How's your credit score? Be honest with yourself. If you’ve been putting off taking control of your credit score because you don’t know where to begin, watch this video.
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#CreditRepair #CreditScore #FixCredit
Today, I’ll be showing you some dirty little DIY credit repair secrets to save you some money and put you on the right financial track.
I started my career as a mortgage broker and I’ve seen first hand how much of a role credit plays in getting loans, mortgages, and the best interest rates on anything you’re looking to finance, real estate included.
I’ve helped many people improve their credit scores from the 500’s to well over 700+ by utilizing the tips and strategies I’ll be sharing today.
▶ 1) Know Where You Stand
For many people who know they have issues with their credit, they don’t want to know the actual score because they know it’s bad.
You need to face that fear and sign up with Credit Karma.
Your credit score is just a number. You can’t improve your credit score if you don’t know where you’re right now.
Check your score regularly simply by accessing the Credit Karma app online or from your mobile device.
▶ 2) Address Negative & Delinquent Accounts
It doesn’t matter what the amount outstanding or the balance is or what the circumstances are: negative or delinquent accounts will hurt you.
I’ve heard so many stories from people who’ve said: “I refuse to pay that because that charge is BS and I shouldn’t have to pay it”.
Most of the time it’s for an account balance under $1k from a cell phone carrier, a utility company, medical billing, or a collections agency.
Because you’ve avoided that negative or delinquent account for so long it’s brought the rest of your credit down.
Here’s what you need to do: Face that account head on by either paying it off entirely, negotiating a balance reduction, and working with the credit bureaus directly to have your credit report updated and request removal.
▶ 3) Address Any Late Fees Immediately
I know there are some people watching this right now who might be behind this month on paying a credit card or loan.
Maybe you were traveling or maybe you just forgot to pay if you don’t have automated payments setup.
Whatever the situation is, pay the minimum amount immediately and call your credit card or bank shortly after and request the late fee be reversed and the late payment not count toward your credit.
You’ll probably reclaim a quick $40 or more each time you do this and ensure you’re in the best spot possible with creditors.
▶ 4) Automate Minimum Payments.
If remembering to pay your credit cards or loans each month on time is a problem, automate the minimum payment you’re sending it.
▶ 5) Increase Credit Limits
Let’s say you have two credit cards and both are in good standing.
You’re always making the minimums payments and keep balances low or even pay the entire balance off each month.
Getting more credit, even if you don’t need it for anything today can be helpful as you can’t predict the future and may actually need it for an emergency one day or to finance the growth of a business.
▶ 6) Don’t Close Down Cards You’re Not Using
For everyone out there with old credit cards without balances: even retail credit cards: Kohl’s, Victoria’s Secret, or Best Buy, don’t rush to close them down.
The number of open credit lines, even if not utilized is a factor which influences your credit score so closing multiple credit lines down at once can actually hurt your score.
▶ 7) Be Mindful Of Hard Inquiries
If you’re buying a house and applying for a mortgage, expect a hard inquiry on your credit report. The same for any loan or line of credit you’re looking to open.
Hard inquiries can negatively impact your score if you’re looking to establish multiple lines of credit all the time.
▶ 8) Increase Total Number Of Accounts
Once you’ve established responsible credit practices, increasing your total number of accounts can be beneficial.
▶ 9) Borrow Credit From Someone Else
This helped skyrocket my wife’s credit score and this has helped many couples, even business partners work together as a team to get loans, mortgages, and lines of credit when both need to show income.
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