How to Gain 40 Points on Your Credit Score

Gaining 40 points on your credit score can mean the difference between a denial and an approval for credit or an exuberant interest rate and a reasonable one. You can usually add 40 points on your score in 30 to 60 days, depending on your situation and how much work you are willing to put into it.

Instructions

1

Remove negative information from your credit report. Check all derogatory information on your report to make sure it is yours. Also check the statute of limitations in your state for collections remaining on your file. Often the time has expired, yet credit bureaus have failed to remove the information. Collections and charge-offs can hurt your credit immensely so by removing them you can be off to a great start at raising your credit score. You can dispute negative information online at each bureau's website or by sending a certified letter.

2

Offer to do a pay for deletion. This is a negotiating tactic you can use with a credit collection company. If step one fails to remove a collection, call the collection agency and offer to pay the debt in full if they agree to remove it completely from your file. It may be worth it to come up with the entire amount to pay it off. Typically a company will agree to this and should be able to fax or mail you an agreement to sign.

3

Increase your available debt-to-credit ratio. This is the ratio of credit used to credit available. For instance, if you have a credit card with a limit of $1000, and your balance is $200, you have a 20% debt-to-credit ratio. You can increase your available credit by paying down existing debt, or even by opening a new card with as high a credit limit as you are able to qualify for.

4

Become an authorized user on a friend's or family member's account. Make sure they have excellent credit or this step is not worth it. Just by adding you to one of their credit card accounts, you can start building off their credit. They do not even have to give you access to the account or give you a card, they can simply add you as a user.

5

Call the credit bureau for rapid rescore. This is where the bureau will recalculate your credit score. All three credit bureaus update their scores on a monthly or bi-monthly basis, but if you want it updated more quickly, you can request it. There may be a fee associated with this service.