4 quick strategies to boost your credit score

Making a commitment to build a good credit score is one of the best ways to create a better financial future. Right now, you’re learning how to grow your credit, and that’s a huge positive step through the doorway to new opportunities that good credit can provide. 

The truth is that building good credit can take time. But that doesn’t mean you have to wait years and years to reap the rewards. You can do many things today to boost your credit score fast, even in as little as 30 days. Let’s walk through some of these strategies together.

1. Check your credit report for errors

Your credit report has information on how you pay back your debts, and it’s used to calculate your credit score. You actually have three credit reports, one at each of the three major credit bureaus: Equifax, Experian, and TransUnion. 

You can check yourself by visiting AnnualCreditReport.com, an official site. You can now get a free credit report once a week from all three agencies. Read through your report and make sure all the information looks correct. If not, you can fix your credit score by filing a dispute with the credit bureau.

It’s important to check your report regularly because errors are surprisingly common. A 2013 study found that one in four people had errors on their credit reports—these sometimes caused triple-digit drops in their credit scores.

2. Lower your credit utilization

Your credit utilization ratio measures how much of your available credit you use, and it’s an important factor for your credit score. You can figure out yours by adding up your credit card debt and dividing it by your total credit limit. If you have one credit card with a $1,000 credit limit and a $500 balance, your credit utilization ratio is 50%. In general, credit experts recommend keeping it below 30% if you can, and even less is better. 

Here’s a simple formula to calculate credit utilization ratio:

$500 ÷ $1,000 x 100 = 50%

If you know about credit utilization ratios, you have more control because you can tweak two parts of that equation: how much credit card debt you have, and how much your credit limit is. Here are several ways you can do that:

• Pay down your credit cards: You might be able to snag a more affordable payment and get out of debt even sooner. Any extra you put toward your debt helps. 

• Pay more than once per month: You don’t have to wait until the end of the month to pay your credit card bill. Make biweekly payments if possible to help keep your balance low.

• Consolidate your debts: Moving your debt from your credit cards to a debt consolidation loan could bump up your credit score.

• Get a new credit card: You could increase your total credit limit, but be careful to keep the balance low. Stick with a budget to help avoid overspending.

• Ask for a higher credit limit: You can contact your card issuers and ask for a credit limit increase directly. This could head off any small, short-term credit damage from applying for a new credit card.

3. Ask to be an authorized user on someone's card

Do you have someone in your life who you’re close to, and who has a good credit score? If so, you could consider asking them to add you as an authorized user on their credit card. 

In addition to getting to spend money with a new credit card linked to their account, there's a big bonus: You’ll also have that credit card’s history listed on your credit report. You’re not required to use the card, and depending on what you two decide, you may even consider giving them the card back. Your credit score will still benefit, however. 

One word of caution: It’s wise to call the credit card company first and check how they report information for authorized users. Some will report its entire history—before you were even added—while others won’t report it at all. 

4. Consider dealing with past-due debts

Having unpaid debts on your credit report doesn’t mean you’re a bad person. It can happen to anyone. But it could lower your credit score, so it’s worth looking into whether it’s a good idea to work with that creditor on a plan to pay off the debt. 

You have some legal protections for very old past-due debts, although the specifics depend on what type of debt you have and which state you live in. You might check with a debt lawyer or free legal clinic if you’re not sure. 

What's next

Pat yourself on the back! You’ve taken an important step toward a better credit score. 

These quick strategies can help you boost your credit score over the short term but, like growing a flower in a garden, the biggest gains take time. You can get started on those today by following these steps:

• Put your bills on autopay so you’re less likely to miss any payments. 

• Think twice before you close old credit card accounts, which can shorten your credit history.

• Consider applying for new credit carefully, since some lender credit checks can cause a small amount of damage for a few months.