How To Increase Your CREDIT SCORE FAST! (800+ FICO Possible)

This video is your ALL-IN-ONE FREE TUTORIAL on how to increase your credit score FAST. Click "Show More" to see Ad Disclosure. 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull FIRST, you'll learn about how credit scores typically range from 300 to 850 and how the tier you fall into is WAY more important than the exact number. SECOND, you’ll understand the 5 most important factors that make up your credit score. They can be remembered by the word PHURLEMINA. Here’s a breakdown: - Payment History (PH): This includes how many on-time payments vs. late payments you’ve made, as well as how long you’ve been doing so. A ‘payment’ counts as the minimum payment or higher. Submit that before the due date and you’ll take care of the MOST IMPORTANT PART of your FICO score. Payment history accounts for 35% of your total credit score. - Utilization Ratio (UR): This represents how much of your credit you’re currently using. It’s calculated by adding up all of your balances and dividing it by the total amount of credit you have. So if you have one card with a $10,000 credit limit and you have a $5,000 balance, then your utilization is 50%. Your utilization on individual cards is taken into account, as well as your total utilization across all accounts. Ideally, keep individual AND total utilizations at 30% or less; ideally 10% or less to be a total superstar. NOTE: Maxing out a single card can TANK your score; avoid that! Credit card utilization accounts for 30% of your total credit score. - Length of Credit History (LE): This is also called Average Age of Accounts (AAoA) and includes your oldest credit card, your newest credit card and the average age of all your accounts. The longer your credit history, the better your score. To improve in this area, make sure you keep your current credit cards open long term and don’t apply for new cards too often. Length of Credit History accounts for 15% of your total credit score. - Mix of Accounts (MI): Credit card companies like to see that you’re responsible with different types of credit – and even multiple types of the same product. Credit mix includes the different types of financial products you have on your credit report, and may include: credit cards, auto loans, mortgage, student loans, personal loans, etc. Of course, only get what you actually need to reach your financial goals. I built my credit score to 790+ using credit cards alone. Your credit mix accounts for 10% of your score. - New Accounts (NA): This is a count of new credit lines opened. In general, avoid opening multiple credit cards in short periods of time. To the credit bureaus, banks, and other financial companies, that kind of behavior looks like you could be at a higher risk of default, which puts THEM in a bad position. If you do open a bunch of cards, consider taking a break to let your credit report “cool down” afterward (i.e. let some of those inquiries fall off and your new accounts start to age). New Accounts makes up 10% of your credit score. THIRD, I’ll take you into MY PERSONAL Credit Karma account to SHOW YOU MY SCORE and what I can do to improve! ----------------- *Note: There are a few other small factors affecting your credit score, like Inquiries and Derogatory Marks. Inquiries are simply hard pulls of your credit report (meaning a company or person has pulled your credit report for viewing, as is the case when you apply for a new credit card). Inquiries lower your credit score temporarily, usually by a few points. They remain on your record for about 2 years, but stop affecting your score before that. I usually see my credit score rebound after 1-3 months, and it often ends up HIGHER than it was before if the hard pull ended up with a new account being opened (think more credit = lower utilization PLUS a greater mix of accounts PLUS a new record of on-time payment history coming up!). Derogatory marks are NEVER good, and they include bankruptcies, collections, tax liens, civil judgments, etc. Avoid these at all costs (and yes, they'll fall off your report eventually, typically about 7 years). Lastly, going for a perfect 850 credit score is not necessary. Once you get to a FICO score of around 780+ you can generally get the best interest rates on anything :-) Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcards #creditscore #creditrepair