Here is EXACTLY how you can increase your credit score fast, and get a perfect 800+ score as easily as possible — for absolutely free. Enjoy! Add me on Instagram: GPStephan - Click Show More To See Ad Disclosure
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Here’s what makes up 100% of your score:
FIRST: ON TIME PAYMENT HISTORY - 35%
This one is VERY straight forward…DON’T MISS A CREDIT CARD PAYMENT AND DON’T PAY IT OFF LATE. EVER. In order to get a perfect credit score, you’ll need to pretty much NEVER miss a payment, ever - otherwise that could completely ruin everything.
SECOND: CREDIT UTILIZATION - 30%
In order to get yourself a PERFECT score, the credit bureaus want to see that you aren’t maxing out all of your credit cards, and that you’re keeping a relatively LOW balance compared to the overall credit you have available to you. One of the techniques I use to help with this, is just to have a LOT of available credit - all with really high credit limits.
THIRD: LENGTH OF CREDIT HISTORY - 15%
This just means - the longer you’ve had credit for, and the sooner you start - the BETTER. This is one of the reasons I recommend people begin building their credit score as early as they possibly can, even if it means going and getting a credit card THE DAY THEY TURN 18…this will help build the foundation of your entire credit history very early on.
Now, it is important to remind you that this is calculated as the AVERAGE length of your credit history…not the TOTAL length. So my recommendation is to, first, start building your credit as soon as you possible can - and keep those accounts open and in good standing for as long as possible. This will help you build up a solid fortress of longstanding credit history - so that when you DO apply for new lines of credit, it won’t reduce your average account age as much - and it’ll have less of an impact on your score.
FOURTH: TOTAL NUMBER OF CREDIT LINES - 10%
First, the more credit lines you have - the higher your credit limit - which lowers your overall utilization, and helps your score.
Second, by having MORE credit available to you, you’re able to show even MORE on-time payments - which, again, will help increase your score.
And third, having a mix of credit types - like an auto loan, a mortgage, and credit cards, shows lenders that you can appropriately handle multiple types of loans without defaulting on them.
FIFTH: NUMBER OF CREDIT INQUIRIES - 10%
Anytime you go and apply for credit, it’s reported to the credit bureaus and shows up on your report as a “hard inquiry.” This helps lenders keep track of how many times you’re going and asking for credit…and generally speaking, the more often you’re out there asking for credit, the riskier of a borrower you become.
In addition to that, if you ARE out there getting new credit cards - that also will LOWER your average credit length - which could further drop your score, as well.
Besides that:
I HIGHLY recommend you check your credit score every few weeks using a free service like CreditKarma or CreditSesame. Both are FANTASTIC resources that update your score every week - and even though they’re not going to be 100% accurate in terms of calculating what your score will be, they’re going to be fairly close and will give you a comprehensive overview of your entire report.
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness @gmail.com
Some of the card links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This content does not include all credit card companies, or all available credit card offers.