Tips To Increase Credit Score | Opt Out To Increase Credit Score

Tips To Increase Credit Score | Opt Out To Increase Credit Score



In today's blog I'll be showing you how I got an 800 credit score and how you can do the same so you know I talk a lot about investing making money a lot of money thousands of dollars.

But I really talk about the tools that I use to make that money and in today's blog I'll be talking about credit and how you can get an excellent credit score and how to use your credit score to make a ton of money.

So let's get started all right first if you want to check your credit score check it out this is in the credit karma app it shows your credit score absolutely free.

But I also use a ton of other services that provide me a credit score all right so how did I get the 800 credit score well I tried to maximize all the categories and all the requirements that go into your credit.

One of the biggest factors that determine your credit is your on-time payments & your payment history this is one of the biggest factors determining your score you have to do it your hundred percent and make as much as online payments you can which is pretty much everything that you make monthly payments on will go on your credit score.

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For example, car notes student loans mortgages investment properties all will count as payments on your credit score this is one of the biggest factors you want to go as long as possible without making any late payments or without missing a payment completely.

The more on-time payments you have the better and one of the best ways to have monthly payments is with credit cards if you open a credit card and you do not purchase anything you just keep the balance at zero.

Every single month you're going to get a positive payment on that credit card which is absolutely awesome now you are getting positive payments without making any payments also if you bought a house an investment property you are making payments every single month and all of those payments counts towards your credit which is absolutely amazing one.

Another thing that I do to keep my 800 credit score is utilized as little credit as possible. Your credit card utilization rate right there should be at zero percent the lower you can keep your credit utilization the better.

For example, if you have a ten thousand dollar credit card a lot of people will max this credit card out and then make monthly payments and then they will expect their credit score to be good.

But in reality you are destroying your credit utilization if you want to have a high credit score you have to keep your credit utilization below ten percent.

Me personally i like to keep it zero to three percent if possible so the way this works if you have a ten thousand dollar credit card make sure to keep your balance below 1000 one of the best ways to keep your utilization rate at zero.

Like i do is when you first go to the store you buy something on your credit card as soon as you get home pay it off instantaneously this way you still get all the benefits that the credit card provides and you are keeping your utilization rate as low as possible this will improve your credit score dramatically also keeping the utilization rate as low as possible.

This will show the bank that you are responsible with your money and when it's time to buy a rental property you will have no problems getting that loan so that is one of the benefits of having a good credit score and keeping your utilization rate as low as possible.

Does Asking for a Credit Increase Hurt Score

One other thing that you need to keep in mind is you have to be financially responsible do not go into collections if you cannot afford it do not put it on your credit card. Many people have query does getting a credit limit increase affect your score?

This is one of the biggest problems I see with young people they cannot afford something they just swipe their credit card and put it on their credit card having collections on your credit or derogatory marks will keep your credit score very low.

So make sure to stay away from collections and derogatory marks if you cannot afford it please do not put it on a credit card.

Please do not take out a loan for it unless you are taking a loan to buy an investment that will pay for that loan but if you're just buying it for lavish things please avoid this at all costs collections and derogatory marks look very bad on your credit.

Especially when the bank runs your credit score they see all these collections they're not going to give you the money to buy their rental property to start their home business please avoid collections at all costs.

One other factor that impacts your credit score is your credit history the longer your credit history the better this is one of the most important things when it comes to getting your credit score above 800 and it is the length of your credit best of all this is one of the easiest things that you can improve and it does not require a lot of work at all.

Good Credit History i.e., Authorised User Credit Score Increase

One of the best ways to improve your credit history is way that I have done it personally is to get a credit card that has no annual fee sign up for the credit card get approved activate the credit card and then put the credit card somewhere in your house do not use the credit card ever yes you heard me right do not use the credit card ever just let the credit card sit for years and years and years this will give you years and years and years on your credit history the way credit history is calculated it is very simple they pretty much take the average of all of your accounts so for.

For example, if you have a credit card that is 10 years old and then you go out and you get another credit card now instead of having a 10-year credit history you get a five-year credit history because they take 10 years from credit card A and then one year from credit card B and they find the middle this way you have five years of credit history.

But if you have multiple credit cards that are 10 years plus now that average will stay around 10 years even if you end up getting a new credit card it will bump it down to maybe nine years but nine years is way better than five that is why i recommend do not cancel your credit cards even if you do not use them.

If they have a zero annual fee just put them to the side and let them sit there do not cancel it canceling credit cards that have been open for five, ten, fifteen years can cause your credit score to drop dramatically.

So keep accounts open as long as possible also if you never bought a single thing on them it will simply keep increase your credit score and to give you long credit history the longer your credit history the more responsible you are going to look to a bank as authorized user credit score increase.

Especially when they see 10 years of good credit history where you have multiple accounts open but you are not spending money this shows the bank that you are responsible and they will feel comfortable loaning you money having a good credit score can be life-changing.

Especially in today's world where credit is everything cash used to be king back in the days but right now credit is king the better your credit score the more opportunities you are going to have in today's world.

Credit is used for just about everything when you are applying for a job they check your credit when you are buying a brand new car, brand new phone, they check your credit when you are getting car insurance or life insurance they check your credit when you are buying an investment property, a home they are checking your credit.

Credit is one of the most important things if you have good credit you'll be able to take full advantage of all the opportunities that are presented to you having an 800 credit score does not happen overnight so make sure to start building your credit as soon as possible the longer you wait the longer it will take for you to get an 800 credit score.

So make sure you start now to take advantage of all the opportunities and all the tips that I have shared in today's blog.

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