So you want to know how you can boost your credit score crazy fast?
In this video,
I will prove the experts wrong when they say it takes a long time to build up a
credit score. I will show you 5 tactics that you can utilize if used correctly,
to grow your credit score upwards of 150 points in the next 72 hours and
accelerate your rich life. Stay tuned.
What's going on fam? Justin Houser here and welcome to WHAT THE...Finance
Fridays.
Where I go over vital information in only 5 minutes on how you can become
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Also feel free to check the description link below for show notes,
links the recommended products and anything that I might've forgot to mention in
this video. So let's get into how to boost your credit score. Crazy fast.
I've been teaching these techniques to friends and family for years now with
amazing results. In fact,
a family of mine recently used one of these techniques that I'm about to show
you to increase this credit score from 610 to 750 and 72 hours,
and since he has now increased it from 750 to 775 in the past 90 days alone.
The 1st technique that you can use to boost your credit score crazy fast is to
become an authorized user.
This technique is what my family member used to help him boost his score almost
150 points within 3 days.
This is something that usually takes 30 to 60 days for it to be updated by all
three credit bureaus,
but he had a rare occurrence where it updated way faster in only 3 days.
This works best for people who have no credit or horrible credits such as 600 or
below. If you need to know what a credit score is,
I actually went over that exactly and how to obtain credit reports for free and
a previous video, link right up here, either here or here,
and also in the description below.
So make sure you check out that after this video.
There are a lot of misconceptions about becoming an authorized user or
piggybacking off of someone else's credit as it is usually referred to.
So let me clear that up right now and give you the steps on how to set this up.
Step number one, identify who will authorize you to be under their credit.
You can become an authorized user under someone else's account.
That could be a parent, a sister, a brother, or even a child.
If they have really good credit and a long credit history underneath their belt.
I would recommend to aim for someone with at least a seven 50 as a credit score.
And step number two, get a credit card with your name on it,
but under their account. This is similar to what a co-signer is.
When you buy something such as a car,
this would also mean that they are liable to pay off credit card bills if you
don't and you wouldn't be held liable for these bills. However,
I do not recommend this as they did take the risk in the first place by making
you an authorized user.
The biggest question I get on this is as follows,
why would I let someone with a lower credit score on my account?
Wouldn't this lower my score in her my credit report? No. How is this possible?
Your score will get reported to the credit Bureau separately from the person who
authorized you, so if you get authorized from someone,
let's say your parents who score was a seven 90 there's a high probability that
your score will jump upwards of 50 75 even a hundred or more points and less
than 30 days. Is there a downside to this? There can be.
Since the big subprime mortgage crisis back in 2007 it changed some of the ways
that lenders look at credit reports.
I do not recommend you immediately go out and try to get a mortgage of $500,000
because you now have a credit score of 780.
What's going to happen is that the lenders could, not always,
but look a little more in depth into your credit history and see that you're
simply an authorized user. So in short,
becoming an authorized user is great for getting a big initial boost in your
credit score,
but maybe not the best thing if you're applying for one and a half million
dollar mortgage tomorrow.
The 2nd strategy in boosting your credit score crazy fast is strategically
contacting the credit reporting agencies. Just like buying a car to dealership.
Anyone can walk in and purchase it. However,
not everyone wants to actually start negotiating at the table for hours on end
just to get that amazing deal.
The same goes with contacting credit reporting agencies minus the hours
negotiating. You simply identify the errors,
tell the credit reporting company in writing what info is inaccurate,
allow time for the investigation and then follow up requesting results in
writing. Side note. If the results change,
you are obligated for a another free credit report from that agency.
I personally have done this several times,
including actually once where I had a bill that was sent to a previous address
for over a year. Then I finally received the infamous call from a creditor.
Long story short, I fixed it with the creditors, I fixed it with the company,
and then I fixed it with a credit Bureau and it was removed from my credit
report.
I will go into extreme detail on exactly what the four step formula is on
getting an accurate information off of your credit report on the next video in
the what of finance Friday series. So be on the lookout for that.
And the third tactic, avoid hard pools for near future large purchases.
So let's say that you're going to buy a car here soon and you're going to need a
$25,000 loan, not a new car,
because I know you're smart and you're not gonna waste your money.
You're going to buy a used car in the next 60 days.
You need to avoid any other hard pulls for at least a couple months beforehand,
such as credit card applications, mortgages, other loans, et cetera.
Keep in mind that there is a hard pool and there's a soft pool.
I will go over the differences of the two in a future video, but for now,
just know that hard pull shows up on your credit report and soft pull does not.
Also note that hard pulls will usually drop your credit score upwards of 15 to
30 points. It does not matter too much in the longterm, but again,
it does in the short term of a 60 to 90 day period.
The 4th tactic is keeping your credit utilization extremely low,
where 0% as I did my personal goal is to not have a perfect 850 score,
but to have $100 million net worth before I'm legally retired in America,
which is 62 years old. However, to get there,
I will need to use credit from time to time.
This is why knowing what credit is and not only achieving that high credit
score, but maintaining that high credit score is vital.
I have talked about in each of my previous credit hacks video series.
So if you need to know exactly what the credit utilization is in depth and check
one of my previous videos after this video is done in short,
keep your credit utilization under 10% or ideally zero to increase your score
tenaciously tenaciously. Wait a second.
So I really liked that word tenaciously.
It kind of sounds something like a lion would say if it could talk.
The lion is my favorite animal, but not sure if I'm using it correctly,
but hey let's just go with it.
So I remember actually when I wrote a check to finally pay off my $10,000 left
on a previous auto loan, thus making me DEBT FREE.
My score immediately jumped 50 points within the next 30 days.
So keep that credit utilization level low in the 5th tactic is do not miss any
payments. I have harped on this in several videos now,
but this is the most simple yet one of the most common reasons people do not
have high credit scores. It is really easy nowadays to forget to pay something.
We all have many online payments such as Netflix, YouTube,
HULU and soon to be Disney plus (can't wait that).
We eventually just get a little clumsy. We all have the luxury of auto pay.
Set it up.
Side note companies usually do not report to the credit bureaus that you were
late on a monthly bill, so if you miss one bill, don't freak out. It's okay.
However,
they usually start reporting it to the credit card agencies after a few months
of pass. I personally did this once,
I forgot to pay my Netflix bill for three months and didn't even notice until I
got a letter from them saying that I need to pay immediately or they're going to
send it to collections.
I also noticed that it was reported on my credit report that I was late three
months. How in the world could this happen?
I have like 500 online auto pay set up. Not really,
but I think you understand my point and I had been paying on time when no miss
payments for like 10 years now.
Now this is stuck on my credit for three, five, seven years,
whatever it is nowadays, negatively affecting it. So what did I do?
I called Netflix. I explained what happened, I paid it off.
Then I asked them to please contact the credit bureaus and ask them to take it
off my report. They said, okay.
And within 30 days I was off my credit report and my score automatically jumped
up 30 plus points.
So there are the five different ways that you can boost your credit score.
Crazy fast. I hope this video helped you, and if it did,
could you please do me a favor and SMASH THE LIKE BUTTON below and leave a
comment as well. Now it's time for QUESTION OF THE DAY:
Which one of the 5 tactics are you going to use?
Please leave your answer below in the comments as I would love to connect with
you. Be on the lookout for the next WHAT THE...Finance Friday video,
as I will be discussing HOW TO DISPUT CREDIT REPORT - INSIDE SECRETS REVEALED.
Thank you for being part of the community and I'll see you on the next video.
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