2024 Increase Your Credit Score FAST! (Boost FICO Score to 800 or even Improve to a Perfect 850!)
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- Опубліковано 12 лют 2024
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#creditscores #fico - Навчання та стиль
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you are one of the only people here that are giving advice on FICO scores & not the popular less useful vantagescore
Great advice!! Thank you...
gotta say great vid, thank you. i didn’t expect i was going to learn anything new, but i was pleasantly surprised.
What I do is I keep my cc debt low and pay them off every month and I get a personal loan and put it in my savings account for emergencies pay it off and then get another personal loan. So my savings account is filling up every time I deposit the personal loan. I pay it off within two to three years or less if possible.
Great video! Thank you for sharing your knowledge. I really appreciate it.
Great content as always, thanks Adam!!!
I love it when people talk straight! ❤
Thank You
Thank you
Congratulations on 100k subscribers.
Thanks!
I would never add anyone to my credit card.
Thanks Adam! 😊😅
Great content. You didn’t mention if the snapshot of your credit usage; done at that time on the credit closing date or is it done randomly throughout the monthly cycle?
Congrats on the 100K man! I’m running 45 cards loving what’s it’s doing for my score, inquiries just bounce off with no phase to my score like bullet proof. Looking forward to the end of this year should be pushing 800+, just a rinse and repeat cycle low utilization and pay in full monthly! Time is your best friend in the credit world. ✊
Please tell me how or why do the inquiries bounce. How can I do this ?
@@kingmae3808Certain lenders don’t mind inquiries and if you space out applications inquiries will not matter as much. The more cards and positive reporting accounts monthly inquiries don’t lower your score anymore or much.
First like and comment I love this guy he is always explaining things so good and fast and simple
🙏
@@ProudMoney wuts up buuuuddy 😎 how u doin
I have 20 credit cards and I ensure that when my statements close that my balance is no more than 3% of my credit limit but US Bank is the only one that reports my current balance rather than my statement balance. It gives a false impression to the credit bureau. It’s frustrating.
Time will do it's thing your utilization is excellent credit is a marathon not a race! ✊
How is US bank reporting your current balance rather than your statement balance. Surly they aren’t reporting to the credit bureaus on a daily?!
I don't like the fact that US bank reports on the last business day of the month
@@hector-1810They don’t report the statement balance, they report whatever the balance is on a given day.
@@johnnywaves1326I didn’t realize that that’s what they’re doing; I know what to do now. Thank you!🙏
1:55 Adam, what about FICO Score 10T (the trended version)?
10T keeps a record of the last 2 years’ utilization rates, it also keeps track to see that people aren’t just getting credit score boosts by consolidating onto a personal loan and then racking up debt again
Yes, you are right and I did consider this, but most lenders are not actually using 10T. I did say something to the effect of "under most credit scoring models" knowing there are exceptions. It's always a challenge to decide how far into the weeds to get with this stuff, because noting every exception turns into a boring, overly long video. But, yes, 10T would definitely consider your trend in utilization.
@@ProudMoney Yep what Adam said ^
Adam would you happen to know any part on the timeline for when lenders start using FICO 10T and Vantage 4.0 for mortgage decisions? In other words, when would utilization rate trends start mattering for people getting mortgages?
I had a personal loan and I wanted to pay it off as the interest rate wasn't that good. I had excellent credit and paid the loan off and my credit score got tanked! What a surprise that was and really deflating as I was so happy to pay that loan off. So I'm not so sure on the 10% credit mix stuff, I think they have a higher percentage than 10% on mixed credit. This was back in Dec 2023. My scores have come up a little as I have 100% on time payments, low credit card usage, low credit inquiries and no derogatory marks, but man what a kick in the rear that was.
The system is so contradictory. It wants us to have debt. Glad your score is back up. Congrats on paying the loan off . Always a gòd thing.
The same happened to me. Messed up my credit age.
I wanted to get a loan to consolidate my payments, but I am retired and live off of pensions and Social Security, and keep getting denied, or the lender requires me to have an income from a job, so they won't lend to me. Prior to my retirement, I never had a problem getting consolidation loans when I needed one. Same issue with getting 0% balance transfers cards. Prior to retirement, I had no problem, but now I get denied, apparently because I have no work income.
Get a job so you can say you're employed with an income, get the consolidation loan, then quit if you don't like the job.
Hi Adam, how long does it take for a personal loan to fall off your credit report? I just recently checked my credit report and it is showing personal loans from 2009
Also, thanks for all the great videos !
It should be gone by now. You could contact the credit reporting agency to have it removed.
i was just finished watching another person saying its better to have debt on the CC versus no debt.. so confusing.
Yea cause you wana show use of the credit card no debt shows nothing to the credit bureau when reported
Does being an Authorized User work in both ways? Does my lower score impact my friend's higher score?
No
Basically pay your bills.
How am I going to get anyone to watch the video with you ruining the surprise? 😀
Actual, it is more than just pay your bills. It is pay your statement in full each month, if your utilization is going to be too high due to new charges, pay down on it prior to the statement closing. Don't cancel accounts that were open with many years of credit history, limit the number of cards you apply for within a 2yr period. Scrub your credit to ensure that there isn't any incorrect info on it 😂😂
If I balance transfer to a card with a higher limit and currently offering a 0% 12 month apr, would that technically raise my credit score as the card that it would be transferred to has almost 3x the credit limut (thus Lowering overall utilization)?
Yes and no. In the short term you may take a hit to your credit with a new inquiry as well as lowering your age of credit by getting a new card. In the long term yes it will boost your score by lowering your utilization.
@crming7151 it's an existing card, no new product thru them. No pull, just an offer on an existing card.
I feel like this credit bureaus are bias. if you have a foreign name you are screwed lol. i did all you can think of it but nothing changes, I can follow all these tips for 10 years all i get only 1-3 points every 2-4 months but if i miss or use 34 percent i will be ding 10-50 points. its insane
Completely Wreckless & irresponsible to ask any friend to go on as a added user. That must be the ridiculous thing I’ve heard about credit. If can’t get on a parent or sibling & even then you better have an understanding! you should live in same house with the same address.
So you see the person regularly! But a friend!! Hell Nooooo. 😂 not that much friend in the world. I can guarantee your friend will F… your credit up!!
Woulda shown my kid this video until said get on a friends credit card. No Thank you. Thats the worst advice for
a responsible person.
No offense but if you are responsible. tell the person to go get secure credit card & get in line do it right like the rest of us. NEVER LET FRIEND!!! LIKE most of videos. Not this with suggestion. It’s unethical as a responsible card holder!
Friend can't hurt your credit if you never actually give them the card or account number. You'd have to be a really good friend to let them actually use the account while you are responsible for the payment. 🙂
My BFF listed me as an UA way back and I paid my card (they issued me a separate card) on time more than she did. So not all friends are bad.
@@MsLkane ou got lucky! That tells me you didn't need to be on her card in the 1st place.
You wanting to purchase things using credit cards only instant gratification to buy things you cant afford from people you dont know & enrich them. Its set for you to stay in debt
& you will not win playing their dirty game. They have studied the mind & know triggers & algorithms to put in place. It's like casinos. You think you can beat them.
Try going regularly. You will win every blue moon. It will be just enough to give it all back soon if you stay longer or keep coming back.
Financially smart people dont play games with their finances. Do your credit a favor. If you cant pay right then. Save & buy it. Don't get into trap of right here right now.
Being Disciplined is real. You can justify credit cards anyway you want. A Financially secure person wouldn't need to put you or any one on their credit & the fact that some one would ask tells me all I need to know.
Dont put a friend on your card. TBH best thing you can do is cut up all your credit cards & keep one for a rental car & hotels & get in the habit of never buying anything on credit. you truthfully being used & making credit card companies richer & Your self poorer. If you don't agree explain how you having credit cards have increased you obtaining assets & pay & put you on fast track to becoming wealthy.
Owning assets & buying with
credit cards is total opposites.
They add you with a new credit card and number. But they destroy or keep the card themselves. It's a quick credit score boost if certain banks allow it.
Learn English and proper grammar, before trying to give anyone “advice”.