How To Dramatically Increase Your Credit Score | WITHOUT DEBT

Описание: Today i will be explaining how i got my credit score from a 0 to an 805 at only 24 years old. hopefully this helps out you out if you are unsure of how to raise your credit.

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EVERYONE TODAY HAS A CREDIT CARD:
In todays culture it is extremely uncommon to know someone without a credit card and on average people have about three different credit card accounts. In Q4 of 2021, credit card users reached a total of 196 million. Among those users, there were 20.1 million new accounts, representing more than 60% annual growth from the year before and bringing the total number of accounts to over 485 million. That’s more than our countries population. What’s scarier is of the 196 million people who have credit cards, over 34.8% have subprime credit scores.

CREDIT CARD MYTHS:
For starters, it is okay for you to check your own credit score, doing this will not lower it. What will negatively affect your credit score is if others look at it in the form of a hard pull or hard inquiry. Another common credit myth that I have heard countless times from my friends, is that carrying a balance on your card or carrying debt from some sort of loan instead of just paying it off, will also boost your credit score. Believe it or not carrying a credit balance does nothing for you besides making you pay more in interest. And paying off installment loans is actually a positive instead of dragging them on.

THE TOP 5 WAYS TO RAISE YOUR CREDIT SCORE:
In order to actually raise your credit score, you need to understand what each of the 5 factors are that contribute to a credit score and how to follow them correctly. Payment history makes up 35% of your credit score and it represents how well you can pay off your debt. In order to keep your payment history high you need to make sure you are paying off your bills and credit cards in full and on time. This is more important than ANYTHING else that has to do with a credit score. I have done this every month since I was 18 and have never missed a bill. Missing payments or being late can dramatically lower your score.

GET MORE CREDIT:
A trick I used to lower my credit utilization in the beginning was only putting a small amount on it at first. Maybe just filling up my car and using it to pay for gas once a month. All my other expenses stayed on my debit card. After about 6 months I would then apply for a credit limit increase. Just be careful which cards you do this on. Some cards will offer it and some you have to ask for. I know if you ask any chase card they will want to do a hard inquiry every time which is not worth it. But a citi or discover card you can ask every 6 months and you will be fine. You just fill in your income and your monthly rent.



Legal Disclaimer: I am not a financial advisor nor is any content in this video presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.