4 Easy Tricks I Used To Improve My Credit Score (2024)

4 Easy Tricks I Used To Improve My Credit Score (1)

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Paying bills on time is crucial to maintain a positive credit score. A consumer’s credit payment history accounts for up to 35% of their FICO score, according to myFICO. Keeping track of statement closing dates, due dates and splitting bills into bimonthly payments can help borrowers avoid late or missed payments and save money.

4 Tips To Improve Your Credit Score

Thereare multiple ways to improve your credit score and avoid late payments and fees.Here’s how I did it.

1. Raise Your Credit Score by Getting Credit for Monthly Expenses You Pay

I used Experian Boost to increase my credit score by getting credit for positive utility, cellphone and streaming service payments. This strategy won’t work to raise your credit scores with Equifax or TransUnion — only Experian. Here’s how to do it:

  1. First, I signed up for an Experian membership and Boost.
  2. Next, I gave Experian permission to connect to my online bank and credit card accounts that I use to pay my utility, cellphone and streaming service bills. You can also get credit for rent payments.
  3. Once Experian identified my payments and verified the related accounts, it added the payment history for each account to my Experian credit file.

The whole process took about five minutes, and the effect on my credit score happened immediately. The average gain to one’s credit score that’s not related to rent data is 13 points, according to Experian.

Why This Helps

  • You can get credit for payments you’re already making. There’s no effort on your part other than signing up for Boost and going through the verification process.
  • You can get an immediate boost to your credit score. Experian claims the process to boost your credit score based on your positive payment history relating to things like utilities and streaming services takes about five minutes. In my experience, it did.

2. Raise Your Credit Score by Paying Bills Bimonthly

If you have less than perfect credit, you might be surprised at how quickly you can improve your credit scores, beginning with paying your bills bimonthly. Here are the steps I took:

  1. First, I itemized a list of all of my bills, including minimum payments and due dates.
  2. Then, I decided which two days of the month to make payments.
  3. Next, I divided each bill by two to determine the bimonthly payment amounts.
  4. Finally, I set up the payments for each bill in advance. You can also set a reminder to pay your bills if you don’t want to schedule your payments ahead of time.

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Why This Helps

  • You can avoid missing payments. When you create a plan to consistently pay your bills twice per month, you won’t have to worry about missed payments. It not only can help your credit scores improve, but it also can help you avoid late payment fees.
  • You can reduce interest and pay debts faster. Many lenders compound interest daily, and bimonthly payments reduce the principal amount of money owed. Therefore, when you make bimonthly payments, you slow the compounding interest rate, helping you save money.
  • You can lower credit utilization scores. Mid-cycle payments could reduce the amount borrowers owe, leading lenders to report lower balances to credit reporting agencies. Lower credit utilization scores could help improve your credit score.

3. Making Payments Before the Closing Date — Another Trick to Raising Credit Scores

Splitting loan payments into two bimonthly payments can be helpful. However, I was also able to expand on my credit score improvement by making sure I made my payments before the statement closing date, which is the last day of your credit card’s billing cycle. Here’s how I did it:

  1. First, I figured out the statement closing date for each of my creditors. This is different from your due date and usually occurs 21 to 25 days before your payment is due.
  2. Next, I set up automatic payments to occur before the statement closing date, so I wouldn’t miss the opportunity.

How This Helps

Making payments before your statement closing date utilizes specific timing to your advantage. The goal is to ensure that lenders report a lower balance to credit reporting bureaus by the end of the billing cycle, which will decrease your credit utilization, potentially resulting in a higher credit score.

4. Raise Your Credit Score With Additional Payments

I usually have money left over in my budget, so I’ve also made additional payments above and beyond the minimum due. Doing so helped me pay down my debt faster, avoid late fees and cut down on interest.

Why This Works

There are several reasons why making extra payments can help your credit scores:

  • Quickly reduce balances. Credit utilization is important in how credit reporting agencies calculate credit scores. Additional payments reduce balances faster.
  • No late payments. Late payments can cause credit scores to fall dramatically, while consistent on-time payments can increase scores. Extra payments likely decrease the chances that you will have late payments.
  • Cut down on interest. Extra payments that reduce your balance more quickly could save you hundreds or even thousands of dollars of interest over time.

Final Take

Implementing these relatively easy hacks toward financial responsibility can help you push your credit scores higher when performed consistently until your debt is paid.However, these are not the only option toward credit score improvement. Additionally, it’s not a bad idea to pay charges in real time, instead of waiting until the amount appears on the bill.

FAQ on Hacks for Improving Your Credit Score

Better credit scores likely mean better loan terms, which can improve borrowers' financial situations. Here are some of the most common questions about hacks for improving your credit score.

  • What is the 15-and-3 credit hack?
    • The 15-and-3 credit hack is named so because you make half of your payment 15 days before the due date and the other half three days before the due date. However, many financial experts discount its effectiveness for improving your credit score. It's better to schedule your payment before your credit card's statement closing date.
  • Is it better to make two payments a month on a credit card?
    • Yes. When you make two payments per month to your credit card, you can reduce the balance in the middle of the billing cycle, which cuts down on the compound interest. It may also result in your credit card issuer reporting a smaller balance to credit reporting agencies, which could positively impact your credit scores.

Check Your Credit Today

Joshua Rodriguez and Ashley Eneriz contributed to the reporting for this article.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

4 Easy Tricks I Used To Improve My Credit Score (2024)

FAQs

4 Easy Tricks I Used To Improve My Credit Score? ›

There are several ways you can improve your credit score, including making on-time payments, paying down balances, avoiding unnecessary debt and more.

What is the 5 minute trick to raise credit score? ›

5 tips to raise your credit score fast
  1. Pay off -- or at least pay down -- your balances. ...
  2. Make on-time payments. ...
  3. Request a credit limit increase. ...
  4. Apply for an additional credit card. ...
  5. Add your bills to your credit report.
Oct 10, 2023

What is the trick to increasing your credit score? ›

There are several ways you can improve your credit score, including making on-time payments, paying down balances, avoiding unnecessary debt and more.

What brings your credit score up the fastest? ›

In many credit scoring formulas, your payment history has the greatest effect on your overall credit scores. So, it's critical to make payments on time. Even if you can't afford to pay your balance in full every month, try to pay the minimum — your credit scores will thank you.

How can I fix my credit score fast? ›

Reduce the amount of debt you owe

Pay off debt rather than moving it around: the most effective way to improve your credit scores in this area is by paying down your revolving (credit card) debt. In fact, owing the same amount but having fewer open accounts may lower your scores.

Does paying twice a month help credit score? ›

Even if you consistently pay off your entire balance, your score can still be affected. However, making a payment halfway through the month can lower your credit utilization, so you won't have to worry about your balance hurting your credit score if you're staying below that 30% threshold.

How to raise your credit score from 500 to 700? ›

But generally speaking, here are some of the best ways to take your credit score into 700 territory.
  1. Pay on Time, Every Time. ...
  2. Pay Down Credit Card Balances. ...
  3. Avoid Unnecessary Debt. ...
  4. Dispute Inaccurate Credit Report Information. ...
  5. Avoid Closing Old Credit Cards.
Jul 18, 2024

How to boost credit score overnight? ›

5 Ways to Boost Your Credit Score Overnight
  1. Review Your Credit Reports and Dispute Errors.
  2. Pay Bills On Time.
  3. Report Positive Payment History Like Utilities to Credit Bureaus.
  4. Keep Old Accounts Open.
  5. Keep Your Credit Balances Under 30%
Jun 26, 2024

How do I raise my credit score 40 points fast? ›

Here are six ways to quickly raise your credit score by 40 points:
  1. Check for errors on your credit report. ...
  2. Remove a late payment. ...
  3. Reduce your credit card debt. ...
  4. Become an authorized user on someone else's account. ...
  5. Pay twice a month. ...
  6. Build credit with a credit card.
Feb 26, 2024

Which habit lowers your credit score? ›

Late or missed payments can cause your credit score to decline. The impact can vary depending on your credit score — the higher your score, the more likely you are to see a steep drop. Late or missed payments can also stay on your credit report for several years, which is why it is extremely important to avoid them.

What is #1 factor in improving your credit score? ›

1. Payment History: 35% Making debt payments on time every month benefits your credit scores more than any other single factor—and just one payment made 30 days late can do significant harm to your scores.

What brings credit score down the most? ›

  • Highlights: Even one late payment can cause credit scores to drop. ...
  • Making a late payment. ...
  • Having a high debt to credit utilization ratio. ...
  • Applying for a lot of credit at once. ...
  • Closing a credit card account. ...
  • Stopping your credit-related activities for an extended period.

What is the most your credit score can increase in one month? ›

In fact, some consumers may even see their credit scores rise as much as 100 points in 30 days. Steps you can take to raise your credit score quickly include: Lower your credit utilization rate. Ask for late payment forgiveness.

How do I rebuild my credit ASAP? ›

It's possible to rebuild credit with responsible use, like paying bills on time, managing your credit utilization and only applying for credit you need. Becoming an authorized user or getting a secured card could help show your ability to repay debt.

What is a good FICO score? ›

670-739

How do I boost my FICO score? ›

Here are a couple of things you can do right away that can set you on the right path toward improving your FICO® Score:
  1. Pay your bills on time.
  2. Work on reducing large amounts of debt.
  3. Avoid opening multiple credit accounts at once.
  4. Check your credit report and dispute any errors.

How to get a 900 credit score in 45 days? ›

Here are 10 ways to increase your credit score by 100 points - most often this can be done within 45 days.
  1. Check your credit report. ...
  2. Pay your bills on time. ...
  3. Pay off any collections. ...
  4. Get caught up on past-due bills. ...
  5. Keep balances low on your credit cards. ...
  6. Pay off debt rather than continually transferring it.

How can I raise my credit score 100 points overnight? ›

5 Ways to Boost Your Credit Score Overnight
  1. Review Your Credit Reports and Dispute Errors.
  2. Pay Bills On Time.
  3. Report Positive Payment History Like Utilities to Credit Bureaus.
  4. Keep Old Accounts Open.
  5. Keep Your Credit Balances Under 30%
Jun 26, 2024

How to get a 800 credit score in 30 days? ›

Improving your credit in 30 days is possible. Ways to do so include paying off credit card debt, becoming an authorized user, paying your bills on time and disputing inaccurate credit report information.

How to make your credit score jump 200 points? ›

You can improve your credit score by paying bills on time, maintaining a low credit utilization and limiting credit applications. The timeline for increasing your credit score by 200 points or more can vary depending on your unique credit profile.

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