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How to Dramatically Increase Your Credit Score by 200 Points in 30 days

Dramatically-Increase-Your-Credit-Score-by-200-Points-in-30-days

Last Updated on 2 months by Komolafe Bamidele

Do you think it is possible to increase your credit score by 200 points within 30 days? You may think it’s impossible, but it is.

 In this informative article, I will explain how you can do it perfectly without any complications in the process. 

A lot of people are still struggling to increase their credit scores because they don’t have enough information to do so. 

Now you are about to get the accurate instruction that will drastically increase your credit score by 200 points in 30 days, you need to take it seriously and read to the end.

Why Does Credit Score Matter? 

Dramatically Increase Your Credit Score by 200 Points in 30 days

Lenders use your credit score to determine your credit -worthiness. 

Your credit score affects whether you get approved for credit cards, loans, mortgages, and auto loans, and influences the interest rate and terms lenders may assign you upon approval. 

Insurance providers, landlords, and employers may also review your credit score when you apply for an apartment or new policy.

 In these cases, a good credit score helps indicate your overall trustworthiness and responsibility.

What Is Credit Score?

What Is Credit Score?

A credit score is a prediction of how you are to pay back a loan over a while

Several things can be used to decide your credit score, length of credit history, amounts owed, payment history, new credit, and credit mix are some factors of your credit score. 

Most financial companies make use of your scoring model to create or predict your credit score from the information in your credit report.

These are some of the factors that make up a typical credit score include:

  • Your bill-paying history
  • Your available unpaid debt
  • The number and type of loan accounts you have
  • When you have to open your loan accounts
  • How much you have in your credit you are using
  • New or last applications for credit

Several companies make use of your credit scores to decide whether to offer you a mortgage, credit card, auto loan, or other credit.

 They are used to determine the interest rate you receive on a loan or credit card, and the credit limit.

You need to remember that there is no “one” credit score. 

It is very important that you do not have just “one” credit score because there are several credit scores available to you and lenders. 

Your credit score depends on the data used to calculate it, and it may differ. 

It all depends on the scoring model, the source of your credit history, the kind of loan product, and the moment when it was calculated.

Factors that Affect Your Credit Score

The Components of a FICO Credit Score

You can’t increase your credit score if you don’t know the factors that affect your credit score.

 That is why you need to know these factors that affect your credit score. You need to focus on these factors and improve them, this is the only way you can increase your credit score.

The credit score is a numerical representation of how attractive a borrower is to lenders. 

Lenders make use of several formulas to calculate credit scores, but they all rely on the same five factors.

The Components of a FICO Credit Score are:

Payment History: Your payment history is very important because it shows how consistent you are about making payments on time and in full, and the better your credit score. 

Amounts Owed: Likewise, amounts owed are also important because it shows the amount you are on your lenders.

Over the years and currently, the lower your outstanding balances, the higher your credit will be.

 So your lenders consider the amounts owed with your original balance or available credit limit. 

Length of Credit History: The longer your credit history, the higher your credit score. 

So, a lot of lenders prefer anyone that has 10 years or more of good behaviour over those with just five or ten months.

New Credit: When you apply for new or additional credit, the lender or the creditor will pull your credit report. 

That will trigger a hard credit inquiry. Too many hard inquiries in a short period will drastically lower your score. 

Credit Mix: Having a good or healthy mix of accounts, with revolving debt and instalment debt, will help to increase your credit score. 

You need to resolve your debt including credit cards, while mortgages and auto loans fall under instalment debt.

Why Credit Mix Is A Trap

Why Credit Mix Is A Trap

Try as much as you can to avoid credit mix because this is a trap by credit card companies. 

Several factors show that mixed credit is a trap and you need to avoid it because it will reduce the number of your credit card score.

If you currently have mixed credit, then you need to try as much as you can to reduce it and stop it within a short time. 

In case you don’t know what credit mix means, it is an ideal credit mix that includes a blend of revolving and instalment credit.

 It is very easy way to use revolving credit is to open a credit card and pay your bill on time monthly. 

To avoid credit mix you need to charge only what you can pay off every month so that you will be able to avoid big interest which harms your credit score.

There are several impact factors on a credit score that you need to avoid. It is very important to know them so that you will always be able to avoid them. 

Several factors impact all credit scores and they are divided into low, medium, and high impact factors.

 Low Impact Factors

Credit mix is one of the common law impact factors of your credit card score.

Your credit means today’s record of the number of recently opened credit accounts and credit inquiries.

Likewise, your available credit is also important to increase your credit score. Make sure you have enough credit in your account.

Medium Impact Factors

A lot of financial institutions and lenders consider the length of your account and credit history majorly the check the age of your account and the number of transactions you have carried out over the years or months.

There is less you can do about this because only the age of your account matters and you can only maintain your total balance, including debt, both current and delinquent. 

High Impact Factors

Payment history is one of the most important factors you need to put into consideration because it has such an impact on your credit card score.

If you don’t have a good payment history on your credit card then you need to begin to make payments at the right time so that you will be able to increase your credit card score drastically. 

it is possible to increase your credit card score by 200 within 30 days if you make the necessary payment at the right time.

Almost all financial companies and lenders check your payment history and your payment history causes your repayment behaviour current, late, or charged-off.  

30-Day Credit Challenge Increase Your Credit Score 200 Points in 30 days

Pay Your Debts Before Reporting to Remove Bad Credit Reports

Before you can increase your credit score you need to pay your debt before reporting or removing a bad credit report. 

A lot of people are getting this wrong and it keeps reducing their credit score. 

Make Regular Payments to your Account 

You can’t work to raise your credit score if you don’t make regular payments into your account.

 Try as much as you can to make payments at the right time this will increase your credit score drastically. 

Focus on Utilization 

If you don’t know what credit card utilization or utilization ratio is, then it is your total credit to your total debt and is expressed as a percentage.

 If your credit utilization ratio is 25 per cent, that means you’re using about 25 per cent of the credit available to you. 

Make sure you maintain a good utilization ratio because it will increase your credit score drastically.

 A lot of financial companies make use of your utilization ratio to predict your credit score.

 If you maintain a good utilizing score then you will be able to increase your credit score within a short time. 

Avoid Credit Cards Mistakes that Affect your Credit Score

There are several mistakes that negatively affect your credit score. 

You need to try as much as you can to avoid these mistakes so that you will be able to increase your credit score by 200 points within 30 days.

  • Closing old cards you no longer use
  • Maxing out your credit cards
  • Opening too many cards at once
  • Not knowing your APR and applicable fees
  • Not understanding introductory 0% APR offers
  • Taking out a cash advance
  • Carrying a balance month-to-month
  • Missing a payment
  • Only making minimum payments
  • Neglecting to review your billing statement

Try as much as you can to avoid these mistakes so that you will be able to increase your credit score within a short time. 

In Conclusion

Now you know how you can drastically increase your credit card score by 200 within 30 days.

 It may seem impossible for some people but it is possible if you follow the instructions in this article. 

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