How Long Does it Take to Improve Your Credit Score?

Credit report with score on a desk

If you’re trying to take out a loan for a new house or car, a good credit score will put you on the fastest route to moving in or cruising around Michigan highways sooner rather than later. If you’re being held back by a bad credit score, you’re probably wondering, “how long does it take to improve a credit score?” The answer varies, depending on what kind of change you need to make. You could raise your score by a few points in just a few months, but if you’re looking to go from a score of 400 to 700, that could take a few years. Learn more about how long it takes to raise a credit score with Xpress Cash, below.

How Long Does it Take to Get a Credit Score Up a Small Amount?

As we briefly noted above, you may be able to raise your credit score by a few points in just about three months. Some examples of things that could dock your score a few points temporarily are maxing out your credit card, applying for a new credit card (the hard credit check affects your score temporarily), and closing a credit card account. Three months isn’t too long to wait, but if you’d like to speed the process up a bit, doing one or more of the following may help you gain a few points back quicker:

  • Start paying down credit card debt
  • Dispute any errors you may find on your credit report
  • Start paying down collection debt

How Long Does it Take to Raise a Credit Score a Significant Amount?

Again, if you’re looking to make a big change and bring your credit score from “bad” to “good,” it could take a few years or more. Exactly how many years varies between individuals and their unique situations, and for you personally, the time frame could change day-to-day, depending on how often and what type of changes are made to your credit report. If you defaulted on a loan, you could expect the recovery process to take one to two years, at least. If you had to file for bankruptcy, the recovery process could take six years or more.

Can You Improve Your Credit Score in Just One Month?

If you’re feeling particularly determined to see some improvement to your credit score, you may be wondering if it’s possible to make a change in only one month. We’ll explore some tips below, but keep in mind that even if you follow through on every point, it’s not guaranteed that your score will improve that quickly:

  • Dispute errors on your credit report. You should be checking your credit report regularly as it is, but if you haven’t done so in a while, you should scan it for errors. If you find any, you can dispute them right away, though it might take a while for the positive change to be reflected on your report.
  • Raise your credit limit. Get in touch with your credit card lender to see if you’re eligible to have your credit limit raised, as doing so can improve your score. You should be careful taking this route, though, as some creditors will need to do a hard credit check on you to see if you’re eligible for a raised limit, and the credit check could end up bringing your score down a few more points.
  • Become an authorized user on a family member’s account. If someone in your family has good credit, you could ask them to list you on their credit card account as an authorized user. Their good credit standing could reflect well on you, thereby raising your score.

Turn to Xpress Cash for Additional Financial Help

Whether you’re seeking additional advice on raising your credit score or you’re wondering how many credit cards you should have and how to increase their credit limit, Xpress Cash is here to assist. Contact us or visit us at one of our locations in Michigan to connect with one of our finance professionals today.