Hello, everyone and welcome back to a new video, Shawn's name and credit is the game today, because this video is absolutely blowing up right now, which is awesome and if you haven't seen it, you should totally go check it out, but I figured let's do another video On credit, because a lot more people than I thought have not so great credit scores. In fact, VantageScore says that there's about 220 million scorable people and 68 million of those people have a 601 credit score or lower, which means 30 % of people have bad credit. So if you're one of those 30 % of people, then don't worry because there's tons of others in the exact same boat as you and no need to fear, because today I want to tell you how you can quickly fix bad credit scores as soon as possible. No BS, no fluff, no clickbait.

None of that. If you want to get your scores up as quickly as possible, go find someone who already has an 800 plus credit score. Ask them to add you as an authorized user on their card or a few cards, and your scores are gon na go up as soon as possible. Easy points.

Baby problem is, you know, most people don't have someone who's willing to do that for them or just don't even know someone in general. So you know it gets a little bit tough, which is why today, I want to show you how you can actually fix your bad credit scores on your report and a little bit of background on me. I'm a mortgage lender in Arizona. So I see about three different credit reports every single day so, like I've been around the block when it comes to credit and in fact most people actually start the home buying process and then realize oh crap, my credit sucks and then they start working to actually Fix their credit, so I've been around the block when it comes to rough credit individuals.

Like sure you know, I love working with people who come to me and you know: they've got eight hundred plus credit scores and I'm like this is great. This is easy, but I do spend probably 80 % of my time on the individuals who don't have good credit scores. You know whether or not we need to make minor tweaks to get quick points here or if we need to do kind of a full credit repair to get scores up. You know a hundred two hundred points.

The difference between a good mortgage lender and just a mortgage lender is the mortgage. Lender is gon na just see your bad credit scores and go you're not ready to buy a home, go fix your credit. The good mortgage lender is gon na, go hey your credits, not where we need it to be. Let's do X, Y & Z, and let's get you to this area, so you can buy a home.

I want to be that good mortgage lender. So I spend the time learning all about credit. So let's get your credit back on track and a lot of you are probably looking this video up or finding this video and going man. I tried to apply for a home loan or get a car or like a personal loan or credit cards, and you just got denied because of your bad credit, and I just wan na say having good credit is really important and it will save you.

Hundreds of thousands of dollars over the course of your lifetime, so it's definitely in your best interest to actually get your credit score's moving upwards. But okay, let's dive right in now. You get a few points written the like button on this video. You get a few more points for it in the subscribe button and you get bonus points for sharing this video with a friend or like your dog JK.

The one thing you have to do. If you want good credit score, is you 100 % have to do this? Is you have to get a full credit report on yourself? Okay, don't go to Credit, Karma, don't go to one of these other sites. You say you can get a credit score report or you can pay five bucks or whatever front. No, don't do any that BS Credit Karma and all those other sites.

They only get you kind of an idea of where your credit score is going to be, but they're usually like 40 points off. So it's not that great of a gauge. If you want to get a free, full credit report, you are allowed to get one by law. Every single year, bum free, go to annualcreditreport.com and get your free credit report again by federal law.

You are allowed to get one free report every 12 months. So go there and get yours, and once you have your credit report, you can actually sit down totally review the report that you have and actually start game-planning on what you need to do to get your credit scores up and now, there's really only two possible situations For having bad credit and the first one being you just don't have a ton of active credit history, you might not have any credit cards, you might have very few loans or you just really don't have a credit profile. So you don't really exist to the credit bureaus. So if you get your report - and you see like nothing on it - then really easy just stop watching this video and go get yourself a credit card or to keep the utilization really low on them and you'll start seeing really good scores as soon as possible, or Just like go click the link in the description.

I've made a video on how you can actually build your credit from basically zero credit, so go watch that and it'll get you kicking and screaming. Asap odds are, though, about 95 % of you are not in that situation, and your credit report is actually really long, because there are so many things on there. The thing we need to do is actually clean it up and get it looking nice and pretty to the credit bureaus. So your scores do go up, so I'm going to over how we can actually take care of these things, but some of the things you might see on there is gon na be first and foremost, probably late payments.

I'd say this without ninety percent of individuals who have bad credit is just late payments, and I'm not talking about a few days late. If your, if your credit card bill is due on the first of the month and you pay it on the 10th of the month, that's not considered late. You might have a late fee that you pay, which can be negotiated, and you can actually just tell your credit company that you're sorry and sometimes they just say, you're good, don't worry about it, but I'm talking about a 30-day late payment and it gets even worse And worse, if you've got a sixty day late or a 90 day late or a 120 day late, so late payments really hurt your credit score again. It's like the biggest thing that gets factored into your credit score, so you need to be making payments on time again, I'm talking about what we can do about those late payments on our credit report.

So if you're seeing him right now going oh shoot, I didn't realize I was that late on this payment. Don't worry we'll talk about that in a little bit, but those do really hurt they're like a snowball, so we got to take care of them as soon as possible before they turn into massive problems all right now. The next thing is gon na be major credit events like foreclosures or bankruptcies. These suckers are a little bit challenging because they stick on your credit report for years and years and there's not totally a ton of stuff.

We can do about them, but I will talk about that in just a little bit. Then we've got again another big hitter that a lot of people are probably running into, and that is the fact that you've probably got some collections on your report, and these are usually all the way at the bottom of your report. But collections are those things where alright, the credit company is so annoyed that you didn't make your payment within 30. 60.

90. 120 days. They're, like you know what I've given up on Joe Schmo he's not gon na, be paying us right now. I'm gon na sell this debt for pennies on the dollar.

Let's say your debts, like 10 grand they're gon na, sell it to a collection agency for like five hundred bucks, because they're thinking well at least we got five hundred bucks out of it, and the collection agency gets more than five hundred out of them. Then I guess good for them they made some money, but I just want to get some money from the debt that I'm counting as a loss. You don't want to end up in collections because it's kind of a pain in the butt and when unders basically just write it off and say it, I'm not getting my money from Joe Schmo. It really hurts your credit score.

Then next we've got maxed out credit cards, which is another big component as to why people have bad credit scores. I cannot talk about this enough if your limit is $ 1,000 and you've literally spent 999 or $ 1,000 on that card. Your credit score is gon na. Look like dog, poo, okay, so maxed out credit cards are one of the worst things you can have and they're so easy to take care of.

So we'll talk about that too. Then something that I really want to talk about, because a lot of people get this wrong and there's a lot of bad kind of information out on the internet about this is inquiries in the last 12 months. So an inquiry is pretty much. Whenever you talk to me a mortgage lender or like you, go to a car dealership or you apply for a credit card or any type of loan any time a lender actually runs a hard pull on your credit, not a soft pull a full hard credit pull.

Then it's gon na show up on your report as who pulled it when they pulled it and maybe what industry they're in and it just kind of lets other credit. I guess lenders or people know that hey this person ran their credit. You know on this day you might want to check and see if there's new debt on their credit part, that's not actually showing yet so that's kind of why they show up on their report and they impact your scores just a little bit. A lot of people think inquiries really hurt their scores.

If you get like one to two to three to maybe for max inquiries on your credit report in the last 12 months, it's not really gon na impact your scores at all, but if you've got like 7 pulls 8 pulls 9 pulls 10 inquiries. On your credit report in the last 12 months, then yes, your credit score is gon na, be impacted pretty significantly. Typically, when a lender pulls your credit, it cannot always. It can impact your scores by one to three points.

So it's again, nothing major. If, like one or two or three pull it sometimes and most times, I don't actually see the scores drop at all, but again it may drop one to three times. So, if you have a few inquiries, don't worry about it. You have a bunch we'll work on it, then.

Lastly, these suck are also really hard to get rid of and it's judgments in tax liens. They are a little bit brutal and you know the last on your report for a decent amount of time, but there are some things we can do about them. That will kind of get your report cleaner and your scores higher. Okay.

So a few things you need to actually understand before we tackle this list. A bunch of these major credit issues stay on your report for a really long time and they don't just go away. You can't just expect. Oh it's been.

You know two three years: all that should go off my report. No, some of the major events will stay on your report for seven to ten years, so you can't just expect that they're, just gon na go away and poof and disappear. You have to actually work to get them removed from your report. Another thing when we make these changes of these solutions to get your credit scores up, it is going to take typically thirty days for it to actually show it doesn't absolutely change your scores immediately.

So credit bureaus report every thirty day. So if your score is reported on the 18th this month - and you did all these things on the 19th and the 20th and 21st, your scores aren't actually going to go up until the next 18th of the next month. So you've got a little bit of lag time and that's really important to know, because a lot of these things can be knocked out in one week and you do all these things right away. And then you just got to give it like two or three weeks for them to actually report on to your credit report.

Oh and don't get discouraged either, because a lot of people will do some things that are credit and they got oh. I got 10 points out of it that was useless. You got to do all these things to really get your crunch scores up the biggest success story. I've seen at least in my line of work from doing home loans is I've actually gotten someone's credit score up.

A hundred and sixty two points in 30 days and it was wild. We only did a few things, but we did them all right away and then you know thirty days later, their scores shot up. So that could be you. So look at your credit report.

Right now and identify the things I just mentioned: okay, see if you have any judgments tax Li and see if you know your cards are maxed out. If you have a late payments figure out what you have and then let's tackle these one byte at a time. Let's start with late payments: what can we do if we have late payment on our credit report? Well, the easiest thing is just to make your damn payment and make sure you don't get any more late payments. So you need to make sure that you're not actually accruing more late payments, as you work on your report, but let's say you've got a 30 day a 60 day or a 90 day late, and you really just want to get it removed from your report.

Your your current you're in good standing now or you know, you've got you've, got your credit back on track, but it's still kind of hanging over you, because that 30-day 60-day 90-day late stays on your report for 12 months. Well. Well, you can do, is you? Can contact the credit account holder? So if it's a credit card you can contact your credit card company or if it's a loan contact whoever's holding the loan, and you can pretty much say: hey look. I've made my payment.

I've gotten this back into good standing. Like would you guys, please just remove the 30-day late from my credit report and most time, if you ask politely - and you are current with your account they're, probably gon na, say yeah sure I'll - take care of that for you, because they want you to be happy With them, so you continue to spend and make them money. So they want to keep you happy and if your current they'll probably say yeah, I got you. But if you're not current - and let's say you got your 30 days - 60-day 90-day 820 day late whatever and you don't really want to make that payment or you don't have the ability to make that payment and you're just like this accounts.

Gon na get closed. I don't know it's just it's a nightmare. You can contact your credit company and say: hey. Look.

I don't have the money for this. I'm sorry, I'm gon na close this account, like I you're not going to get this money back and they're gon na say well hold on. Let's negotiate, you know your balance is 10 grand and okay, you don't have 10 grand you're gon. Na close, this account we're gon na have to send you to collections whatever they don't want to send you to collections, because they know they're gon na get no money out of that they're gon na get very little.

So if you owe 10 grand you can say, hey look. I know I owe 10 grand, I got $ 2,200. Would you take $ 2,200 and just remove it from my account? I don't want any of those lates on there and most of time, if it's a decent deal for them, they're, gon na, say yeah we'll do it and they'll take care of it. But you need to get everything in writing and you make sure that they actually make that change on your credit report and then the last thing you can do for late payments is to actually dispute it, and I'm not saying you should ever lie.

Do not lie because it will come back and bite you in the butt, but if there's any type of discrepancy on your credit report with what actually happened, you can dispute it. So let's say you made a payment they're putting it as a 30-day late, but you actually made it on the 29th day. You can tell them and say here's proof. I made it on the 29th day.

You have to remove that most the time they're gon na. Actually revert the change and they're gon na actually move it from your report, but you have to provide evidence and if you don't provide evidence and they have to provide evidence, why you're right so it's kind of whoever can provide evidence is gon na be right and If no one can provide evidence, usually a tie goes to you, so you can use that to your advantage. But again I wouldn't recommend lying but again late payments are paying the booty. Just don't make your payments late.

Ok make him on time. Now. The next thing I wan na talk about is the bankruptcies and the foreclosures, and unfortunately you really can't do much about these. If you have a bankruptcy, it's gon na stay on your report for either 7 or 10 years, depending on the bankruptcy.

If it's a chapter 10 bankruptcy, it's gon na be on there for 7 years. If it's a chapter 7 bankruptcy, it's gon na be on there for 10 years kind of goofy, but whatever and then foreclosures are typically 7 years as well. But if you still see a foreclosure or bankruptcy on your credit report and it's been 7 to 10 years or whatever you did, then you can actually very simply go to the credit companies and say hey look. This is still on my report.

It's been X, amount of time and they'll remove it and that's super easy, but the biggest thing is just having to wait those 7 to 10 years, but ok collections. This is probably my favorite thing to talk about, because I've seen some incredible gains from fixing collections on your report, and I love it so much so we're gon na start out with medical collections. If you see that you have any medical collections, these are so easy to get removed off your report. Why? Because 9 out of 10 times it's a HIPAA violation.

If I am a doctor's office or some sort of medical practice and you're not paying me - and I go - oh god, I'm not gon na make any money off this person. I'm gon na sell the debt to a collection agency. Collection agency is gon na go. Ok! Here's your you know pennies on the dollar for this debt and then they're gon na try to contact you and get this money.

But the problem is: is that doctor's office should not have sold that debt to collections because you're not allowed to talk about someone's medical situations. So if they so your medical situation to someone else, it is a HIPAA violation and it's very easy to get that off. Your report, all you have to do - is contact the collections company and say hey. This is a violation.

You shouldn't have my medical information. Please get this removed off my credit report and they'll go okay, our bad and they'll. Remove it really easily the only times. This doesn't work is when the actual medical practice company puts you in collections and they are actually the collector or the debt agency.

Then they technically didn't sell your information and you're kind of screwed, but just like any other debt, that's in collections. We can still do something about it collections or just like late payments. Again, the person holding your debt is going to want to get something out of it, so you can negotiate with them. If you, you know, have a thousand dollars in a collection account.

You can say: hey. Look. I'm gon na give you two hundred bucks. I'm gon na give you two hundred fifty dollars.

What do you think is that is that enough to get this totally removed from my account, and most sons are gon na, say yeah and they're gon na get it removed, or sometimes you can just politely ask him hey. This collection has been on my account for like eight years. I don't even know what it's from. I think it's a mistake: can you please get it removed and sometimes they'll actually just be like okay yeah we've had it forever we're just gon na remove it and they'll take care of it.

But these are things that you need to get the conversation started and for any of these, if you need to contact the actual person holding your debt or the company holding your debt, you can scroll down on your credit report and you'll see contact information for every Single account that's on there, so no excuse that you don't know how to actually contact the person holding your debt and then. Lastly, with questions I mean, if you have something in collections: I've seen stuff in collections, that's like a couple of dollars or something if it's something super small like just pay it get it out of there, get it moving and you'll see your credit scores. Go up. Super quick once you clean up all of your collection accounts again, all communication needs to be in writing, because these collection companies will totally screw you over.

If you do everything by the phone and say alright, I'm gon na send you two thousand and they get two thousand and it's on your report so make sure you get everything in writing. But the next thing is the maxed out credit cards and again this is so important and so many people get it wrong. Guys, 30 % utilization - if you have a thousand dollar balance on a credit card, do not ever or have a balance that is higher than $ 300 on that card. If you want to get your scores up like 15 to 20 points immediately immediately, then what you can do is you can pay down your max on credit cards and your scores will be improved.

Super quick, simple enough now. One thing: that's not as simple is gon na be the hard enquiries. Now again, if you only see like one or two or three or maybe four max on there, I wouldn't worry about it. It's not even really worth your time just kind of ignore it.

Don't let too many people pull your credit and you're good to go? Okay, but if you see like seven on there, you really need to get them removed and there's two ways you can kind of get them removed. One you can contact, you ever pulled your credit and hope that you didn't check a box or sign anything saying that you allowed them to pull your credit and pretty much you can tell them hey. I didn't allow you to pull my credit. You need to remove that hard inquiry and it's their duty to actually contact the credit bureaus and say: hey.

We wrongfully pulled this person's credit. We're really sorry get that removed boom. Super easy problem is like 9 out of 10 times. You typically put in writing that you did allow someone to pull your credit, so those those things kind of work out in the second option again is just to wait.

12 months. If you see something on there and you're, like you know it's month, nine just be like three months: it'll go away and again, you're, not gon na see tons of improvement with harden Curry's coming off your report. But if you have a lot of them, you will see some improvement bottom line. Just don't let everyone and their mother pull your credit, but next up is the judgments and the liens, and these ones again are a little bit challenging when it comes to judgments.

Again, if you can just pay it, that's the easiest most time you can't know so if you can get a court order to get it in vacated status, and you have that from the court, you can actually contact the credit bureaus and say: hey, look. I've got this in vacated status. I need you to get this removed and they'll actually remove it before it's fully gone. But what judgements there's not a whole lot, you can do you just kind of got to pay them, or else they're gon na show up on your credit report now: tax liens, apparently not as bad anymore, because as of April of 2018, they are technically no longer Allowed to be on credit reports if they are paid if they aren't paying yeah you're kind of screwed they're, going to show on your credit report until they're paid not much.

You can do it's the IRS baby, but if they are paid and they're still showing up on your credit report, there is no waiting period so the day that sucker is paid, you can contact credit bureaus and they will get it removed immediately, and that will help Your scores out a lot okay, so with that, I do just kind of want to wrap it up and say: if you don't have the time to do all of these things, I'm kind of mentioning or you just really don't want to put the effort into it, Because it does require a little bit of effort and you've got a little bit of cash laying around you can actually pay people go into credit repair pay other people to do all these things. For you, good credit repair is what I recommend. Don't just go find a cheap credit repair company, because they're probably not going to do anything to your report. Okay, go find a good credit repair company.

I, like my credit guy calm, he's like the best and an awesome. So go there. It's a little bit expensive. I'm gon na be totally honest with you, but if you pay for a good credit repair company, they will actually do all this work for you and even with good credit repair service.

You know the credit score's exists for a reason. They show lenders, your credit worthiness. So ultimately, good credit scores are going to start with you and the decisions that you make. So it's really important to have a full understanding of what gets factored in your credit score and how you can make smart decisions to keep your credit scores up.

So you should definitely check out the videos I will link down below in the description. I go over tons of other great credit strategies to get your scores, so that kind of 800 plus range knowledge is power when it comes to credit, so you really need to know what you're doing, but hopefully this video did help you out a little bit if It did, I would really appreciate if you can hit that like button on it drop me a comment down below and also subscribe. Again, I'm always dropping some great content on here and then also if you want to learn more about kind of qualifying for a mortgage and the steps actually buying your first home then head on over to Lending Shaun Malcolm again, I'm a mortgage lender in Arizona. So I answer lots of questions and go over lots of great content when it comes to buying a home as well so use that resource.

But again that's how you get massive improvements on your credit. Score's start working on it today, it's a process. If you start it today, you'll start seeing results as quickly as possible, but yeah. Hopefully you enjoyed the video.

This is where I get to plug all my social. I used to go. Follow me on Instagram and Twitter and Facebook at Sean, mal, ku, pretty simple, otherwise I'll see you in the next video.