How to Raise Your Credit Score in 30 Days | One Smart Dollar (2024)

Your credit score is one of the most important numbers to know. You probably already know that your credit score impacts how much money you can borrow and the interest rate. But there are other big-picture ways that your credit score can affect your life.

Having a low credit score may keep you from scoring that awesome apartment, or even renting a car.

The good news is that if your score is less than stellar, there’s a lot you can do to raise it! Building great credit takes time, but that doesn’t mean you can’t give your score a jump start. So if you are wondering how to raise your credit score in 30 days, here are a few strategies that you can start immediately.

Understanding Your Credit Score

Not sure what your credit score is? No problem! There are a few easy ways to find out. I recommend using a site like Credit Sesame if you want some in-depth details about your score. Otherwise, check out a budgeting tool like Mint, or perhaps even your credit card company, to get your credit score with some broad insights.

No matter where you get the information, you’ll notice a few key measurements: age of credit, payment history, inquiries, and credit mix are the biggest factors. We’ll talk more about which ones you should pay the most attention to.

Also Read: Credit Score Explained –What Affects Your Credit Score?

Step 1: Never Miss Another Payment

The biggest factor in your credit score is your payment history. If you make even one late payment, it can cause your score to decrease. If you struggle to make payments on time, do yourself a favor and set up autopay for all of your recurring bills.

Nearly everything from your rent to your cell phone bill to your student loan payments can be set up on autopay. Take away the stress and worry while ensuring that no late payments sneak in and undo your hard work to raise your score.

Step 2: Slow and Steady Wins the Race

Avoid these two major mistakes: closing an account and opening new accounts. When it comes to your credit score, time is on your side. Keep your old credit cards open, even after they’re paid off. This is because having a paid off open account is way better for your score than having a paid off closed account.

And don’t open a new account in the hopes of raising your credit. Although having a strong mix of credit lines open can help your score over time, it’s not a good strategy if you’re learning how to raise your credit score in 30 days. Open new accounts slowly, and try to avoid more than two per year.

Step 3: Reduce What You Owe

This one may seem like a no-brainer: the less you owe, the higher your credit score will be. That’s why it’s always a good idea to make more than the minimum payment on your credit cards and even your loans. But realistically, there’s probably not a lot you can pay off in the next 30 days.

In the short term, call your credit card companies and ask for an increase in your line of credit. It will look a lot better for your credit score to owe $1,000 on a $5,000 limit than $1,000 on a $2,000 limit.

The key factor to success with this strategy is to resist the urge to use that increased credit to take on more debt. As long as you steadily work down your balances, you should see your credit score start to improve.

Bonus Tip: If you’re currently struggling with high-interest rates on your credit cards or even student loans, it might make sense to refinance. Refinancing to a lower rate can help drastically speed up the process of repaying your debt. Credible.com is a company I recommend. They’re going to work with you to find the best rates possible.

Step 4: Erase Your Past Mistakes

If there are any defaulted bills listed on your credit report, there may still be hope! Some lenders or debt collectors will accept a partial payment on a past defaulted bill, and may even negotiate with you to mark the debt as paid in order to remove it from your credit report. This method doesn’t work 100% of the time, but it’s always worth a try because it can help raise your credit score dramatically.

Call the lender, and negotiate a payment amount that they’re willing to accept in exchange for marking the debt as paid. Once you get their agreement in writing, make the payment. You should see the defaulted debt disappear from your credit report in about 30 days.

With these strategies, you’ll be equipped to know how to raise your credit score in 30 days. Just make sure to keep up those healthy financial habits so that your credit score continues to go up even more over time!