How To Get A PERFECT Credit Score (For FREE)
Published: 2024-07-24
Status:
Available
|
Analyzed
Published: 2024-07-24
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
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Topic
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The speaker was denied a mortgage in 2011 due to a lack of credit history, highlighting the importance of building credit.
"I was 21 years old I had never opened up any credit in my life and I kind of thought that using credit cards like this was completely pointless but when I went to several Banks to try to get a mortgage to be able to buy a property back in 2011 every single Bank rejected me because I didn't have a credit profile"
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The speaker has maintained a perfect payment history since 2012, with no late payments, collections, or derogatory public records.
"as you can see since 2012 12 I've had zero late payments ever zero accounts and Collections and zero derogatory public records"
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The speaker's credit utilization is extremely low, with only $38 charged on a total personal credit line of $161,000.
"I have $38 charged on a total personal credit line of $161,000"
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The speaker's credit history is well-established, with their oldest account being over 12 years old and an average account age of over 8 years.
"my oldest account is about 12.6 years old and my average account age is just over 8 years old"
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The speaker has a diverse credit mix, including eight credit cards and significant mortgage debt for rental properties.
"credit mix and here I have eight revolving credit card accounts in a total of 13 of which six have been paid off in full and then there's the big one $3.8 million worth of Mortgage Debt which is spread across six rental properties"
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Becoming an authorized user on someone else's credit account is a method to quickly increase one's credit score.
"if you don't have enough credit but you want to increase your credit score as fast as possible you could do this by becoming what's called an authorized user"
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Being added as an authorized user can boost a credit score by an average of 22 points.
"it's shown that it could boost your score an average of 22 points"
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Specific credit card issuers like Capital One, Discover, Bank of America, and Wells Fargo often report to authorized users' credit histories.
"Capital One Discover Bank of America and dwells Fargo are credit cards that will often report to the other users credit history"
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Maintaining a credit utilization rate below 10% is a significant factor in improving a credit score.
"pay off your credit card balances so that that way your utilization is below 10%"
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Experian Boost is a free service that can improve credit scores by reporting on-time utility and phone payments as positive trade lines.
"Experian boost is a totally free optin service service that goes through your accounts and then tracks ontime phone and utility payments by adding them as a positive trade line to your Experian credit file"
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The severity of late payments on a credit score increases over time; a 90-day late payment is worse than a 60-day, which is worse than a 30-day.
"if you have any sort of late payment of any kind on your report just be aware that it only gets worse the more time goes on so a 90-day lay payment is significantly worse than a 60-day late payment which is significantly worse than a 30-day late payment"
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Negotiating debt terms with lenders to bring accounts current is advised when facing collection notices.
"if you find yourself getting blasted with collection notices it's usually worth it to try to negotiate the terms of the debt to bring it back to current"
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Inaccuracies in credit reports, such as incorrect amounts owed or dates, can be disputed and potentially removed if the debt cannot be proven.
"if you find any inconsistencies with the amount that is owed the dates owed and so on you could report it and if they can't prove Beyond a reasonable doubt that that debt exists with the terms that they specified you could have it removed"
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The Chase Sapphire Reserve offered a significant bonus of 100,000 points for spending $4,000 in the first three months in 2016.
"I used to have a few go-to cards that I'd use on a regular basis with the first one being the Chase Sapphire Reserve at the time I signed up for this back in 2016 there was an offer out there for 100,000 bonus points when you spent $4,000 in the first 3 months"
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The American Express Gold Card offered 80,000 points for spending $4,000 in the first three months.
"I did the same thing with the American Express gold card I found an offer for 80,000 points when you spent $4,000 in the first 3 months"
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The American Express Platinum Card offered 100,000 points for spending $6,000 in the first three months.
"I repeated this with the American Express Platinum Card which I believe gave a 100,000 points when you spent $6,000 in the first 3 months"
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Prepaying business expenses on the American Express Business Platinum Card allowed the speaker to earn points and over $1,000 in profit.
"I was also able to do this with the American Express business platinum card and prepaid some business expenses to be able to hit the minimum amount got the points and wound up getting over $1,000 worth of profit"
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It is recommended to freeze credit bureaus (Equifax, Experian, TransUnion) if not actively applying for credit to prevent identity theft.
"if you're not actively applying for credit please freeze all three credit bureaus of Equifax experion and Transunion"
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