Credit Score Jump: How to raise your score by 200 points quickly—In 30 days | Mint

Your credit score plays an important role in determining your eligibility for loans as well as credit cards. A healthy credit score helps you attract low interest rates on your loan applications.

However, if you currently have a low credit score, you can take mindful steps to improve it significantly. Credit scores typically range from 300-900. In this guide we’ll explore effective ways to boost your score by 200 points within 30 days.

Factors impacting your credit score

Payment history: Timely payments on credit cards, loans, and other borrowings.

Credit utilisation ratio: The amount due on credit cards divided by your credit limits.

Credit history length: The average age of your credit accounts.

Credit mix: A mix of credit cards, loans, and other accounts.

New credit inquiries: Hard inquiries made when you apply for new credit.

Can you raise your credit score by 200 points in 30 days?

A simple answer to this question is, NO. It is almost impossible to increase your credit score by 200 points within a month. The only exception to this might occur if your credit score is inaccurately reported due to a data mix-up by the credit bureau. When wrong data appears in your credit report under another person’s name it harms your score.

You can resolve these situations by reaching out to the credit bureau to report the issue and ask them to fix the mistake. This is probably one of the rarest times when you can get your credit score increased by such a huge margin in a short period of time.

Tips to improve your credit score

While it is highly unlikely to improve your credit score by 200 points in 30 days, you can still follow these tips to improve your credit score gradually.

Track and pay bills on time: Make sure that you make all your payments for loans and bills on time. Create payment reminders or enable automatic payments so that you never miss a payment deadline.

Opt for secured loans: With low credit scores, you can easily get secured loans that use assets as security. This way you can not only fulfil your funds requirement but also can improve your credit score.

Limit credit applications: Avoid making multiple credit applications in a short period. Frequent hard inquiries signal financial distress and may hurt your score.

Maintain a low credit utilisation ratio: Aim at keeping your credit utilisation ratio below 30% as it helps you maintain a healthy creditworthiness.

In conclusion, you must understand that you cannot improve your credit score overnight. You must ensure that you borrow only when you really require it and do not spend unnecessarily on your credit cards. Before you borrow, you must analyse your financial situation and avoid any unnecessary burden on your finances. This way you can slowly improve your credit score and improve your chances of getting better deals in the future.