Raise Credit Score 100 Points Overnight

By Allison Martin
raise credit score overnight

What if you could raise your credit score by 100 points overnight to unlock better loan opportunities? We have good news and bad news. 

Bad news first: Even if you do everything right, your score probably won’t increase by 100 points in the next 24 hours. 

The good news is you could start seeing results in 30 to 60 days, depending on your unique situation. 

Read on to learn how to increase your score by 100 points or more. We’ll also cover the formula used to calculate your credit score, how quickly you can expect your score to update and actions you can take right away to boost your credit health. 

How Is Your Credit Score Calculated? 

Before you take any actions to raise your credit score, it’s vital to know how this three-digit number is calculated. 

Approximately 90% of lenders and creditors use FICO scores to make credit decisions. Your FICO score is derived from the information in your credit reports from Equifax, Experian and TransUnion. 

The formula is as follows: 

  • Payment history (35%): Creditors want to know that you pay your bills on time. A negative mark is added to your credit profile once an account reaches 30 or more days past due, and remains on your report for 7 years. It also hurts your credit score. 
  • Amounts owed (30%): This figure is the percentage of available credit across all your revolving accounts that you use each month. Try to keep this figure at 30% or below. 
  • Length of credit history (15%): Consumers with extended credit histories are viewed more favorably in creditors’ eyes. 
  • Credit mix (10%): It’s ideal to have a balance of installment and revolving accounts. Creditors want to know that you have experience managing both. 
  • Credit inquiries (10%): Each time you apply for credit, a hard inquiry is generated. The fewer inquiries, the better as too many in a short period could indicate financial distress to lenders and creditors. Plus, your credit score takes a slight hit when you submit an application for credit.  

Access your free credit report from the 3 bureaus from Analyze the data to get an idea of which areas are dragging your credit rating down. This will help you identify where to start with your rebuilding efforts. 

How Quickly Does Your Credit Score Update? 

It depends on the lender or credit card issuer. They report account activity to the credit bureaus once per month. You can confirm this date by reaching out to the creditors directly. However, you shouldn’t expect your credit report and score to reflect any payments until the monthly update occurs.

7 Tips to Boost Your Credit Score by 100 Points or More 

  1. Dispute Errors 
  2. Monitor Your Progress 
  3. Get Current On Delinquent Accounts 
  4. Pay Your Bills On Time
  5. Keep Your Balances Low 
  6. Don’t Close Old Accounts
  7. Get a Credit Builder Loan

Ready to skyrocket your credit score by 100 points or more? Consider these strategies to help you get there faster. 

1. Dispute Errors 

When you file disputes, the credit bureaus have 30 days to investigate and reach a decision. If the lender or creditor responds right away and the credit bureaus rule in your favor, you could see an adjustment to your score. But if it takes the lender or creditor a bit to respond, it could be a month or more before your credit score updates. 

You want to file disputes right away to have incorrect and untimely information removed from your credit report. That way, your credit score will be an accurate reflection of your credit history. It’s also possible that your score will jump by several points by merely getting this information removed.

2. Monitor Your Progress 

MoneyLion makes it easy to keep tabs on your progress with weekly credit score updates. You’ll get access to the “Credit Score Tracking” tool and receive alerts on activity in your credit file when you join Credit Builder Plus. You will gain access to information about your payment history, age of credit, credit utilization, credit inquiries and account balances. You can also view your credit score history over time directly from your dashboard on the mobile app.

3. Get Current On Delinquent Accounts 

Don’t allow past due accounts to keep dragging your score down. Bring all your delinquent accounts current so the lenders and creditors can stop adding negative marks to your credit report each month. If the past due amount is too large, reach out to a member of their customer support team and request a payment arrangement. You may also qualify for a hardship program that will allow you to get back on track without doing more damage to your credit score. 

4. Pay Your Bills On Time 

Since payment history makes up the most significant percentage of your credit score, it’s pertinent that you make timely payments on debts each month. If the current payment due dates don’t quite work for you, ask to have them changed. You should also make contact at the first sign of financial trouble to work out an arrangement. This could prevent adverse reporting moving forward. 

Maybe money’s not the issue, and you struggle to keep up with the due dates. Consider putting your debt obligations auto-pay or scheduling them ahead of time to avoid late payments. 

5. Keep Your Balances Low 

The sweet spot for credit utilization for credit scoring purposes is 30% or lower. Try to pay down the outstanding balances on your revolving accounts to this percentage. If 30% is a stretch, pay as much as you can to start seeing an increase in your score. 

You can also request credit limit increases to reduce this percentage without forking over a wad of cash. But here’s the catch – you must be disciplined enough not to use the card. Also, know that some credit card issuers perform a credit check to determine if you’re eligible for an increase, which could lower your score by a few points. 

6. Don’t Close Old Accounts 

Tired of holding on to credit cards you don’t use? Before you cut them up and call the credit card issuer to close the account, it’s crucial to understand how they impact your credit score. 

If the cards reflect a zero balance, they’re actually helping your credit utilization ratio, and closing them could hurt your credit score. So, it’s best to leave them alone until you’re able to pay down your other outstanding credit card debts or you could delay progress towards reaching your goal of raising your score by 100 or more points. 

7. Get a Credit Builder Loan 

A Credit Builder Loan from MoneyLion is an ideal way to improve your payment history and credit mix. There’s no credit check to apply for a loan — if you have a steady source of income and an account that’s at least 60 days and is in good standing, you could be approved for up to $1,000.

More than half of people who take the loan improve their credit score by over 60 points within the first 60 days!

This loan product features a competitive APR, and the affordable payments are automatically deducted from your account. It’s easy to build credit since positive payment history is reported to the 3 credit bureaus – Equifax, Experian and TransUnion – on your behalf.

There’s no credit check to apply. Just link your checking account, and you could get same-day funding. If your finances need some work, MoneyLion may hold a portion of your loan funds in a Credit Reserve account in your name until you pay your loan in full. Once you do, the money is all yours!

See if you qualify for a Credit Builder Loan

Your Next Steps

While raising your credit score 100 points within a day is unlikely, the ways above can help you build your credit profile in a couple of months — or even just 60 days with a MoneyLion credit builder loan!

By learning how your credit score works and how to practice healthy credit usage you will be on your way to obtaining a higher credit score. With a higher credit score, you will be more likely to be approved for lending at better rates and increase your chances of being approved for those big purchases in life.

Sign Up
Sign Up
Sign Up