HOW TO GET 850 CREDIT SCORE



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HOW TO GET 850 CREDIT SCORE
Today I will show you the real truth about how to build your credit fast, from scratch and how to get it to 800 and above, up to 850.

After working at a bank for a number of years and also dealing with a lot of bankers to finance my business and real estate deals, I can tell you that a lot of the content about credit scores that is out there is watered down and the really effective methods aren’t usually mentioned.

Here is the video where I walk you through my strategies on how to increase credit score to 850.

So let’s get started. First we’ll start with some basic things you should do, kind of like brushing your teeth everyday, it’s just something you should be doing, it’s a basic necessity.

At the end of this article, we will go over some ninja tactics that don’t get talked about quite as much.

How Long Does It Take To Go To a 850 Credit Score?

So first, some good news. If you have scores in the fair or bad range, if you follow these tips, you can see some dramatic results fast, which means getting access to better loans and credit card as well as better terms.

So if you are starting from the bottom, you can quickly rack up 100 point increases within 2-3 months while if you already have a good score, it’s more about consistently polishing and optimizing it and improving it over time.

Check Your Credit Report
The best advice I can give for people starting to look into this is to sign up for a FREE (make sure it’s FREE) credit monitoring service. It used to be that this was almost impossible to get and would often cost money, but today there are services that are free and easy to use.

I’ve used Credit Karma, they are not paying to say this. I’ve used them for years, I’ve recommended them to all my family members. It’s 100% free, I just log in every few months and just go over the reports to make sure everything is looking good.
I’ll put a link in the description, sign up asap, you don’t need a credit card, they make their money by recommending you products that you might find useful, but they are not annoying about it, which is nice.

Credit Score Factors
Here are the things that you should be paying attention to when it comes to your credit.

Payment history, this accounts for 35% of your score

Amounts owed this accounts for (30%) of your score

Length of credit history this accounts for (15%) of your score

New credit this accounts for (10%) of your score

Credit mix this accounts for (10%) of your score

How To Get Your Credit Score To 800
Don’t worry about what this all means, because basically here’s how to Max these things out. Ready?

Have 2-3 credit cards that you pay on time and keep open for a long time. Keep the balances low and don’t approach the maximum. Anything under 30% is considered good. Meaning that if you have 2 cards each with a $5,000 limit, you total limit is $10,000 so you should attempt to keep the combined balance on the cards to less than $3,000. If you go over your credit score might drop, but once you pay it down, you will see it increase usually within 30 to 60 days. So if you are approaching a time when you need to get a loan, pay down your credit cards about 2 to 3 months before.
Keep your credit cards open for a long time and don’t keep closing them and opening up new ones. As you can see here anything over 7 years on average is really good.

Open New Account Types
That is the bulk of your credit score. To polish it even further you can get additional loans to “mix up” your credit, things like car loans, mortgages, personal loans and lines of credit which shows your proficiency at paying off different types of debt, but this only accounts for about 10% so it’s not something to really worry about.

Ask For a Credit Increase
A great practice to get into is to call your bank every few years and ask for a credit increase, even if you don’t need it. Over time as your credit line increases, it will be easier and easier to keep your outstanding balance under that 30% mark. Don’t worry if they say no, they usually are just following some benchmark they are given, just try again in 6 to 12 months if you are rejected.

But what to do if you score is BAD. How do you improve it if you have no credit or negative marks against you?

Go To YouTube Channel

how to get a negative mark off credit report

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