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How to raise your credit score by 150 points
There are many strategies on how to increase your credit score by 150 points. One of these alone won’t boost your score by 150 points but a few together over time can add up to make the difference you need. And, the sooner you can increase your score to 700 points or higher, the better rates you will get on credit cards, insurance premiums, interest rates on loans and more.
Key steps to take to raise your credit score by 150 points
Check your credit report. Dispute errors.
Disputing credit card errors may feel like a big ol’ pain but it’s one of the fastest and most critical ways to boost your credit score, usually providing results within 1-2 months. Read up on how to remove errors from your credit report for a step by step action plan that will get you there in no time.
Pay down credit card debt
The credit bureau(s) takes into consideration your overall debt or credit utilization score, that is, how much credit you have available to you and how much you’ve actually used. If you have a credit card with a $1000 limit, but have only charged $200 to the card – you’ve only used 20% of your available credit.
Anything below 30% will keep your credit score from falling. If you want to see your credit score increase strive to get it to 10%. If you can’t pay your debt down fast enough to make a difference consider consolidating your credit card deb to lower interest personal loans pay debt off faster.
Apply for a credit limit increase
Increasing your credit limit will decrease your credit utilization score. Just remember: If you get approved for a higher limit and DON’T use it (this part is key and may take some discipline), but your credit utilization score will lower and overtime your credit score will increase.
Add yourself to a friend or family member’s credit card to help increase your credit score by 150 points
When you become an authorized user of a friend or family member’s card you benefit with an increased credit limit — once again lowering that all important credit utilization score.
Just make sure that whoever you’re hitching your credit wagon to has good money habits. Otherwise, they could be dragging you down more than helping you up.
Keep old accounts open with a zero balance
This credit tip seems counterintuitive but it’s true. Each month your account is in good standing, your creditor will report this as positive information to the major credit bureaus, showing strong financial discipline.
If you close your oldest accounts then it makes your credit history look shorter than it is.
Get a secured credit card
If you have bad credit and need to raise your credit score fast, this is one of the best ways to go. Secured credit cards require you to deposit down which then usually becomes your credit limit.
It’s basically like your own emergency fund that you can borrow against. Then, make on time payments to raise your score over the year.
If you are looking to increase your score by 150 points or more, this is one of the handful of tactics you take. Secured card products claim up to help increase credit scores by 40 points within as little as six months.
Get a secured credit builder loan
Secured credit builder loans can be another great way to raise your credit score. You make monthly payments to the loan and once all required payments are made, the money is released to you.
Like with all other credit products, making on-time payments are key to help increase your credit score by 150 points. Some providers claim that they will boost it up by 40 points, although it’s always good to take some claims with a grain of salt.
Pay key bills on time
Have we already mentioned you need to pay your bills on time? Eeeek, it’s so important that we’ll say it again. Many creditors give you a few days of grace but do your darndest not to be late by a month.
Pay off debt collections
If you have an account that’s gone to collections, you’ll want to get this worked out asap. Another benefit of getting old bills taken care of, you’ll get those unsavory debt collectors off your back.
Add rent payments with Roost
More landlords are offering access to rent payment reporting. Roost sends your rent payments to three three major credit bureaus for your payment history which can help improve your Vantage 3.0 credit score if you make on-time payments
What a 700 credit score can get you
Using a combination of the above tactics to increase your credit score by 150 points has so many great benefits. Credit scores of 700 or higher crosses you into the “good” credit category and you’ll start to see the benefits such as better interest rates on loans as well as put home ownership within your grasp.