Debt
What debt collectors cannot do — FDCPA explained
Defending Yourself in Court Against Debt Collector
Arkansas Statute of Limitations on Debt
Youre Drowning in Debt — Heres How to Swim
Help! Im Being Sued by My Debt Collector
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North Dakota Statute of Limitations on Debt
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Indiana Statute of Limitations on Debt
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CuraDebt Debt Settlement Review
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How to Answer a Lawsuit for Debt Collection
Tips for Leaving the Country With Unpaid Credit Card Debt
Kansas Statute of Limitations on Debt Collection
How to File in Small Claims Court in Iowa
How to File a Civil Answer in Kings County Supreme Court
Roseland Associates Debt Consolidation Review
Do Debt Collectors Ever Give Up?
Can They Garnish Your Wages for Credit Card Debt?
How Often Do Credit Card Companies Sue for Non-Payment?
How Long Does a Judgement Last?
How Long Before a Creditor Can Garnish Wages?
How to Beat a Bill Collector in Court
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