10 Ways to Build and Improve Your Credit Fast

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Key takeaways

Consistent, timely payments and low credit utilization are crucial for improving your credit score quickly.
Reviewing your credit report for errors and paying off collection accounts can significantly boost your credit rating.
Utilizing tools like secured credit cards, credit builder loans, and professional credit counseling can provide targeted support to enhance your credit.

Building or improving your credit fast is possible. While there’s no magic pill to fix your credit score overnight, there are strategies that will have a quick positive impact.

Your credit score significantly affects your financial health. It influences everything from loan approvals to interest rates. A better credit score will open doors to major purchases, like a new home or car, and provide financial peace of mind.

Here are 10 ways to help build or raise your credit quickly.

Review your credit report and score
Make payments on time
Pay down your debt
Don’t close old accounts
Limit applications for new credit
Apply for a secured credit card
Ask to be added to another person’s credit card
Get a credit builder loan
Use your rent and utility bills
Pay off collection agencies
Bottom line

1. Review your credit report and score

The first step is to check your credit score. You need to know where you stand. Next, review your credit report thoroughly. Your credit report contains detailed information about your credit history, directly impacting your credit score.

You can obtain your credit report for free once a year through AnnualCreditReport.com. Get one from each of the three major credit bureaus, as they may contain slightly different information.

Dispute errors

Carefully check for any inaccuracies or discrepancies in your report. Common errors include incorrect personal information, accounts that do not belong to you, and erroneous late payments. These mistakes can significantly harm your score if left unaddressed.

If you find any errors, promptly contact the credit reporting agency and the company that reported the inaccurate information. Disputing these errors can lead to their removal. Removing them will prevent further damage to your score and can give it a quick boost.

How is my credit score calculated?

To fully understand your score, you need to know how it’s calculated. Here is what goes into your score and what you can do about it.

Factor	Weight in FICO score	What you can do
Payment history	35%	Set up autopay or calendar reminders
Credit utilization	30%	Pay your bill frequently to keep your balances under 30%
Length of credit history	15%	Don’t close old accounts
New credit	10%	Apply sparingly and only when needed
Credit mix	10%	Have both credit cards and installment loans

Note issues

Next, take a look at accurate negative marks to see what you’re doing wrong. Knowing what mistakes you’re making tells you where to focus your efforts and what behaviors you need to correct. Perhaps you’ve made a lot of late payments or your utilization rate is too high. Take the time to find out.

2. Make payments on time

Your payment history is the most significant factor in calculating your credit score. Making payments on time is essential for building or improving your credit.

Prioritize paying at least the minimum amount due on each account. While paying in full is best by far, paying the minimum will help you avoid late fees and further damage to your credit score.

If you’re wondering what will happen to your credit score if you do not manage your debt wisely, just look at how quickly missed payments damage your score. One missed payment can lower your score by 50 to 120 points.

Set up autopay

Consider setting up automatic payments or reminders for all your bills. With autopay, you won’t accidentally miss a due date.

Communicate difficulties

If you anticipate a problem with paying your bill, tell your creditors immediately. They may offer temporary relief options or payment plans that can prevent your account from being reported as delinquent.

Consistent on-time payments demonstrate to lenders that you are reliable and responsible with your finances. This can lead to a rapid improvement in your credit score.

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3. Pay down your debt

Having debt isn’t inherently negative; in fact, it plays a crucial role in building credit. However, managing your debt effectively is key to maintaining a healthy credit score.

One of the most important aspects of debt management is keeping your credit utilization ratio below 30%. Your credit utilization ratio is calculated by dividing how much you’ve spent by your credit limits. The ratio represents the percentage of your available credit you are using. A lower utilization ratio indicates that you are using your credit responsibly.

To quickly improve your credit score, focus on paying down your credit card balances and other revolving debts. Aim to pay off as much of your debt as possible before the billing cycle ends. This practice can reduce your reported credit utilization ratio, thereby boosting your credit score.

Try to pay more than the minimum each month. Paying more than the minimum will help reduce your overall debt faster and decrease the amount of interest you pay over time.

Choose a strategy

If your credit card debt is getting out of hand, consider debt relief strategies. With the debt snowball method, you focus on paying off smaller debts first. The debt avalanche method had you target debts with the highest interest rates first. All while making the minimum payments on all accounts. Both methods can help you pay off credit card debt efficiently.

Reducing your debt and keeping your credit utilization low shows lenders that you aren’t reliant on credit. As soon as the lower balances are reported to the credit bureaus (within 30 days), your score will improve.

Paying off a debt is smart, but you could be left asking, why did my credit score drop after paying off debt?. Rest assured that the drop is only temporary. The reason might be that you paid off your only installment loan, lowering your credit mix. Or perhaps you closed the credit card after you paid it off. Either way, don’t let a small potential score drop keep you from repaying debts.

4. Don’t close old accounts

If you have an old credit card account that you haven’t used in years, it’s wise to keep it active. Closing old accounts can inadvertently harm your credit score in several ways.

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Firstly, having old accounts lengthens the average age of your credit history. The longer your credit history, the better it is for your score. It shows lenders a positive track record of managing credit responsibly.

Second, it will increase your utilization. When you close an old account, you reduce your overall available credit. If your spending stays the same, your credit utilization ratio will increase, negatively impacting your score.

Why does higher credit utilization decrease your credit score? Because it shows you’re relying more heavily on credit. Lenders don’t want you to depend on borrowing since it may mean you’ll have a harder time paying them back.

If you don’t use an old credit card regularly, your issuer may close it. To prevent this, make occasional small purchases and pay them off in full. You’ll keep your account history long, positively influencing your score.

The exception to the rule is if your card has an annual fee or is tempting you to overspend. Then you may be better off closing it.

5. Limit applications for new credit

When you apply for new credit, a hard inquiry is made on your credit report. Each hard inquiry can temporarily lower your credit score by a few points. Multiple inquiries within a short period can have a more significant impact. If you aim to build or improve your credit quickly, you must limit the number of new credit applications you submit.

If you do apply and are rejected, wait at least six months before applying again. The waiting period gives your score time to recover and signals to lenders that you’re not desperate for credit.

Try to prequalify

To avoid rejections, only apply for loans and cards that you are highly likely to qualify for. If you can, prequalify. Prequalifying does not guarantee approval. What it does is let you know if you meet the basic criteria without doing any damage to your score. You can then compare offers you’ve prequalified for and formally apply for the best one. Applying for a prequalified offer means you are more likely to be approved.

6. Apply for a secured credit card

Secured credit cards can be a good stepping stone for building credit. They require a cash deposit as collateral, which typically becomes your credit limit. For example, if you deposit $500, your credit limit will be $500. The deposit reduces the risk for the lender and makes it easier to get approved when you have poor credit.

Using a secured credit card responsibly can significantly enhance your credit score. To maximize the benefits, ensure that you use less than 30% of your limit. If your credit limit is $500, keep your balance below $150. You can make payments multiple times a month to ensure your utilization stays low.

It’s equally important to make all your payments on time. Consistently paying off your balance each month will reflect positively on your credit report.

Over time, responsible use of a secured credit card will improve your credit score. Just make sure that the issuer reports your credit activity to all three credit bureaus.

As your credit improves, you will become eligible for unsecured credit cards, which do not require a deposit. Many secured credit card issuers will upgrade you to an unsecured card and refund your deposit. Or you can pay off your account and close your card to get your deposit back.

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7. Ask to be added to another person’s credit card

One effective credit-building strategy is to become an authorized user on someone else’s credit card account. If you have a spouse, parent, or friend with good credit, ask if they would be willing to add you.

Being added as an authorized user is one of the best ways to use a credit card to build credit. You get to “piggyback” on the established credit history of a responsible cardholder. The primary cardholder’s positive credit history is added to your credit report. This includes their timely payments, low utilization, and lengthy credit history. This can lead to a higher credit score in a relatively short period.

The primary cardholder does not need to give you access to their card. You can reap the benefits of their good credit practices without actually using the card or making charges. If you do use the card, note that you are not legally responsible for paying the bill.

8. Get a credit builder loan

Another effective tool for building or improving your credit score is a credit builder loan. These loans are specifically designed to help you establish a positive payment history. You apply for a small loan, only $300 to $3,000. The lender will require you to make regular payments over a specified period, usually between 6 to 24 months.

What makes a credit builder loan unique is that the borrowed money is held in a secure account. It is only released to you once the loan is paid off in full. When you make your monthly payments, you essentially make payments to yourself. The lender reports your on-time payments to the credit bureaus. Their reporting helps establish a positive payment history, boosting your credit score.

As with secured credit cards, look for a lender that reports to all three major credit bureaus. Reporting to all three will have the biggest impact on your score.

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9. Use your rent and utility bills

When trying to build credit fast, don’t overlook bills you’re already paying. Rent is often your biggest monthly expense, so does paying rent build credit? Only if you take steps to ensure it gets counted. Most landlords don’t do this automatically. You will need to sign up for a third-party service.

Some services not only report rent, but also utility payments, phone bills, subscriptions, etc. You can improve your score without taking on debt. Adding on-time payments to your credit reports will make lenders look more favorably on you. It will improve your chances of getting credit cards and loans in the future.

10. Pay off collection agencies

If you have any collection accounts on your credit report, you need to address them. Collection accounts significantly harm your credit. They indicate that you failed to repay a debt, making future lenders wary of working with you.

The first step is to contact the collection agency and arrange to pay off the debt in collections. Once the debt is paid, request that the agency remove the account from your credit report.

This process is known as a “pay-for-delete” agreement. You negotiate with the collection agency to have the negative account removed from your report in exchange for payment. Not all agencies agree to this, but it’s worth pursuing. Removing a collection account from your report can substantially improve your score.

Dealing with collection accounts may take some extra time and effort, but the impact on your credit score can be significant. A clean credit report shows lenders that you have resolved past issues and are taking steps to manage your credit responsibly.

Frequently asked questions

1. How to pay off collections to increase credit score?

Paying off collections will increase your credit score. To have the biggest impact, negotiate a “pay for delete” agreement. Here, the collection agency removes the account from your credit report upon payment. If that’s not possible, pay the debt in full or settle it for less. Either will reduce its negative impact.

2. How to raise your credit score 200 points in 30 days?

Raising your credit score 200 points in just 30 days is extremely rare, but possible in unique cases. Pay down high credit card balances to lower your utilization. Dispute any inaccurate negative marks on your credit report. Become an authorized user on a well-managed credit card. Adding rent or utility reporting may also help. Significant gains typically take longer than a month.

3. How can I increase my credit score to 800?

A credit score of 800 takes time and consistent, responsible behavior. You will need to pay all your bills on time, keep your credit utilization below 10%, and have a long credit history. Only open new accounts when you really need them. Consistency and time are key to reaching this level.

4. How long does it take to get a perfect credit score?

Earning a perfect credit score of 850 takes at least 7 to 10 years. During this period, you must pay on time consistently and keep your utilization below 10%. Having a diverse credit mix and not opening new accounts will also help. A perfect score isn’t necessary. Borrowers with scores above 760 already qualify for the best rates and terms.

5. Why does higher credit utilization decrease your credit score?

Higher credit utilization signals lenders that you may be overextended or financially strained. Relying too much on credit increases the risk that you won’t pay your bill.

6. How to build credit with no credit?

Start by applying for a secured credit card or a credit-builder loan. These products are designed to help people with no credit establish a positive payment history. Consider becoming an authorized user on someone else’s well-managed card. Their positive credit history will be added to yours. These steps will help you build a credit profile from scratch.

Bottom line

Repairing or building your credit score isn’t something that will happen overnight, but there are steps you can take to see results quickly. It requires patience, persistence, and consistency to achieve your desired credit score. Follow some of the strategies outlined above, and you can make significant progress in a relatively short period.

Remember that every positive action, no matter how small, contributes to improving your credit score. If you find the process overwhelming, don’t hesitate to seek help from a professional. Certified credit counselors can offer valuable guidance and personalized plans to help you stay on track.

With discipline and the right strategies, you can reach the credit score you want.

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7. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

8. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

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12. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

13. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. No minimum balance required. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. To earn a Boost rate of 4.00%, the sum of your Eligible Payroll Deposits over a rolling 35-day period must be $500 or more, with at least one Eligible Payroll Deposit equalling a minimum of $200. For more information, please refer to Current Boost Terms and Conditions.

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15. Average value based on Fine Hotels + Resorts bookings in 2023 for stays of two nights. Benefits include daily breakfast for two, room upgrade upon arrival when available, $100 amenity, guaranteed 4PM late checkout, and noon check-in when available. Certain room categories not eligible for upgrade. $100 amenity varies by property. Actual value will vary based on property, room rate, upgrade availability, and use of benefits.

16. Up to $500 per Covered Trip that is delayed for more than 6 hours; and 2 claims per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

17. The maximum benefit amount for Trip Cancellation and Interruption Insurance is $10,000 per Covered Trip and $20,000 per Eligible Card per 12 consecutive month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

18. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

19. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

20. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

21. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

22. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

23. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

24. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

25. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

26. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

27. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

28. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

29. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

30. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

31. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

32. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

33. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

34. Tipping or not tipping has no impact on your eligibility for SpotMe®.

35. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

36. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

37. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

38. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

39. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

40. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

41. MyPay is only offered in select states

42. To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 – $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply.

43. Not affiliated with Empower Annuity Insurance Company of America (www.empower.com). Not everyone will qualify. Offers range from $10-$300 for first-time customers; $10-$400 for all others. Offers are based on our eligibility requirements and can go up with on-time payments. In Feb 2025, the average offer was $95 for first-time customers; $187 for all others. Instant delivery is optional—see fees in Empower’s Terms. Empower offers a 14-day trial for first-time customers followed by an auto-recurring $8/month subscription fee. Cancel anytime.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor's credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor's degree in journalism and an MBA.

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10 Ways to Build and Improve Your Credit Fast

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