Quick thing to point out here - multiple inquiries within 2 weeks of each other for most installment loans (namely auto loans and mortgages) do not impact your credit any more than a single inquiry would. This is to protect consumers and allow them to shop around without the fear of continuously dinging their credit score.
This is the first video that I found that made me understand why I should freeze my accounts with the bureaus, I thought that my credit score couldn't go up if it was frozen. Thanks for that good tip.
That intro 🤣! Great video John 👍🏾. I also keep my balances below 5%….at least when it’s being reported to the credit bureaus, and of course the remaining balance gets paid off every month to avoid interest.
I have an 850 respectively on EQ & EX but TU always lags 3-4 points behind, i’m just trying to achieve 850 across the board at one time (FICO 8 scores btw) other categories of FICO I am over 870 probably like yourself, just a personal goal. :)
@@schoc13 My example is , shooting a basketball from half court and making with nothing but “net”…. No one is in the crowd… if you ask me. But my goal was achieved . Now on to the next…….
10:10. When a dealership pulls credit 6 times it’s because of greed. They are trying to find a better rate than the pre approval the customer showed to steal points ( interest rates) or they will do it when you leave the dealership without buying in an attempt to ruin your credit. It’s called “ shot gunning”. Ruthless game.
At first, learning about your credit score and what affects it may seem very scary. Videos like this is literally a game changer because we don't learn this stuff in high school or college. Thanks for providing a nice guide. Although it is a huge part of your life, it doesn't make sense that we don't learn this stuff earlier.
What's crazy is my credit use is always above 50 percent per month, and my current score is 810, applied for a car loan 😀 I have multiple CC's . And my score just keeps going up😀 I guess it varies
Yeah, the car dealers pulling credit unnecessarily is super annoying. They did that to me too, but just 3 pulls, and I was paying all cash! I asked why the heck they did that and they said it was to verify my identity. Guess I'll bring a passport next time!
Verify your identity by a hard check on your credit? That warrants a serious complaint! Because they shouldn't need your social security if you don't apply for a loan...
I have 850 at the moment. And I did nothing else than when I had 820. Use my credit card not maxing it out. Pay it off every month, and you keep doing that. Same with my mortgage and car-payment. Now other than that, how FICO calculates the score makes little sense to me. I am sure next month, I will drop from 850 though I am not changing anything in terms of spending and paying. Key is to NEVER miss a payment.
Now that I am understanding credit more I have realized how much the car dealership hurt my credit when I bought my car back in 2020. Ugh! I went in just like you said with a pre-approval letter and they somehow convinced me that I had been given a bad rate and should shop around, and they would do all the work for me. 🙄 Oh if I could go back in time with what I know now. They had 5 companies pull my credit that day and then came back to me and said they couldn’t get a better rate, sorry. 😡 Looking forward to the day later this year when those hard inquiries fall off my reports. So, glad you mentioned this issue so others know to watch out.
I give up. I have no repos, no foreclosures, no bankruptcies, no bad remarks on my credit record, my credit history time period is decent. I have 21 accounts that I've had for many years and I have never been late on anything, my mortgage, car loan or my credit cards, never ever late and have always paid more than what was due. My only problem was my credit card utilization was 65% which I know was hurting my score. I came into some money so what did I do? I paid off all of my credit card balances, I know have zero% utilization. How was I rewarded? My score dropped by 10 points.
When you brought up the dealership I got a question that popped into my head. I bought a car this year and got a Pre-approval with ok interest rate since at the time they were still high anyway. They knew about my Pre-approval yet they told me they still had to run my credit through their financing knowing I would go with my Pre-approval anyway. Did I have the right to decline since there was no need for it? Thankfully they only ran it once but now I'm thinking there was no reason for them to do that.
Such a clutch video here! It’s really not that hard to increase your credit score when you start to understand it. Also I just had something that you mentioned happen to me. I was financing my car that I just had to buy, and even though I plan to pay it off almost immediately here, they did a hard credit pull 3 times for me to compare lenders and their rates. Wasn’t a big deal only brought my score down just like 4-5 points but still not cool and I didn’t really give them permission to pull it that many times. So I liked that tip you had for that!
@@CheekyBird790 Wow that's crazy! Yeah definitely seems like a better idea to just get pre-approved first. 3 isn't bad but 20 is way too much, even if they are just trying to get you a good rate!
After I paid off my home mortgage, my credit score dropped 40 points. Over the next year it climbed back 20 points, but it never got back to the same level as before I paid off the mortgage.
Thanks for the info John. Im in the high 790's for a few months and can't seem to budge. I keep my utilization at 1% every month with an exceptional payment history. Anything else I can do?
Spot on with utilization, excellent! Average age could be a factor -7 years is what considered the top score. Honestly though 790s you're already qualified for the best rates. Just keep it up and you'll crack 800 in no time!
Well recently I rewarded myself with 3 new cards and I took a nose dive ( around 30 points ) I’m certain it will bounce back three months at the most .
@@tfe423 I love it, what did you get if you don't mind me asking? I've been going through a refi that closes tomorrow. Once that's in I have my eyes on the CIU/CIC, BoA AS Biz and might even try for the Barclays Jetblue Biz. It's been a 6 months hiatus for me haha.
@@johnsfinancetips , I got the Barclays AA aviator card . It was a no brainer 60k miles on one qualifying spend . But after that not a good earner at all . So I set myself up with a nice little Citi trifecta. I got the Citi Custom Cash ( 5 points on highest category) I use for gas only . Bonus was 20,000 points on $ 750 spend . Next I got the Citi Premier 80,000 bonus on 4K spend . 3 points on grocery and restaurants . Then I got the double cash for another 20k bonus . So I have over 120k Citi points I can stack on to the 60k I got from Barclays. The Citi points transfer to American Airlines . I did all this over the span of about 4 months . So for now imma run with these three city cards , I think I can do pretty good with them
@@tfe423 THIS is amazing! I love that you were able to pull down all 3 Citi cards especially the Premier since a lot of people were having trouble. Also love the AA miles stack - I took my gf and I to the Maldives QR Q Suites with AA 70K each, incredible!! I can't wait to see how you redeem them.
Hi, John I am new to your channel, and I am searching to get that 850 credit score this year. And I am a 100% U.S. Army Disabled veteran, with a 720 and growing credit score. How can I leverage my debt with new credit cards that you offer, and what cards would you recommend, with high limits, if my credit freeze is still on?
My oldest account is a loan when I pay my loan in full will it still be considered my oldest account ( like you said a closed credit card in good standing is), or will my next oldest account be used possibly lower my score?
So contrary to popular belief, would it be okay if I closed my capital one secured card that I've had for less than a year to get my deposit back ? My credit age wouldn't be affected ? It doesnt serve much purpose because now I have the Chase Freedom Unlimited.
Hey John, great vids as always!!! My question, my wife applied for amex plat but accidentally used my ssn, amex said they can't fix it cause it's already been approved and we don't want to cancel it cause we might lose the sub/offer, how or when can i dispute the hard inquiry on my credit report? Thanks John!!!
Great question - if she applied with you SSN and it was approved that might be a hard dispute. Usually if it's inquiry but no approval you can get it wiped. Why dispute though if you got the SUB?
@@johnsfinancetips Not trying to dispute it but it will affect my 5/24, maybe I can apply with her SSN this time...LOL...still don't get it how it went through, I don't think they check names and SSN any more, I think this is why we have so many credit fraud, creditor don't even check to compare who's SSN is being used and by whom, thanks again John!!!
@@cjjunkee8602 Haha yea that's so strange, but glad that P2 is onboard. I'd definitely just get another card in their name and SSN. Btw hope you guys got the 125K through resy link! What else is on your radar to take down?
@@johnsfinancetips yes, that's actually what she applied for, 500k sub, lol, i wanted to use my referral but it's not clear on how much you can spend, only states 10x for 6 months, no capped? Calculated 460k for her plus 100k for me but amex rep didn't know how or what's the referral offer, also, i think she's trying to get the CSP also, last day today...thanks again John!!!
i’m at 843. so close. maybe i’ll wait it out a few months. anything i can do to bump it up, my bank just upped my line of credit by $5000, that might be what caused it?
How come I do all these things you talked about in the video and my credit score goes up between 815-819..it just goes up and down..how do I get to 850?
The small percentage you are missing is calculated in age of accounts, inquiries, and credit mix. The perfect credit report will consist of car loan(s), mortgage, and a credit card or cards.
![How to Get a PERFECT Credit Score for FREE [2023 Guide]](/img/n.gif)
I already have an 850 credit score & have an easy time keeping my fico score above 800. This is still a good video.
Quick thing to point out here - multiple inquiries within 2 weeks of each other for most installment loans (namely auto loans and mortgages) do not impact your credit any more than a single inquiry would.
This is to protect consumers and allow them to shop around without the fear of continuously dinging their credit score.
I have an 850 credit score, happy to share my strategy. Your content is point on. 😊
Hey Cleo, I’ll be happy if you share your strategy(ies) for perfect 850 😊
This is the first video that I found that made me understand why I should freeze my accounts with the bureaus, I thought that my credit score couldn't go up if it was frozen. Thanks for that good tip.
That intro 🤣! Great video John 👍🏾. I also keep my balances below 5%….at least when it’s being reported to the credit bureaus, and of course the remaining balance gets paid off every month to avoid interest.
850 achieved over and over. What I’ve learned is just like everything else. “It’s a solo journey “ and it’s always changing. 👍
@pauline
Ummmm that’s a scam of a scam if I ever heard one 🤣🤣🤣🤣
I have an 850 respectively on EQ & EX but TU always lags 3-4 points behind, i’m just trying to achieve 850 across the board at one time (FICO 8 scores btw) other categories of FICO I am over 870 probably like yourself, just a personal goal. :)
@@baddboo I do agree the scoring thing is a scam!
@@schoc13
My example is , shooting a basketball from half court and making with nothing but “net”…. No one is in the crowd… if you ask me. But my goal was achieved . Now on to the next…….
10:10. When a dealership pulls credit 6 times it’s because of greed. They are trying to find a better rate than the pre approval the customer showed to steal points ( interest rates) or they will do it when you leave the dealership without buying in an attempt to ruin your credit. It’s called “ shot gunning”. Ruthless game.
Seriously, that's why its important to keep it locked up or frozen
At first, learning about your credit score and what affects it may seem very scary. Videos like this is literally a game changer because we don't learn this stuff in high school or college. Thanks for providing a nice guide. Although it is a huge part of your life, it doesn't make sense that we don't learn this stuff earlier.
👆check Gibbs out now and thank me later.
Great content ✔ reaching for an 800 and currently holding a 792 🥳
850 here we come 🚀🚀
💰💰💰
What's crazy is my credit use is always above 50 percent per month, and my current score is 810, applied for a car loan 😀 I have multiple CC's . And my score just keeps going up😀 I guess it varies
Yeah, the car dealers pulling credit unnecessarily is super annoying. They did that to me too, but just 3 pulls, and I was paying all cash! I asked why the heck they did that and they said it was to verify my identity. Guess I'll bring a passport next time!
That's so annoying!!
Verify your identity by a hard check on your credit? That warrants a serious complaint! Because they shouldn't need your social security if you don't apply for a loan...
Closing a card affects your overall credit utilization ratio. Everything else is spot on.
exactly it! thank you!
I just popped a 850. I’ve never seen the “unicorn 850” score in my life, and I got it!
I have 850 at the moment. And I did nothing else than when I had 820. Use my credit card not maxing it out. Pay it off every month, and you keep doing that. Same with my mortgage and car-payment. Now other than that, how FICO calculates the score makes little sense to me. I am sure next month, I will drop from 850 though I am not changing anything in terms of spending and paying. Key is to NEVER miss a payment.
Now that I am understanding credit more I have realized how much the car dealership hurt my credit when I bought my car back in 2020. Ugh! I went in just like you said with a pre-approval letter and they somehow convinced me that I had been given a bad rate and should shop around, and they would do all the work for me. 🙄 Oh if I could go back in time with what I know now. They had 5 companies pull my credit that day and then came back to me and said they couldn’t get a better rate, sorry. 😡 Looking forward to the day later this year when those hard inquiries fall off my reports. So, glad you mentioned this issue so others know to watch out.
I give up. I have no repos, no foreclosures, no bankruptcies, no bad remarks on my credit record, my credit history time period is decent. I have 21 accounts that I've had for many years and I have never been late on anything, my mortgage, car loan or my credit cards, never ever late and have always paid more than what was due. My only problem was my credit card utilization was 65% which I know was hurting my score. I came into some money so what did I do? I paid off all of my credit card balances, I know have zero% utilization. How was I rewarded? My score dropped by 10 points.
When you brought up the dealership I got a question that popped into my head. I bought a car this year and got a Pre-approval with ok interest rate since at the time they were still high anyway. They knew about my Pre-approval yet they told me they still had to run my credit through their financing knowing I would go with my Pre-approval anyway. Did I have the right to decline since there was no need for it? Thankfully they only ran it once but now I'm thinking there was no reason for them to do that.
Such a clutch video here! It’s really not that hard to increase your credit score when you start to understand it. Also I just had something that you mentioned happen to me. I was financing my car that I just had to buy, and even though I plan to pay it off almost immediately here, they did a hard credit pull 3 times for me to compare lenders and their rates. Wasn’t a big deal only brought my score down just like 4-5 points but still not cool and I didn’t really give them permission to pull it that many times. So I liked that tip you had for that!
@@CheekyBird790 Wow that's crazy! Yeah definitely seems like a better idea to just get pre-approved first. 3 isn't bad but 20 is way too much, even if they are just trying to get you a good rate!
👆check Gibbs out now and thank me later.
After I paid off my home mortgage, my credit score dropped 40 points. Over the next year it climbed back 20 points, but it never got back to the same level as before I paid off the mortgage.
I paid mine 3 months ago but it only went down couple points.
Wow they killed you my friend.
the car dealership situation just happened to my Mom, wish I had known about the option to freeze your credit report, but I know now!
If makes you feel better, I found out my credit credit was pull 28 times at a car dealership I found out two years later why my credit was so bad.
What cards do you recommend with a soft pull, while having a credit freeze on them?
Thanks for the info John. Im in the high 790's for a few months and can't seem to budge. I keep my utilization at 1% every month with an exceptional payment history. Anything else I can do?
Spot on with utilization, excellent! Average age could be a factor -7 years is what considered the top score. Honestly though 790s you're already qualified for the best rates. Just keep it up and you'll crack 800 in no time!
Won’t hurt to try to get credit limit increases on all your cards
Credit Karma is often times not accurate when you go to the source credit companies
I been hovering around 800 for a long time , I have no desire to go any higher .
Nice, that's a phenomenal score!! Congrats!!
Well recently I rewarded myself with 3 new cards and I took a nose dive ( around 30 points )
I’m certain it will bounce back three months at the most .
@@tfe423 I love it, what did you get if you don't mind me asking? I've been going through a refi that closes tomorrow. Once that's in I have my eyes on the CIU/CIC, BoA AS Biz and might even try for the Barclays Jetblue Biz. It's been a 6 months hiatus for me haha.
@@johnsfinancetips , I got the Barclays AA aviator card . It was a no brainer 60k miles on one qualifying spend . But after that not a good earner at all .
So I set myself up with a nice little Citi trifecta.
I got the Citi Custom Cash ( 5 points on highest category) I use for gas only .
Bonus was 20,000 points on $ 750 spend .
Next I got the Citi Premier 80,000 bonus on 4K spend . 3 points on grocery and restaurants .
Then I got the double cash for another 20k bonus .
So I have over 120k Citi points I can stack on to the 60k I got from Barclays.
The Citi points transfer to American Airlines .
I did all this over the span of about 4 months .
So for now imma run with these three city cards , I think I can do pretty good with them
@@tfe423 THIS is amazing! I love that you were able to pull down all 3 Citi cards especially the Premier since a lot of people were having trouble. Also love the AA miles stack - I took my gf and I to the Maldives QR Q Suites with AA 70K each, incredible!! I can't wait to see how you redeem them.
Does freezing your credit report prevent credit card companies from doing soft pulls or hard pulls on your credit report as well?
Prevents hard pulls only, soft pulls are ok
Freeze your account in all three credit bureaus or just the one you signed up?
I don’t like credit karma because it’s a vantage score
Thanks for the share. Correct it's annoying its Vantage but it does a good job showing you whats on your report which is the value for most people.
Hi, John I am new to your channel, and I am searching to get that 850 credit score this year. And I am a 100% U.S. Army Disabled veteran, with a 720 and growing credit score. How can I leverage my debt with new credit cards that you offer, and what cards would you recommend, with high limits, if my credit freeze is still on?
My oldest account is a loan when I pay my loan in full will it still be considered my oldest account ( like you said a closed credit card in good standing is), or will my next oldest account be used possibly lower my score?
So contrary to popular belief, would it be okay if I closed my capital one secured card that I've had for less than a year to get my deposit back ? My credit age wouldn't be affected ? It doesnt serve much purpose because now I have the Chase Freedom Unlimited.
I’m at 808 for the last month or so.
Amazing, congrats!! IF you're going for a home or auto loan you'll be getting the best rates!
@@johnsfinancetips well rn i think im good I own my own home and im almost done paying my car
👆check Gibbs out now and thank me later.
Hey John, great vids as always!!! My question, my wife applied for amex plat but accidentally used my ssn, amex said they can't fix it cause it's already been approved and we don't want to cancel it cause we might lose the sub/offer, how or when can i dispute the hard inquiry on my credit report? Thanks John!!!
Great question - if she applied with you SSN and it was approved that might be a hard dispute. Usually if it's inquiry but no approval you can get it wiped. Why dispute though if you got the SUB?
@@johnsfinancetips Not trying to dispute it but it will affect my 5/24, maybe I can apply with her SSN this time...LOL...still don't get it how it went through, I don't think they check names and SSN any more, I think this is why we have so many credit fraud, creditor don't even check to compare who's SSN is being used and by whom, thanks again John!!!
@@cjjunkee8602 Haha yea that's so strange, but glad that P2 is onboard. I'd definitely just get another card in their name and SSN. Btw hope you guys got the 125K through resy link! What else is on your radar to take down?
@@johnsfinancetips yes, that's actually what she applied for, 500k sub, lol, i wanted to use my referral but it's not clear on how much you can spend, only states 10x for 6 months, no capped? Calculated 460k for her plus 100k for me but amex rep didn't know how or what's the referral offer, also, i think she's trying to get the CSP also, last day today...thanks again John!!!
👆check Gibbs out now and thank me later.
i’m at 843. so close. maybe i’ll wait it out a few months. anything i can do to bump it up, my bank just upped my line of credit by $5000, that might be what caused it?
thumbs up on the intro alone!
How come I do all these things you talked about in the video and my credit score goes up between 815-819..it just goes up and down..how do I get to 850?
The small percentage you are missing is calculated in age of accounts, inquiries, and credit mix. The perfect credit report will consist of car loan(s), mortgage, and a credit card or cards.
I was so close to getting a prefect 850, but got a house and it dropped from 849. I was 2 years away...oh well.
that's an amazing score still!! Congrats on the house by the way!
@@johnsfinancetips thank you!
How did you get such a high credit limit?
Love it
My goal is to achieve a 760+ score, I am at 715/now
Did you pull it up off?
If you're above 800, you are A-ok 99.9% of the time. (I don't know any reason why you would need a beter score.)
For head room when you use your cards and get inquiries.
so cool
WONG the Chinaman
I have Chase and through Credit Journey they give you the Vantagescore 3.0 with Experian. Not FICO 8