How Can I Raise My Credit Score quickly? (by at least 50 points)

Last Updated: Nov 15, 2022

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Having a higher credit score is beneficial as financial organizations, and banks want to avoid onboarding high-risk clients. Unfortunately, it is quite easy to accumulate debt, and trying to raise your credit score may seem very intimidating.

As the well-known idiom states, “Rome wasn’t built in a day”. It can take months to build up a healthy score, and we know you want that number to increase as rapidly, as possible. Luckily, companies like Credit Sage are here to guide, and inform you!

What Is Considered A “Good” Credit Score?

According to FICO, in 2020, a “good” credit score was considered as anything above 711. This average has been steadily rising since the inception of the FICO scoring method. You will be considered by lenders as “high-risk” if your credit score is lower than this general approximation.

How To Improve Your Credit Score Quickly?

Working with a credit repair expert will make the process much easier for you by identifying and removing errors from your credit score, as well as advising you how to boost it.

  • Firstly, review your credit score regularly to check for any discrepancies, and to make sure that you are up to date with payments.
  • When you check your credit score, make sure that you do so through soft inquiries. Most banks offer free credit-monitoring. You can opt in for automatic notifications which will alert you if your score has changed.
  • Remove all excess hard inquiries from your credit score, as these lower your score by up to 10 points each. Remember that you cannot remove a hard inquiry if you gave your consent for it.
  • It is advisable to use less than 30% of your available credit. This will keep you from going into overdraft. If necessary, it is possible to request a credit limit increase via your credit card company – this usually takes only a few minutes

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What You Can Do To Optimize Your Credit?

If you have old credit accounts that you’re not using, don’t close them. Resolve any delinquent accounts, charge-offs, or collection accounts. Either by creating a payment plan, or where possible, negotiating a settlement with a creditor.

Request a debt consolidation loan from a bank or credit union if you have several outstanding debts. This will leave you with one payment to complete. If the interest rate is low, you can pay it back faster.

Consider consolidating multiple credit card balances by paying them off with a balance transfer credit card. You might be lucky enough to get one during a promotional period when the interest charge is 0%. Just watch out for the balance transfer fees!

The Bottomline?

There are a number of ways to raise your credit score. Plan accordingly to avoid debt accumulation, but also take active measures to increase your credit score. If you don't have the time, Credit Sage is ready to take the helm of your credit repair journey.

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