Credit Score Hack: How To Get 200 Points in 30 Days

A good credit score is important for a number of reasons. It can help you get approved for loans and credit cards, and can even affect your ability to get a job or rent an apartment. But if your credit score is low, don't despair – there are things you can do to improve it.

If your credit score could use a little help, you're not alone. Over 15% of Americans have a credit score of 600 or below, which can make things difficult when you need to borrow money. But there is good news: it's possible to raise your credit score in as little as 30 days, without doing anything illegal. In this blog post, we'll show you how to do it. So if you're ready to start improving your credit rating, keep reading!

Make all payments on time

Making on-time payments is one of the most important things you can do to maintain a good credit score. Late or missed payments can have a major negative impact on your score, and it can take months or even years to recover from the damage. However, if you make a concerted effort to pay all of your bills on time for a month, you will see a significant improvement in your credit score. This is because payment history is one of the most heavily weighted factors in your credit score calculation. So, if you want to improve your credit score quickly, focus on making all of your payments on time for the next month. You'll be surprised at how much of a difference it makes.

Pay down high-interest credit cards

If you're carrying a balance on a high-interest credit card, you're probably not only paying more in interest than you'd like, but you may also be damaging your credit score. That's because credit utilization - the amount of credit you're using compared to your credit limit - is one of the most important factors in calculating your score.

The lower your utilization, the better. So, if you're carrying a balance of $3,000 on a card with a $5,000 limit, your utilization is 60%. But if you pay off $2,000 of that balance, suddenly your utilization drops to 40%. And that can have a big impact on your score. In fact, you could see an improvement of up to 30 points just by paying down your balances. So, if you're looking to give your score a quick boost, focus on paying down your high-interest credit cards.

Check for errors on your credit report

Sometimes, negative items on your credit report can be the result of an error. If there's an incorrect late payment or outstanding balance listed, it can drag your score down. So, it's important to check your report regularly to make sure everything is accurate. You're entitled to a free copy of your credit report from each of the three major credit bureaus every 12 months. Once you have your report, go through it carefully to look for any errors. If you find one, dispute it with the credit bureau. They have 30 days to investigate and remove the error if it is indeed incorrect. This can be a time-consuming process, but it's worth it if it means improving your credit score.

Become an authorized user on someone else's account

If you're trying to improve your credit score, one option you might consider is becoming an authorized user on someone else's account. This can be a family member or friend with good credit who agrees to add you to their account. As long as the account remains in good standing, being an authorized user can help improve your credit score in as little as 30 days.

How does it work? Authorized users are typically extended the same privileges as the primary account holder, including the ability to make purchases and access credit. However, the account activity will also appear on your credit report, which can help to improve your credit utilization ratio. Additionally, good payment history on the account can also help to boost your score.

Obtain additional credit cards

Another thing you can do to increase your credit score is to obtain additional credit cards. This may seem counterintuitive, but having more credit cards can actually help to improve your credit utilization ratio, which is one of the biggest factors in determining your credit score.

Here's how it works: let's say you have two credit cards with a combined limit of $5,000. If you have a balance of $2,500 on both cards, your credit utilization ratio is 50%. However, if you obtain two additional credit cards with a combined limit of $5,000 and keep the same balance of $2,500, your credit utilization ratio drops to 25%. This lower ratio will help to improve your credit score.

Of course, before you go out and open a bunch of new credit cards, it's important to remember that having too many cards can actually hurt your score. That's because it can make you appear risky to lenders. So, while adding a few new cards can help to improve your credit utilization ratio, you don't want to go overboard.

Keep your credit card balances low

Another way to improve your credit score is to keep your credit card balances low. As we mentioned before, your credit utilization ratio is one of the biggest factors in determining your score. So, by keeping your balances low, you can help to improve your credit score. Additionally, it's important to make sure you're making your payments on time. Late payments can have a major negative impact on your credit score. So, if you're looking to improve your score, focus on keeping your balances low and making all of your payments on time.

The bottom line

Credit score is one of the most important numbers in Amercina’s financial life specially for the first time homebuyers. It's a key factor in whether you'll be approved for a loan, and it can affect the terms and interest rate you're offered. A good credit score can save you thousands of dollars over the life of a loan, so it's worth taking steps to improve your score.