How can I raise my credit score by 50 points?

Home Forums Credit Reports & Scores How can I raise my credit score by 50 points?

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    Jordan Moore
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    #12002
    Team StellarFi
    Keymaster

    There are two main ways to improve your credit score quickly: disputing errors in your credit report and reducing your credit utilization rate.

    Sometimes your credit score may drop because of wrong or outdated information that has not been removed from your credit report. Since credit scores are calculated through the information in your credit report, you should regularly check your credit report for any errors and get them corrected. It may take several weeks for a dispute to process and then be reflected in your credit score
    Your credit utilization is another main component in calculating your credit score. It makes up 30% of your FICO® score and is an extremely influential factor in your VantageScore® as well. The reason reducing your credit utilization rate will immediately boost your credit score is that, unlike late payments, low or high credit utilization rates reflect your current credit balance status. It does not stay on your credit report for several years, but just until the latest report goes to the credit bureaus.

    Other ways to increase your credit score would be to keep your old credit cards open even if there is no balance on them, pay all your credit card bills on time or early, and not apply for multiple new credit accounts in a short period of time.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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