Raising My Credit Score 30 Points by December
Not knowing anything about your financial situation, there is no way I can answer a question like that. But I can tell you what kinds of things will raise your credit score faster than others.
For example, let's say I have some errors on my credit reports -- accounts that aren't mine, duplicate entries, items that should have come off by now, etc. -- and those errors are dragging my score down. I could theoretically dispute those items, have them corrected and/or removed, and see my credit score go up a few points in fairly short order.
I was on one of the MyFICO credit forums the other day, and a guy was explaining a situation similar to the one I've described above. He said he had some duplicate entries on two of his reports. After having those errors corrected, he saw his credit score go up by 14 points.
So it's possible that correcting several errors at once could increase your score by 30 points or more, and it might even happen within a month's time or less (depending on how responsive the credit reporting agency was).
But what if your reports are 100% accurate? In this case, the only way to improve your score is by improving your financial behavior. For instance, if you've had a history of missing bill payments in the past, then you could gradually improve your credit score by correcting that behavior. You can also boost your score by paying down your credit card balances, especially any that might be near their limits.
This is a much more gradual approach though, so I don't think it could make a 30 point difference before the end of the year. Of course, you have to start sometime if you want to increase your score ... and there's no better time than the present.
So, to summarize, you should start by making sure there aren't any errors on your credit reports. Correcting such errors can often bring a quick boost to your score. Next, establish a pattern of good financial behavior (like paying bills on time), and consider paying down your credit card balances starting with any that are nearly maxed out.
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Labels: scores
posted by Brandon at
7:21 AM
