How to Raise Your Credit Score by 100 Points in 2023

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  • It is possible to increase your credit score by a large amount in a year or less.
  • Two ways to quickly boost your credit are to dispute any errors on your credit reports and pay down credit card balances.
  • Make sure you also pay your bills on time and keep new credit applications to a minimum.

It might seem like a huge goal, but it's achievable if you follow a few credit-building tips.

Building credit is generally considered more of a slow, steady process than one where you see rapid improvements. It doesn't always need to be this way, though. Depending on your current credit profile, it could be possible to raise your credit score by 100 points or more in 2023.

That's a significant difference that could put you in a much better financial situation. For example, if you go from a score of 600 to 700, you could get much lower interest rates on loans and qualify for credit cards with more benefits.

Increasing your credit score by 100 points isn't something that just happens. You'll need strategies that give you a boost in the factors that matter most. Here's exactly what you can do to get these kinds of results.

Check your credit report and dispute inaccurate information

Your credit report is a document with all the information a credit bureau has on you. It uses this information to calculate your credit score, so it's extremely important that everything is accurate.

There are three major credit bureaus: Equifax, Experian, and TransUnion. You have a credit report with each one, which means you need to check all three of these reports. You can request a free copy at, and free copies are available weekly through 2023.

If you find any mistakes on a credit report, dispute it with the credit bureau. This includes negative information that should have fallen off your credit report by now. You can fix credit report errors with each credit bureau by filing a dispute online.

Get your credit card balances as low as possible

If you have big balances on any of your credit cards, paying them down could raise your credit score considerably. One of the most important factors used to calculate your credit score is your amounts owed. It's also referred to as your credit utilization ratio.

This is the ratio between your credit card balances and credit limits. For example, if the combined credit limit across all your cards is $5,000, and their combined balances are $3,000, you'd have a 60% credit utilization.

A credit utilization of under 30% is recommended, but the lower you can get it, the better. Credit scoring company FICO has found that people with the highest credit scores use about 7% of their credit. The good news is that your credit utilization is updated monthly, so if you pay down your credit cards, it can make a positive impact within a month.

Make on-time payments and get current on any past-due accounts

The single most important part of your credit score is your payment history. When you pay on time with bills that are reported to the credit bureaus, like credit cards and loans, it helps your credit. Payments that are late by 30 days or more, on the other hand, can seriously hurt your credit. And accounts that go to collections or get charged off are even worse.

On-time payments aren't one of those things that will lead to a big jump in your credit score. Instead, the goal here is to avoid anything that will negatively affect your credit.

If you have a spotless payment history, make sure to continue that in 2023. If you have any past-due accounts, do your best to start paying them again so you can get current. This still benefits you, because the amount of time your account is past due matters. Being 30 days past due is better than 60 days, which is better than 90 days.

Be selective about new credit applications

When you apply for new credit, like a credit card or loan, a hard inquiry is put on your credit file. This has a small impact on your credit score, normally only a few points. If you're approved for a new credit card, it can also lower your average account age, another factor that can have a negative impact on your credit.

Neither of these are big hits to your credit, so there's nothing wrong with applying for a credit card or loan that could help you out financially. However, when you're trying to raise your credit score by a significant amount, do your best to avoid anything that will have you moving backwards. Be selective about what you apply for, at least until you've reached your credit score goals.

To sum it up, there are multiple strategies you can employ to boost your credit score in 2023. Disputing credit report errors and paying down your card balances can both have a big positive impact on your credit score. Making on-time payments and being selective about your credit applications are also important, as they help you avoid negative marks that drag down your credit.

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