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How to increase your credit score fast.
#creditscore
Timeline
0:00 Why credit score matters
1:23 What impacts your credit score
4:44 Credit utilization
9:02 Credit mix
9:52 Inquiries
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45 comments
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Step 1: Eat lots of nachos
I use my credit as a tool to get things done like side hustle business etcetera!
Thanks for the video!! My wife’s student loan just showed up on her credit report and her score dramatically dropped from 821 to 760. Are they going back up soon? or her score lock up aroud 760 till she pays off?
hello there, my credit score is 800 for Equifax, 778 TransUnion, and 765 Experian. my credit utilization is 5% across all the credit bureaus and working to get it down to 0%
100% I learned so much in car sales seeing so many scores and situations. Ive seen ally bank take a 580 with no proof of income that bank likes mortgages the lady had cancer and it was all medical debt but an almost payed off house. If you took the medical out her history was perfect. Ive also seen a 720 get hit with proof of income because they were young and it was their first car and all they really had was 3 years of history on one credit account.
Im at 691 Ive been building for 3 years I have a mortgage a car loan and 12 credit cards 9/12 have 0 balance 1 has 20% and the other 2 are under 10%. Now to just sit back and wait for the last of my bad marks to fall off and for my accounts to age.
Thank you
A bit of an advanced FICO score strategy, but don't carry balances even if it's a 0% APR. The reason is for people who regularly get credit cards the new FICO 10 algorithm punishes people that get increasing balances over time. To keep the highest score, paying in full every month is more important than with FICO 8.
These videos always do numbers but all you gotta do is pay your bills in full monthly & it'll turn out pretty good.
I lowered my utilization by paying off card early to be under 2%, and my score went up fast, and credit limit was raised on all cards without asking for it.
You are
awesome
Post it note emoji. Appears I don’t have one in my I pad.
How about a video on Amex platinum no preset spending limit. I feel like it’s a set up.
Excellent work
️
On the topic of optionality and downgrade paths, I really want to open the Amex Gold but there is none here. I wish Amex gave you the option to change it to a $0 annual fee card
Great stuff as always, Sebby. A couple comments in FICO scoring:
Technically, inquiries aren’t the only thing factored into the new credit category. FICO looks at multiple factors related to new accounts that have been opened.
Also, the overall credit utilization ratio isn’t the only factor considered in the amount owed category. Individual card credit utilization is factored into this category, and number of accounts with balances is also factored in.
Sebby. Get a new hair style my dude.
Great info Sebby.
I need to have you at my film festival in Vegas.
Student and auto loans at a good pace that once my inquiries fall off next year I shouldn’t stress too much about credit card application hits
Can you downgrade from an Amex platinum to Amex Gold after a year?
I'm confused to why I got dropped 13 points after paying off a credit card to 7% utilization from 33%
Luckily when I closed my oldest card, it didn't have too much of an effect. I had to close it. It was from crappy Credit One, when I was first establishing credit. Now that I have much better cards, it had to go!
Love the strategy. Sure that this is helping out tons of peeps.
@Sebby But sebby what about if you have a good credit score but a few collections?? Want those collections still affect you when purchasing something??
I already knew all of what you said but figured I would watch in case I found out something new…you never know, right? But I do have a question. My total CC utilization is less than 30% ( right now higher than normal due to house repairs, usually about 5%). But one card is about 75% – it has a 0 interest feature for over a year so I put the repair costs on it. Is having one card balance very high what has severely impacted my credit score? I would have thought since my total utilization is still below 30% and the amount isn’t that large overall that the impact would be as severe. Thanks
I've never owned a credit card..
If you have not downloaded the template yet, it is brilliant. I did this exercise on paper the morning before Sebby released this video and his content is 100% on point!