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How to Improve Credit Score Fast

The secret to building good credit is knowing that there are always steps you can take to increase your credit score no matter what your situation is.

From paying debts on time and reducing your utilization to limiting the number of new accounts you apply for and keeping your old accounts open, these are just a few of the key options to help boost your credit score fast.

In this article, we’ll go over the following main highlights:

  • Quick & easy ways to improve your credit score
  • How long it takes for your credit score to increase
  • How to maintain positive credit behavior

How is credit score calculated?

One of the most important things to understand about improving your credit score is how it’s calculated.

Credit scores are calculated using the information found in your credit history. While most people think you only have one credit score, scores actually vary depending on the type of scoring model you use to calculate them.

For example, your score can vary solely based on which consumer reporting agency you use (Experian, TransUnion, or Equifax). Because lenders sometimes only report to one or two of these agencies, or none at all, you can have multiple credit scores and reports.

See the following ways credit score is calculated:

Payment history

Payment history is based on how consistently you pay your bills on time. This is one of the biggest factors in calculating your credit score.

Keep in mind that late or missed payments can have a significant negative impact on your score. Check out our budgeting article to see why financial health is important for queer people.

Credit utilization rate

Your credit utilization rate—generally expressed as a percentage—is the amount of revolving credit you’re using divided by the total credit available to you.

This allows lenders to determine how well you manage your current debt.

Credit age

Credit age is the amount of time you’ve had open lines of credit. Even if you no longer use an account, lenders prefer to see established credit lines and recommend keeping old accounts open.

Amounts you owe

The amount of money you owe is the sum of your balances across each of your credit lines.

Ideally, you want to pay off all your balances at the end of the month because this shows lenders that you can make on-time payments, which will help increase your score.

Hard inquiries

A hard inquiry, also known as a hard credit pull, occurs when you apply for a new line of credit, either a new card or a family creation loan.

This means that a creditor has requested to look at your credit file to determine how much of a risk you pose as a borrower. It’s important to note that hard inquiries can affect your score.

Credit mix

A credit mix refers to the different types of credit accounts you have—loans, credit cards, mortgages, etc. Your credit score is calculated from your credit mix depending on the variety of accounts you have with a strong payment history.

How to boost my credit score in 5 steps

While the following steps are the quickest and easiest ways to boost your credit score, improving your credit will vary based on your specific credit situation.

  1. Review your credit reports
  2. Pay your debts on time
  3. Keep your credit utilization rate low
  4. Limit applying for new credit accounts
  5. Keep your old credit accounts open

How long does it take for my credit score to increase?

The amount of time it takes to increase a credit score depends on your unique circumstances. Improving your score takes patiences and effort.

For example, you might be able to bounce back a lot quicker from one late payment vs. a few hard inquiries or an account going into collections.

See the following table on the average time it takes to improve your credit score based on a 2022 report by Bankrate.

Bankrate Credit Score Report (2022)

How to Improve Your Credit Score - Daylight Grow

If you’re envisioning how to build an LGBTQ+ family and are thinking about taking out a loan, you should consider the above factors on how to improve your credit score.

Feel free to reach out to our team at for more information on LGBTQ+ family creation loans and fertility options.

Disclaimer: The content provided on this blog post is not intended to provide legal, investment or financial advice and is not tailored to anyone’s specific circumstances. For any specific advice about your current circumstances, you may want to consult with a qualified professional. Any information or statistical data provided by Daylight Grow is used for informational purposes only. While Daylight Grow finds this information to be accurate, we do not endorse or guarantee any third-party content.