How To Increase Your Credit Scores Immediately

How To Increase Your Credit Scores Immediately

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 5, 2022

When it comes to getting approved for a loan that too at a lower-interest rate, your credit will generally have a big impact. High credit scores can not only help improve your odds of getting approved for a loan, but they will also help you access lower interest rates and better terms, thus making your loans more affordable. If you have poor credit and are looking to quickly improve your credit, there are certain actions you can take to increase it. 

How Fast Can You Improve Your Credit Scores?

How fast you’re able to increase your credit score depends on a number of factors, generally, those with no credit history can raise their credit scores faster than those with bad credit.

  • No Credit History – If you’re just starting to build credit, you can help raise your credit scores rather quickly by just using credit and making payments on time and in full every month. 
  • Bad Credit History – If your credit scores are low as a result of a history of missed payments, bankruptcy, or another financial misstep, it will take longer to increase your credit scores. In this case, it can take many months and sometimes even years depending on how badly you damaged your scores and how responsibly you continue to use credit. 

Moreover, the fastest your credit scores may improve is about 30-45 days, which is when your credit scores are updated

Can You Raise Your Credit Scores In 30 Days?

Building your credit typically takes time, but there are a few things you can do right now that may help you raise your credit scores in 30 days. Here are some suggestions that may give your credit scores a quick boost:

Make All Your Debt Payments In Full

Your payment history usually accounts for around 35% of your credit scores. As such, paying your debts and bills on time and in full is important in improving your credit scores. Any secured credit cards or lines of credit should be paid off in full whenever possible. The more you build a positive payment history, the more likely it may give your credit scores a boost.

Don’t Use More Than 30% Of Your Credit Card Limit

Just because your credit card company allows you to spend a certain amount of money on your credit card doesn’t mean you should max out your credit card every month. To help increase your credit scores quickly, it’s recommended to keep your debt-to-credit ratio around 30% and lower. This refers to the amount of credit you’ve used versus your total available credit limit. Doing so may increase your credit scores by 200 points or more quickly. 

Fix Any Mistakes On Your Credit Report

Any mistakes on your credit report could be pulling your credit scores down. Identifying these errors on your credit report and having them rectified, is perhaps the fastest way to increase your credit scores.  

When you dispute an error on your credit report, it can take Equifax or TransUnion 5 to 30 days to investigate. Once the error is corrected, it may give you an immediate boost to your scores. 

Increase Your Available Credit

You can ask for a higher credit limit on your credit card or line of credit to help raise your credit scores. By increasing your credit limit, you’ll be reducing your debt-to-credit ratio, which on average accounts for 30% of your credit score calculations. The lower your ratio, the more positively it may affect your credit scores the next time it updates. 

Negotiate With Creditors

Debts in collections can severely negatively affect your credit scores. Paying off the debt may help improve your credit scores. If you’re unable to repay the whole amount right away, you may be able to ask creditors to accept a payment plan for the debt and report the debt as “paid.”

Be An Authorized User On Someone Else’s Account

Being an authorized user on someone else’s credit card account may help you build credit. While an authorized user is not responsible for the credit card payments, the payments the primary account holder makes may be reported to the credit bureaus for both users. This, in turn, may help build your credit quickly. However, this depends on whether the creditor reports the credit account information to the credit bureaus for the authorized user. 

How Can I Raise My Credit Scores By 100 Points?

If you have poor credit and are looking to increase your scores by 100 points, you will need to put in the work. This won’t happened overnight and depending on your credit profile it could take several months. But, don’t be discouraged, it is still an attainable goal. 

Practicing the healthy credit habits we’ve outlined in this article is the best way to improve your credit. If a company or service promises that they can guarantee your credit will improve by 100 points, they are likely lying. All credit scores react differently, keep that in mind during your credit improvement journey.

Canadian Credit Score Ranges

In Canada, credit scores range from anywhere between 300 (for those who are just getting started and are building their credit from the ground up) to 900 points, which is the highest credit score that can be attained. That said, credit scores over 660 should qualify borrowers for typical loans, while scores under this mark will likely make it more difficult to get approved for a loan.

  • Excellent (Scores 760+)
  • Very Good (Scores 759 – 725)
  • Good (Scores 724 – 660)
  • Fair (Scored 659 – 560)
  • Poor (Scores 559 – 300)

How To Increase Credit Scores To 800 In Canada

Generally speaking, lenders typically like to see a credit score of at least 660 before they qualify a borrower for a loan. However, scores under 660 might not afford borrowers with the best interest rates, making their loans more expensive to pay down.

When it comes to getting approved for loans and securing the lowest interest rate possible, a higher credit score is best. If you can get your credit scores to 800, you’ll likely be able to take advantage of the best rates and should have no problem getting approved for a loan, as long as all of your finances are in order and there are no other red flags that might worry your lender.

When it comes to increasing your credit scores to 800, it takes time, commitment and healthy credit habits. 

  • Raise Your Credit Limit – Consider raising your credit card limits if you typically use up your full limit every month. This will reduce your debt-to-credit ratio which can impact your credit.  
  • Pay Down Your Credit Card  Balances – Pay down the balance of your credit cards that are currently at or near their limit. This will also help reduce your debt-to-credit ratio which is a common factor used when calculating your credit scores. You can try paying your bill twice a month so it won’t look like your using up all your available credit every single month. Just make sure you make the first payment before the final day of your statement period. And always make sure you pay off your full balance before the due date.
  • Keep Old Credit Card Accounts Open –  Your credit account age generally makes up around 15% of your credit score calculations. As such, the longer you’ve had credit accounts open, the better. Similarly,  the longer the history you have of using credit responsibly, the better. 
  • Build A Positive Payment History – If you’re having trouble keeping up with payments, you can consolidate your debt to make your payments more affordable and manageable. Consolidating your debt can also save you money on interest by transferring the balance of higher interest debts to a lower interest loan. 

Credit Score FAQs

How fast can I improve my credit score?

While there is no guarantee that you can increase your credit score quickly, if you have a low credit score, it could be easier for you to improve it quicker than someone with a high credit score. Use credit, don’t max your credit cards, and always pay your bills on time. This is the foundation of credit improvement. 

How can I immediately boost my credit score?

Credit scores take time to improve, there is no way to give them an immediate boost. That being said, if you have poor credit, you have a better chance of improving your credit within a shorter amount of time if you implement healthy credit habits. Just keep in mind that everyone’s scores react differently. 

How often do credit scores change?

Most lenders and creditors report to the credit bureaus on a monthly basis. This means that it’s possible for your scores to change on a monthly basis. But, it’s also possible that you won’t see any change within a month, it depends on your credit activity. 

Final Thoughts

Depending on your particular situation, it may take just a matter of a couple of months to inch your credit score back up. Regardless of where you fall on this spectrum, it’s important to take steps right now to improve your credit score so you can enjoy better rates and an easier time getting approved for a loan.


Rating of 4/5 based on 25 votes.

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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