What steps can I take to improve my credit score by 100 points?
Every credit history is unique, so it's impossible to say exactly what you need to do in order to increase your personal credit score by 100 points, exactly how long it will take, or even if it is possible. You may already be within 100 points of the best score possible on the scoring system you are using.
The two most important factors in credit scoring are your payment history and your credit utilization.
- Paying your bills on time, every time, is essential to having good credit scores.
- Keeping your credit balances as low as possible is also essential. This is reflected in your utilization rate, or balance-to-limit ratio.
Because every credit report is different and there are many different credit scoring models available, there is no "one size fits all" solution when it comes to improving your credit score.
Steps Everyone Can Take to Help Improve Their Credit Score
- Bring any past due accounts current
- Pay off any collections, charge-offs, or public record items such as tax liens and judgments
- Reduce balances on revolving accounts
- Apply for credit only when necessary
If you are trying to improve your credit score as quickly as possible, request a free copy of your credit report and review it carefully to ensure all information is accurate and up-to-date. You have to know what is in your credit report before you can determine what you need to do to make it better.
If you plan to make a major purchase in the near future, order your credit report at least 3-6 months prior to applying for credit. Doing so will allow time for you to address any issues and for any changes to be reflected in the report prior to the application process.
Review the Factors Impacting Your Credit Score
Get your credit score as well. When you order your credit score with Experian, you will receive a list of the top factors that are currently impacting your score.
Focusing on these factors will help you understand what changes you can make specific to your credit history in order to begin improving your credit score and your overall credit rating, and do so as quickly as possible.
Experian also offers a credit education service called Credit Educator. The service provides your credit report, credit score, risk factors and the opportunity to speak with a trained Experian representative who will go through your credit report with you in detail. They can answer your questions to help you gain a better understanding of your credit situation and understand how to improve it.
Thanks for asking,
Jennifer White, Consumer Education Specialist