How to Increase your Credit Score with NO DEBT

Описание: Here are six different methods to INCREASE your credit score WITHOUT debt. Whether you are just starting out with your credit score, or you have bad credit and need to improve your credit score, these six methods will help!

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⏰ TIME STAMPS ⏰
00:00 - Intro
00:45 - Become an Authorized Signer
02:09 - Experian Boost
03:34 - Credit Builder Loan
04:48 - Secured Credit Card
05:46 - Ask Your Landlord to Report Your Rent
06:42 - Pay Existing Debts
 
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About this video (How to Increase your Credit Score with NO DEBT): In this video, I break down six different methods to increase your credit score without any debt. These will help you get started building your credit score and should work whether you are just getting started with credit, or have bad credit that you are looking to fix. The six methods of increasing your credit score without debt that I discuss are the following.

1. Become an Authorized Signer in someone else's account. By becoming an authorized user of someone else's credit card, you increase your credit score almost instantly (assuming the other person has a good credit history). This increases your credit score fast because it not only adds an account to your credit report, it also brings over the good credit history of the other person onto your credit report.

2. Join Experian Boost - Experian Boost is a free program that allows you to report certain bills to the credit bureaus that you normally would not report. Therefore, by joining Experian Boost you increase your credit score in many ways. 1) You add accounts to your credit report, 2) You improve your payment history (which is the number one factor that affects your credit score), and 3) Overtime, this will also help the average age of your credit history.

3. Get a Credit Builder Loan. For anyone with bad credit, credit builder loans are a great option to improve your credit score. Credit builder loans raise your credit score in many ways. 1) Credit Builder Loans add an account to your credit report, 2) Decrease your overall credit utilization rate, 3) and lastly, Credit Builder Loans allow you to record on-time payments. Which, as I've said before, is the single most important metric when calculating your credit score.

4. Get a Secured Credit Card. Secured Credit Cards are good for anyone who does not have a high enough credit score to get a regular credit card. Secured credit cards allow you to step into the world of credit and help you get started with your credit-building journey.

5. Ask your Landlord to report your rent payments to the credit bureaus. (Equifax, Experian, and TransUnion). Landlords don’t often report rent to the credit bureaus because they aren’t obligated to, and it can get expensive. But some will report your rent to the credit bureaus if you ask. I’ve had landlords in the past report my payments to credit bureaus and I really appreciated the boost that this brought to my credit score. Ask your landlord to report your rent to the credit bureaus and explain the reasons why. Many will report your rent to the credit bureaus because they know that housing payment history can greatly influence a credit score. They may also have other tenants who want their rent reported to the credit bureaus too.

6. Pay Your Existing Debts. If you have existing debts, paying them down or off will help your credit score. The payment history helps increase your score, but so does the lower credit utilization rate.

👨🏽‍⚖️ DISCLAIMERS AND DISCLOSURES 👨🏽‍⚖️
This video, and the ideas presented in it, are for educational purposes only and should not be construed as financial or legal advice.
 
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