Hey: what's up Sean, you know, I'm assuming since you're, watching this video you're in a bit of a pickle and you're trying to raise your credit score as fast as possible, or maybe you're just not sure how to go about doing this. Well, let's dive right in fun fact, as of today, the average American has a FICO credit score of 673, not bad, but wait. What's the fight go well. Fico otherwise known as Fair Isaac corporation is essentially an average between the three main credit bureaus which are TransUnion, Equifax and Experian.

So, coming back to that 673 average American FICO score. Is that a good credit score? Well, it's not bad. Considering the scale goes all the way down to 300 and goes as up as high as 850. Now the goal is obviously being the eight hundreds, but it's not that easy and that's another thing I want to get into now.

I could go over exactly what gets factored into your credit score and what determines it, but that's for another video in this video we're gon na be talking about the fastest way to actually raise that suckers. So here's 7 tips onto how to raise your credit score relatively quickly, now tip number one is you're gon na need to just clean the sucker up. You need to get rid of collections. You get rid of foreclosures bankruptcies, pretty much anything! That's holding your credit down! You need to get rid of those and believe me, I did it.

I know it's not easy to get rid of those things off your credit when you have to pay for them call figure it out. I know that can be a mess, so no worries we're just gon na move right into tip number two, which is my favorite, is what I used to raise my credit score and it's essentially credit utilization. You only want to be keeping your credit utilization at about 30 %, so what does that mean? If you've got $ 1,000 a month credit card? You only want to be spending about $ 300 a month on that car. This basically shows the credit bureaus that you're responsible and you're able to spend this much, but hey you're, a savvy person, so you're only gon na be spending 30 % of what you actually can be spending.

This will raise your credit score tremendously. It's really that simple, but third tip that you're gon na want to actually do, which is actually incredibly ingenious, is to actually pay down your credit twice a month. Credit bureaus actually only check in on you once a month, so if you're actually paying twice a month, then your utilization is actually lower and it looks like you're actually not spending as much as the credit bureaus think you are another pretty simple technique to raising your Cred and I know sometimes you're in a bit of a jam and it's really hard to actually pay down some of your credit. I totally get it.

Everyone's finances are different, but if you're able to do that you're in a position to actually paint on your credit twice a month, your credit score is gon na, be boosting way quicker than you think. Which brings me to my next point. If you're really struggling - and you really need to be spending this money - that your cards actually allow you to spend, then my next tip is actually increase. Your spending limit.

If your credit card company allows you to or if you qualify for it, you're gon na want to increase that limit, because let's say we have that thousand dollar a month credit card and we can only be spending 300, but we really need to be spending five To six hundred dollars based on our monthly expenses right well, let's say your credit expense limit is all the way up to 2,500 a month, if you use 30 percent of 2,500 you're able to spend way more than one. So basically, what the credit bureaus are seeing is that your credit utilization is still at about 30 %, but instead of only spending $ 300 a month, you're able to spend up to 750 dollars a month and basically nothing has changed. Besides the limit on your credit, so if you qualify for that, I highly recommend trying to raise the amount of credit you're allowed each month, which brings me in my next point all these snowball and feed off each other. If you can't raise your credit limit get another card now, I do want to forewarn you here.

Here's my caution. Disclaimer everything you want to say do not open up like 10 credit cards. You don't want to have tons of credit cards in your wallet, because then that shows that you're not very responsible - and you want to just go - spend a bunch of money, but you should have more than one line of credit. So if you've got two to three lines of credit and maybe they're all just $ 1,000 a month, you basically have a $ 3,000 a month limit.

Where, again, you only want to be spending 30 percent of that, but you've got multiple lines of credit to disperse that evenly again disclaimer. Please do not go out there and apply for ten different credit cards and have that be a major hit to your credit, because everything is getting ran and everything is just a giant mess. You only need two to three lines of credit: to keep that utilization low and to keep your scores very high now. My next tip is an interesting one and it's a little bit confusing to most people, but you want to negotiate your outstanding balances with creditors.

So let's say you owe five grand to some creditor and they want that full five grand and maybe even some interest on it and all this other stuff and you're like drowning and dad you're like I can't even afford this. You need to negotiate the balance with them. They would much rather accept $ 2,000 instead of nothing so negotiate how much you're gon na actually be paying back with them for it to get off your credit and believe me, creditors will negotiate how much money you're actually paying them to take that off. Your credit.

Cuz again $ 2,000 is a whole lot better than $ 0. Now, we'll give you a caution with this. One make sure you get. Everything in writing always want a paper trail to swim, because if they say something over the phone and doesn't end up happening, you have no proof, and you end up getting screwed in my last tip, which is probably the easiest one you can actually do, which requires Very little work is to just find someone very close, like a family relative or maybe just a close friend who has really great credit and see if they'll, let you become an authorized user on their card or on their account, because if they already have great credit, You don't even have to spend any money on this credit card.

You're just become an authorized user on it. They keep their utilization low, they keep their spending habits. The exact same you basically just don't even do anything, but your credit score is being improved from that single account, which you're literally doing nothing on it's. Basically like you're, stealing someone else's homework.

It's the best thing ever. You don't have to do any work. The problem is finding someone who trusts you enough to add you as an authorized user, but those are my quick and dirty 7 tips for raising your credit score as quickly as possible. There's really no other way to raise it effectively as those tips.

Hopefully, you learn something new and if everything I mentioned in this video is just way over your head, you don't have the time for it. You don't have the effort to be wanting to put into it. I totally get it contact my buddy Simon over at Kate credit he's phenomenal he's a beast. He does this, for a living contact info will be down below.

He helps everyone across the United States raise their credit score as quickly as possible. So I definitely recommend getting in contact with him if those tips were just way out of your league. But ultimately I hope you learned something new check, the description for some more resources and everything as well. But I will see you in the next video.