How Fast Can a Credit Score Go Up? A Guide to Quickly Improving Your Score

A good credit score is important for getting approved for loans and credit cards with the best terms. But if your credit score isn’t where you want it to be, how long will it take to improve it? The answer depends on your starting point and the steps you take. Here’s what to know about how fast you can raise your credit score

How Credit Scores Work

Before looking at how to increase your credit score quickly, it helps to understand what goes into your score. The most commonly used credit scores are FICO® Scores, which range from 300 to 850. Higher scores are better and indicate lower credit risk.

FICO Scores are calculated based on the information in your credit reports from the three major credit bureaus – Equifax, Experian and TransUnion The main factors that influence your scores are

• Payment history – Whether you pay your bills on time. This has the biggest impact, accounting for 35% of your FICO Score.

• Credit utilization – The percentage of your available credit you are using. This makes up 30% of your score.

• Credit history length – How long you’ve had credit accounts open. This is 15% of your FICO Score.

• Credit mix – The different types of credit you have, such as credit cards, installment loans and mortgages. This is 10% of your score.

• New credit – Credit checks and new accounts opened in the last several months. This is 10% of your FICO Score.

Knowing what goes into your credit scores can help you focus on the most effective ways to improve them. Next, let’s look at how long it takes for your score to change when you take positive actions.

How Soon Your Credit Score Can Improve

The timeline for increasing your credit score depends on your starting point and credit history. Here’s a look at how fast your score can go up with different improvement strategies:

• 1-2 months: You may see a significant score increase in as little as a month or two if you correct errors on your credit reports that were dragging down your score. Disputing and getting inaccurate negative information removed can provide a quick boost.

• 3-6 months: If you have limited credit history, opening new credit accounts and making on-time payments can start improving your score within three months as positive information gets added to your credit reports. Using credit cards responsibly and paying balances off each month has an impact.

• 6-12 months: Improving your credit mix and decreasing credit utilization take time to influence your scores. Over six to 12 months, paying down balances, lowering credit use below 30% of limits and having different types of credit should boost your scores.

• 12-24 months: Rebuilding credit after missed payments or other negative marks takes at least a year of positive habits. Making payments on time, keeping balances low and avoiding new credit checks will gradually improve your credit over one to two years.

• 2+ years: If your credit history has multiple delinquencies, charge-offs, bankruptcies or collections, it can take two years or longer to rebuild a good credit score. Old negatives fall off your reports after seven to 10 years, so time is essential.

While it’s possible to see a credit score increase in 30 to 45 days in some cases, most credit-building strategies take at least six to 12 months to have an impact. The key is staying committed to positive habits over time.

Strategies for Increasing Your Credit Score Quickly

Here are some proven strategies to improve your credit score as efficiently as possible:

• Check credit reports and dispute errors. Getting mistakes removed quickly can boost your score.

• Pay all bills on time. Set up autopay if needed. Payment history is crucial.

• Lower credit utilization. Pay down balances and consider requesting higher limits.

• Add new credit carefully. Open an installment loan or secured card to diversify credit types.

• Wait for negative marks to fade. Let the impact of missed payments and other issues diminish over time.

• Sign up for credit monitoring. Keep an eye on your reports and score with a service like CreditWise®.

• Practice excellent money management. Making consistent payments is key to improving your credit.

With diligence and positive financial habits, you can realistically increase your credit score anywhere from 50 to 150 points or more within 12 months. But remember, each person’s credit situation is unique, so results will vary.

Maintaining a Good Credit Score Over the Long Term

The strategies for boosting your credit score quickly can also help you maintain high scores over time. Here are some additional tips for preserving excellent credit year after year:

• Review credit reports regularly and dispute any errors right away to keep your file accurate.

• Try to keep credit utilization very low, at 10% or less of your total credit limits.

• Have credit cards and loans with large lenders that report to all three credit bureaus.

• Only open new credit if you have a specific need and can manage more accounts responsibly.

• Set up autopay through your bank to avoid ever missing payments that would lower your scores.

• Shop for loans and credit cards within a short period to minimize credit check impacts.

• Ask lenders to reconsider credit applications denied due to temporary score drops.

• Monitor your credit with a service that provides alerts for key changes that may indicate fraud.

Building credit takes patience, but you can speed up the process by taking the right steps. With a long-term view, responsible habits and diligent monitoring, you can maximize your credit scores.