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The 9 Sneaky Ways to Raise Credit Score to 100 Points Overnight

ByGraham Last Updated

We all agree that a high credit score puts you in a better position to benefit from loans and credits from financial institutions. The question remains; how do you get those high scores? You will realize that there are several ways on how you can raise credit score to 100 points overnight and stand at a higher position to get a credit card or maybe a personal loan. I will take you through the best ways you can raise your credit score later in this article.

There are times when you face many financial challenges and find yourself stuck between different needs that require financial attention. You just have to take loans to settle the issues even when you are not sure how you are going to repay the loan. That is the biggest mistake you can make in life. You should never borrow money from banks without having a clear outline of how you are going to return the money. You should borrow from friends and relatives.

Banks will report you to the credit bureaus, thus impacting your credit report negatively. Unfortunately, some people do not know that failure to pay loans or credit debts of one bank can deny you the same services in another bank. Despite all that, some institutions will even give you a credit card with a $5000 limit with bad credit. However, such banks may require you to pay collateral before benefiting from the credit service. Such cards are the ones banks call secured credit cards.

What is a credit score?

raise credit score 100 points overnight

A credit score is just the numerical representation of one’s ability to pay debts. Credit bureaus calculate your credit score to determine your creditworthiness. They then sell the details to banks and other financial institutions. Anytime you request for a loan or credit card, your financial institution contacts the credit bureaus to get your credit report and scores.

There are three main credit agencies that operate in the United States of America. These include Experian, TransUnion, and Equifax. All of them utilize the FICO score criteria to come up with a detailed credit report.

Credit scores range from 300-850. 300 is very poor, while 850 is excellent. To get a score amounting to 850, then you must work very hard with determination. The most important thing to do is to know how the companies come up with the scores.

How Do Experian, TransUnion, and Equifax Calculate Credit Scores?

FICO score criteria rely on various factors to come up with viable details about your creditworthiness. The credit bureaus use the following method to come up with your score.

i) Payment History

How have you been paying your loans and other debts? Have you been paying on time? Your payment history contributes a significant percentage in your FICO score. For your information, your past payment pattern takes 35% of your entire score. Good payment history can be a sure way on how to improve credit score in 30 days.

ii) Credit Utilization Ratio

How much do you spend on your credit card? Do you spend all your credit on your card or just half of it? Credit utilization ratio refers to the total credit spend, divided by the total credit limit, multiplied by 100. The larger the percentage, the lower your score, and vice versa. Credit Utilization Ratio occupies 30% of your score. Keep the ratio at 15% or lower.

iii) Length of credit history

How old are your accounts? Recent bank accounts have lower scores as compared to old scores. You should keep your credit accounts for as long as possible. In this way, your rating will remain high. The length of a credit history occupies 15%.

iv) Credit Mix

Taking various kinds of credits can increase your score to a greater extent. If you can have a credit card, a personal loan, a mortgage loan, and a car loan, among others, and you are following the right payment schedule, then your score is going to be high. The credit mix contributes 10% to the credit score.

v) New accounts

When opening new accounts, banks inquire about your credit score. Too many inquiries can lower your score. However, with time, the inquiries may cease to affect your FICO score. New accounts contribute to 10% of your credit score.

How Do You Get Your Credit Report?

If you want to get your credit report, you need to visit any of the three credit agencies and get your report as well as scores. A credit report is free, and it is your right to get it. However, for the scores, you have to purchase them. It is good to take a credit report from all the credit agencies and compare them. If you want free credit scores, you can get them from Credit Sesame or at Credit Karma.

How Can A Credit Score Drop?

There are various ways on how you can lose scores. Simple mistakes can make you drop from a credit score of let’s say 600 to 500 within no time. Some of the errors that can lead to low scores include the following.

i) Delayed debt payments

If you cross the due date without paying your loan or credit debt, then you are done as it affects your credit score very much. Sometimes you can forget to make a regular payment of your loan or even find yourself not having the money.

Setting reminders on your phone about important dates to make payments is very important to avoid such misfortunes. Again, you may borrow from your friends and relatives if you reach the due date without money to make repayments.

ii) Keeping credit cards dormant

If you have one, two, or more credit cards, it is crucial to keep them functional. Keeping unutilized credit cards affects your credit score negatively. It is better to spend very little for each card you own instead of letting those lies there dormant.

iii) Exhausting your credit limit

Always learn to spend below your credit limit. Remember that using all your credit shows that you are unable to control your expenditure. It shows poor financial management skills. If you start exhausting your credit limit, be sure that you are going to ruin your report. It becomes worse if you opt for overdrafts.

Which Are The 9 Sneaky Ways To Raise Credit Score To 100 Points Overnight?

The following are the nine ways to raise your credit score within the shortest time possible.

1) Mixing of credits

You can have several kinds of credits at the same time. Such types of credits include personal loans, credit cards, car loans, mortgage loans, store cards, and so on. Having several credits and managing them properly shows that you are responsible. If you decide to acquire several credits today, you might realize that your score changes by the following day.

Another trick is making sure that you pay all the required payments on time. Remember, late payment has adverse negative effects on your score. As I mentioned earlier, your payment history contributes 35% of your overall FICO score.

2) Paying all credit debts

If you want to have your score shoot high by the following day, take a bold step and repay all your credit card debts today. Request your banks or any other concerned institutions to forward your details to the three credit bureau companies.

After all, with the growth of technology, it is easy for the relevant institutions to forward your details as fast as possible. It is not a must you pay all your debts at once. You can pay to near zero and complete the repayment in another day. However, ensure that you pay something for all cards. Do not concentrate on a single card and leave the others unattended.

3) Having all collection accounts deleted.

When you stay for long without paying your debt, your bank may forward your name to collection accounts or debt buyers. The scenario can come about if you wait for around 90 months, which are equivalent to three months without making any payment.

Instead of your bank following you, they contract a third party to collect the debt from you and then get a certain amount of commission. Once you have a collection account, your score goes down with a significant digit.

The bad thing with collection accounts is that they can stay in your report for several years if you do not have them deleted. Before paying your debt to collection agents, make them promise that they are going to delete your account. If they cannot delete it, then do not pay as it will not help in any way.

4) Have hard Inquiries Removed

Hard inquiries refer to the process in which a bank or any other financial institution asks about your score from the credit unions. The process of credit inquiry may drop your score with a few points. Moreover, a hard credit inquiry record stays in your credit report for two years.

However, in most cases, if your bank makes only one or a few inquiries, your score will not be affected very much. Sometimes hard credits inquiries go undetected also. If you find out that you have a hard credit record, you can negotiate for removal. It is possible if you insist on it.

5) Have any late payments removed

Earlier on, I mentioned somewhere that all your payment history is recorded by your banks and forwarded to the credit bureaus for credit report generation every month. If by any chance, you have any late payment record with your bank, you can have the details removed.

Remember that your credit score has your payment history occupying the most significant share. A whole 35% of your credit score goes to your payment history. If by any chance, you skipped a payment date, it does not mean that all is over. The doors are open so that you can have the details erased.

6) Dispute any negative information

It is not all information forwarded to the credit bureaus by your financial institutions is correct. There may be serious errors that need rectification. However, you will not know about them if you do not check on your credit report. It is always important to check your credit report once per year and see if there are issues.

Settling any negative information with both your bank and the credit agency can boost your score up. The following are channels to make disputes on any wrong information in your credit report.

7) Settle all negative accounts

Negative accounts are known to impact on your credit score severely. A negative account means that you have a debt with your bank at the end of the closing period. If you have bank accounts, you should find out if there is any amount of money you should pay for them.

Sometimes opening accounts and leaving them unused attracts maintenance fees. Such kinds of accounts could be affecting your scores negatively without your knowledge. Getting credit reports helps you to identify such bank accounts and make an effort to settle them.

8. Check on identity theft

Has anyone used your details to open a bank account or apply for credit? Such people can hurt your credit score very much. You should be on the lookout and see whether such accounts exist and close them as soon as you come across them.

If someone takes a loan and disappears, then you can have your score dropping very much. Check on that and see no one is misusing your government I.D. The best thing you can do is freezing your credit score to make it unavailable to fraudsters.

9) Become an authorized credit card user

If you do not qualify for a credit card, you can become an authorized user of someone’s credit card and have all benefits go to your side. Credit cards are known to add a high percentage to your credit score if you make reasonable payments. This way, you will reach a point whereby your bank can give you your own credit card.

Bottom Line

Although it can be extremely challenging to boost your credit score by 100 overnight, some measures can make the process easy. Good credit scores are essential if you want to develop financially. All that I know is that no one can advance economically without utilizing loans. To get loans, one has to be creditworthy because no bank will risk giving you credit if your payment ability is questionable.

Graham