-Here is EXACTLY what you can do to increase your credit score nearly instantly, and how you can work to improve your credit score over time – Enjoy! Add me on Instagram: GPStephan
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WHAT USUALLY BRINGS DOWN YOUR SCORE:
-One, you don’t have ENOUGH credit.
If you’re relatively new to all of this, or if you’ve barely had any time to open up a credit card and make on-time payments, then most likely – your score isn’t high because there’s not enough history to your account.
-Second, maybe you have a late payment
This is something that will stay on your credit report for a whopping 7 years.
-Third, check to see if you have any accounts in collections.
This is what happens when you’re more than 180 days on a payment, so your lender charges off the amount to a third party company.
-Fourth, check to see if you have any high balances or maxed out credit lines….
This is when you borrow or charge the maximum you’re allowed, or very close to it…when this happens, lenders see you as a bigger risk because – why else would you need to borrow so much money?
-Fifth, check to see if there are any bankruptcies or foreclosures on your credit report.
Sometimes, marks like this are accidentally left on longer than they should – OR, people might have misinformation on there, or had their identity stolen – all of which would impact your score.
ONE: If you DON’T have enough credit, and you want to increase your score IMMEDIATELY…the fastest tip is to become what’s called “an authorized user.”
TWO: Pay off your balances so that your utilization is below 10%
I’d say – for MOST people – this would make the biggest difference in their score in the shortest amount of time possible. OR – OPENING UP ANOTHER CREDIT CARD or increasing your credit limit will solve that problem.
THREE: TRY “EXPERIAN BOOST.”
Experian Boost is a totally free, opt-in service that links to your accounts, and then tracks on-time phone and utility payments by adding them as a positive trade-in to your Experian credit file. Doing this will give you: more positive credit history and more on-time payments to help boost up your score.
FOUR: REMOVE LATE PAYMENTS AND DELINQUENCIES from your account!
It’s always worth it to TRY to negotiate the terms of the debt and see if they can adjust your account status back to current. This means you can reach out to the lender and, if you’re having a difficult time making payments, see if you can work out a payment plan. Or, work some type of installment loan in exchange for bringing the account current and making a payment. The reality is that late payments are NOTORIOUS for just being charged off by the lender for pennies on the dollar, and most companies would rather negotiate with you to get SOMETHING than NOTHING.
FIFTH: DON’T CLOSE OUT ANY ACCOUNTS.
Because your credit score is calculated by the AVERAGE AGE of your credit history – that STARTS FROM from the age of your oldest account. BUT, IF YOU CLOSE that oldest account because “you don’t use that card anymore” – what you’re really doing is ERASING your oldest trade line, and when that happens – eventually, the average length of your credit history will drop – and when that happens, it’ll look as though you have a much newer account then you actually do, and that will lower your score.
So, as a PREVENTATIVE MEASURE – DON’T CLOSE OUT ANY CREDIT CARDS, EVEN IF YOU DON’T USE THEM.
By doing this, and raising your score above 750 or so, you’ll get the lowest interest rates imaginable, you’ll be able to take advantage of credit card sign up offers, you’ll get a whole bunch of free stuff, and this just opens up SO many opportunities that SAVE YOU MONEY that just wouldn’t be possible without a good score.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available.