If you're looking to increase your credit score from 300 to 700, there are a few steps you can take to get there. Paying your bills on time, avoiding taking on new debts, and considering the types of credit you use are all important factors in improving your credit score. It can take anywhere from a few months to several years to go from a 700 to 800 credit score, depending on your financial habits and credit history. Every year you have credit, your credit history gets longer, helping to improve your score.
You can also consider taking out a loan to build credit, as this will be particularly effective if you don't already have an active installment loan on your credit history. Remember that a loan to build credit will only improve your score if you make all your payments on time. You can also look into secured credit cards, which are backed by a cash deposit and can be obtained even with low credit ratings. If you've been a long-term customer of your bank, you may be able to open a line of credit without a high credit score.
Knowing how to get a credit score of 700 or 800 and taking the necessary steps to do so can give you access to better credit cards and allow you to borrow money with lower interest rates and better loan terms. A quick way to reduce your credit card debt to zero and increase your credit utilization rate could be achieved by paying it off with the proceeds from debt consolidation or a personal loan. By adding a new line of credit, you're essentially increasing your overall line of credit, which can help if you can't quickly pay off existing credit card debt. The impact that a line of credit increase could have on your credit rating depends largely on the increase you receive. It's important to remember that not all credit scores are the same and that they fluctuate from month to month, depending on the credit bureaus that lenders use and how often lenders report account activity.
Achieving an elite status of 800 may take many years as the credit rating factors count ages in the score.