When is the Best Time to Improve Your Credit Score?

Written by Banks Editorial Team
2 min. read
Written by Banks Editorial Team
2 min. read

If you have recently experienced a dip in your credit score, you may be wondering when is the best time to improve your credit score. With a proactive approach to credit management, you can easily improve your credit score within a short period of time. However, this is solely dependent on an individual’s timing when it comes to credit card payments. If credit payments are made late, one is more likely to incur more fees as well as reduce the chances of raising the scores. A boost of your credit score involves being efficient in making payment within the due dates and enhancing credit utilization ratios. This means that the best time to improve your credit score is throughout your credit engagement by ensuring that you have a reputable payment system.  Check your credit score and set a benchmark for credit improvement:

Credit Score Apps

 
Experian Boost is a free service that allows you to add eligible, on-time payments to your credit report, potentially increasing your credit score.

When is the Best Time to Improve Your Credit Score?

Understanding the best time to improve your credit score is the beginning of successful credit management. A credit score reflects an individual’s credit payment pattern in a certain period of time, with emphasis placed on the recent transactions. It is possible to increase a few points of your credit score within a few weeks. And how long this takes will depend on 3 factors: customer’s starting point, monthly habits, and the understanding of the term “improvement.” With self-determination, a low ratio in credit utilization, and positive payment history, you increase the chances of improving your credit score.

The best time to improve your credit score is as soon as you start owning a credit card. The longer and credible your credit history, the better the scores. When reviewing the credit history of an applicant or requesting a credit score, the lenders are always interested in how you pay bills. This is because the past payment records reflect your future performance. It is, therefore, important that you pay bills on time as agreed to increase chances of raising your credit scores. Making later payments or depositing less than what had been agreed upon originally can negatively affect the scores. Furthermore, taking out a loan can require work on your credit score months ahead of time, making urgency an important factor in determining the best times to improve credit. This is why an immediate improvement of your payment history is the best time to improve your credit score.

To check your credit scores, you can always contact any of the three major credit reporting agencies (Equifax®, Experian®, and TransUnion®) on[Text Wrapping Break]AnnualCreditReport.com, or by calling 1-877-322-8228.

Credit Score Apps

 
Experian Boost is a free service that allows you to add eligible, on-time payments to your credit report, potentially increasing your credit score.

Long-Term Credit Score Improvement

Improving your credit score should be a continual process, right from the time one is a young adult till retirement. As such, the most effective means of improving your credit scores is by working on the credit from the time you attain the age of 18 years. The best time to improve your credit score is right from a young age when your credit journey begins. For instance, when you apply for student loans, it is the right time to establish good payment habits. This involves paying bills in full in time, keeping debts very low, keeping in check old credit cards, and only applying for loans or credit cards that are necessary. These practices are critical since credit scores are influenced not only by the age of the credit, but also the credit mix, amounts owed, credit utilization rates, and the payment history. The best time to improve your credit score is, thus, continuous and should be maintained throughout one’s credit life.

You can always use online tools that provide you with a free credit-building plan to help you in managing your credit scores.

You may also like

Learn about the different features and services to identify what the best identity theft protection for you and your family is.
Read more

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.