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Getting an 800 credit score in 45 days is possible, but it requires consistent effort, a time commitment, and diligence on your part. In the end, it will be worth it because having an excellent credit score saves you money and can open so many doors to a positive financial future.
Highlights /Key Takeaways
- Be ready for battle: The battle against inaccurate credit report information! Dispute any errors and continuously monitor your credit score.
- Benefits of an 800 credit score: Know the perks that come with having excellent credit and use them to your advantage
- Pay everything on time: Set up auto pay when possible. Late payments negatively affect your credit score so make sure all bills are paid on time.
- Be proactive: Utilize all legal methods so you can learn how to get an 800 credit score fast. These include increasing credit limits, and paying off credit cards in full etc.
10 Tips to Help You Get an 800 Credit Score in 45 Days
Below, we’re going to highlight how to get 800 credit score in 45 days and specifically how to raise your credit score 100 points:
1. Check Your Credit Report
You can’t raise your credit score until you know what’s on your credit report. Monitor your credit to see what credit lines you have open, if there are any inaccuracies you need to report, and if you have any collections accounts that need immediate attention. If you find anything that shouldn’t be on your credit report, dispute it right away. This is free and can be done on each of the credit bureaus websites.
This may be something like you already paid off a bill that is showing as unpaid, your report says late payment when you paid on time, or an account that doesn’t even belong to you. Checking your credit also helps prevent identity theft or at least catch it right away if it does happen.
2. Catch Up on Past-Due Bills
Evaluate your bills and pay off anything that is past due. You don’t want to see any late payments on your credit history because it negatively affects your payment history. Late payments also show signs that borrowers aren’t responsible and may be struggling financially. Additionally, late payments often come with hefty fees.
3. Pay Off Anything in Collections
It’s difficult to get approved for a new loan if you have any open collections accounts. Not only are those collection accounts often charging you interest, legal and collection fees, but they’re also negative items on your credit report that anyone that runs your credit can see. Call the collection agency and find out how much you can settle for, make your payment, and ensure it’s properly reported on your credit report.
4. Ask for Late Payment Forgiveness
You can request late payment forgiveness online or over the phone with your creditors. Most creditors will give you at least one late payment forgiveness per year. Ask them to report it to the credit bureau immediately and to credit you for the late fee as well. Be prepared to explain why you were late. This will help improve your positive payment history.
5. Pay Off Debts
Your credit utilization needs to be low to have an 800 credit score. Start with the debts that have the highest interest rate and pay them off first. Then pay off everything else:
- The faster you pay off your debts, the faster your credit score will increase.
- You may have to set up a budget or make some sacrifices with your spending elsewhere but it will be worth it once your credit score reaches 800.
6. Increase Your Credit Limit
The worst the credit card company can say is no.
- You can request credit limit increases online or over the phone with most major credit card companies.
- Some will ask you to verify your income, estimate your monthly spending, and tell them how much your living expenses are.
- Oftentimes you’re eligible for an increase in your credit limit and you don’t even know it. Some companies give automatic increases, others reward long time customers, and others, you have to reach out to them to request it.
7. Acquire an Additional Credit Card
You may have been taught growing up that having more than one credit card wasn’t good. Well, that’s not necessarily true. Having multiple credit cards doesn’t mean you need to spend more money. Instead, it shows that you have access to more funds, but are still a responsible spender. If you spend $1,000 per month on one credit card that has a limit of $1,500, and then you get another $1,500 credit card but don’t spend any more money, then your credit utilization will go down, meaning your credit score will likely increase.
8. Become an Authorized User
This is a tip to getting a higher credit score that not everyone knows about. You can ask a trusted friend, family member, or co-worker who has good credit, if you can be added as an authorized user to one or more of their accounts.
- Every time they pay their bill on time, it benefits you, and you will see this credit line show up on your credit report.
- This is great for people who don’t have long credit histories or who don’t have additional money to pay off debt but still want to show positive lines of credit.
9. Pay Off Credit Cards with a Personal Loan
If you have a lot of credit card ebt, multiple credit cards, or credit cards with high interest rates, consider a personal loan for excellent credit.
- You can consolidate your debt, make it easier to keep track of, and lower your interest rate.
- It will also show that you paid off all of your credit cards which will positively impact your credit score.
- Just keep in mind that this only makes sense if the interest rate on the personal loan is competitive.
10. Add Utilities and Phone to Your Credit Report
Add all of your personal lines of credit to your credit report if possible. Add things like rent or mortgage payments, utilities, and phone and cable bills.
- Reach out to each creditor and ask them to report your payment history to the three credit bureaus.
- There are also apps and services that can do this for you, but they mostly come with a cost. One to check out is Experian Boost which is offered as a free service by Experian.
Benefits of Having an 800 Credit Score
There are numerous benefits to having an 800 credit score. You can apply for high loan amounts because you have an exceptional credit score. You can purchase almost anything you want on credit, and get access to the best rates and terms offered by lenders. Additional perks of having an 800 credit score include:
- Paying less in interest over the term of the loan
- Being quickly approved for boats, cars, homes, and personal loans
- Choosing the loan product and loan term that best fits your needs
- Being able to finance things that increase your happiness such as a yacht or a sports car
- Being able to be be the personal guarantee on a small business loan and investing this capital into improving your business
- Using mortgage loans to invest in real estate which will bring in monthly rental income and appreciate in value over time
- Purchasing a vacation rental property with an Airbnb loan based on your excellent credit score
How to Maintain an 800 Credit Score
Now that you’ve worked so hard and figured out how to get an 800 credit score in 45 days, it’s important to maintain that excellent credit score. Here are some important ways to maintain your credit score:
Understand How Credit Scores are Determined
Credit scores are always changing and you have three separate scores but the three major credit bureaus. The reason that these scores may differ is because not all companies report to all credit bureaus or some may report to one bureau later than another one. For example, you may have a 700 with Experian but a 670 with Equifax because a collection account was reported to Equifax but not Experian.
Know what goes into determining a credit score. They’re not arbitrary. Instead, they are comprised of these main components:
- Payment history: Your credit scores are determined by your credit history (how long you’ve had accounts open) as well as if you have paid them on time and if not how often were you late?
- Accounts: Your credit score isn’t affected just by the accounts you have, but instead by the number and type of accounts you have. You need to find a good balance of having enough accounts to have a solid credit history but not too many that they’re hard to keep track of or that they make you look like an irresponsible borrower.
There’s no magic number on how many accounts to have but it’s good to diversify. Have a few credit cards, an auto loan, a personal loan, and a mortgage loan, for example. - Used credit vs. available credit: Basically the same thing as your credit utilization rate, your credit score is a reflection of how much of your available credit you have used. The lower your credit utilization rate the better; meaning it’s great to have high credit limits and stick to using 25% or less of the available credit.
Pay All of Your Bills On Time
Set up auto-pay and make yourself bill payment reminders in your digital or paper calendars. Paying all of your bills on time each month is crucial. Not only does it show a positive payment history, but it shows that you’re a trustworthy borrower. In addition, you save so much money by not paying additional interest, penalties, or late fees. Most creditors report that you paid late once your bill is 30 days late. But creditors set their own grace periods and late fees, so it’s always best to pay them on or before the due date.
Maintain Low Credit Card Balances
Maintaining low credit card balances is important so you keep your credit utilization low. This is an important deciding factor for your credit score. Keeping low credit card balances also makes them more manageable and easier to pay off, thus avoiding interest payments, or being in debt over time.
Leave Old Accounts Open
By leaving old accounts open you’re showing positive lines of credit. You’re showing a good payment history and you now have aging accounts which is good. It shows that you’re an established potential borrower with years of account history.
Concentrate Credit Inquiries
Every time you apply for or open up a new credit card account, a credit inquiry is done. This means that your credit is run and it will take a small hit; usually a few points. If you’re shopping for a new car, compare lenders over a few days, not over a long period of time. This way your credit will suffer less.
When the credit bureaus see several auto finance companies running your credit or several mortgage lenders running your credit, they know you’re car or home shopping and usually give you a couple weeks of leniency; meaning your credit score won’t take a big nose dive from all of the inquiries. However, if you start shopping for lenders and rates in July, don’t buy and then start shopping again in September, your credit score will take two separate dives, so it’s best to concentrate credit inquiries for a short period of time.
Keep a Mix of Credit Types
It’s important to show potential lenders that you’re well rounded in terms of your overall credit profile. A mix of different types of credit lines can help you show this. Common types of credit include credit cards, personal loans, business loans, home mortgage loans, and auto loans. Having multiple types of credit lines and paying them all on time shows what a savvy and responsible borrower you are.
Limit New Credit Accounts
Once you establish a good mix of credit types, don’t keep opening up new accounts.
- Don’t apply for every credit card offer you get in the mail or see online.
- You don’t want to get into debt for more than you can afford to pay back.
- You also don’t want to have so many credit accounts that you lose track of them and forget to pay them on time.
- Additionally, every time you apply for a new credit account, your credit score is affected.
Avoid Transferring Credit Card Balances
There are a few reasons to avoid transferring credit card balances that include:
- Billing cycles: Credit card balance transfers typically take at least one billing cycle to show up. This means that they won’t be correctly reported on your credit score for at least a month, if not longer. So, if you’re trying to immediately raise your credit score or get approved for a new loan this week, you shouldn’t transfer your balances.
- Fees: Most credit card companies charge balance transfer fees. You’re now paying an additional 3 % to 5% or more to move your balances around.
- Credit utilization: If you transfer a credit card balance to another credit card and now your credit card is almost maxed out, it can negatively affect your credit utilization rate which in turn lowers your credit score. You’re better off leaving your balance where it is and paying it off as fast as possible.
Monitor Your Credit
Your credit is always changing. It’s never stagnant; your credit usage changes, as do your inquiries, and lines of credit. Keep an eye on it to make sure that you know your score, what exactly is on your credit reports and look out for inaccuracies.
Final Word
Now you know how to get an 800 credit score in 45 days. It is possible if you’re willing to follow the steps and put in the work. Remember to monitor your credit score, make on time payments, be mindful of your credit utilization, and don’t borrow more than you can afford to pay back. Now you have an 800 credit score, the world is your oyster. You will have access to the best rates, terms, and loan products, as well as business loans, and opportunities. One lender that offers great terms for excellent credit score is SoFi
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