HOW TO BUILD CREDIT SCORE FAST | HOW TO INCREASE CREDIT SCORE FAST 100PTS IN 30 DAYS

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Video Summary:

In this video, I discuss the reasons why your credit score may have dropped and provide tips on how to increase it. One major factor that can cause your credit score to drop is having too many maxed out credit cards. When credit card companies see this, they may cut down your credit limit, which increases your debt-to-income ratio. It's important to negotiate with your credit card company to try to get your original credit line back. Another factor that can affect your credit score is having collections on your credit account. Depending on the length of time the collection has been active, your credit score can drop significantly. It's crucial to pay off any collections as soon as possible to avoid further damage to your credit. Late payments can also have a negative impact on your credit score, with a 30-day late payment potentially lowering your score by 50 to 80 points. It's important to make payments on time and avoid letting accounts go into collections or charge-off status. Paying off loans can also affect your credit score, with a paid-off loan potentially lowering your score by up to 40 points. It's recommended to have a mix of different types of accounts on your credit file, such as revolving accounts and personal loans, to maintain a healthy credit mix. Additionally, keeping your credit card utilization below 30% and paying down your credit cards to under 10% can help improve your credit score. It's important to note that changes in your credit score may be reflected faster on Vantage scores compared to FICO scores. Finally, it's advised not to close old accounts, as this can negatively impact your credit history. Applying for multiple credit cards or loans can also result in multiple hard inquiries, which can lower your credit score. It's best to shop for credit cards or loans within the same financial institution to minimize the impact on your credit score.

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