In 2020, Raise Your Credit Score Fast! ( Maybe a Perfect 850 )
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- čas přidán 1. 01. 2020
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Contact: Adam Jusko adam@proudmoney.com
(for business/media inquiries only; unfortunately I do not have the time to offer thoughtful answers to the many individual credit & money questions I get by e-mail --- but I do read them and try to incorporate answers to common questions into future videos!)
#creditscores #raisecreditscore #perfectcreditscore - Jak na to + styl
Support our channel by choosing your next credit card using one of the card links at:
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(We'll get compensated if you're approved, and we thank you kindly.)
Other ways to support this channel:
- Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937
- Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.)
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NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!
Sir, you explain everything so clearly. Thank you very much for the information. Watching here from Colorado.
Just subscribed! Thanks for making this so easy to understand! And if I decide to get another credit card I will definitely use one of your sponsors
I opened 3 credit cards all at the same time. My score took a small hit at first due to inquiries, but my score is soaring because I gained $6000 in new credit limits combined. I use it and pay it off before the closing date. My score is soaring.
I use the same strategy. More credit but spend the same.
I enjoy your videos I learn something new each time you are very knowledgeable sir!
Awesome you really touched on a lot answered lots of questions thank you as always ... :)
Great job. Thank you. I just learned a lot more.
Thank you for your videos I am watching your videos from Albania 👍
An idea is doing a video on the other FICO models, such as what the formula is for home loans. This model eight of FICO is covered a lot but I challenge you Adam to cover the other models and their formulas.
Paid off the last to payments of a $20k personal loan and my FICO dropped 58 points because the account is considered closed. Absolutely makes no sense.
The same here🤣
The Vantage scoring model is the best one because it takes more discipline to achieve a high score.
Really informative
Thank you 🙏
Great tutorial Adam. I forwarded this video to my brother in law and sister because they have no idea on managing their credit score and believe in a lot of wrong myths. They are also ask-holes where they ask for help but don’t follow through. So maybe your video will help them.
I am going to have to use ask holes in the future, that is a new one to me😀
8:44 Sounds like Mr. Bill Fair and Earl Isaac werent so "fair" after all.
I had a really high credit score (near 800). 3 weeks after opening up a new personal credit card (Sapphire Preferred) and putting lots of spend (total utilization being 18%) my credit score dropped a whopping 34 points!
I wasn't sure if it was the inquiry when signing up, the average age of accounts going down, or the high utilization.
I called my bank, and they said that inquiry makes up just 10% as well as average age of accounts. They also said that new cards (the inquiry as well as utilization of it) doesn't reflect on the score until 30 days later, after a full billing cycle.
But my new card's utilization did show up on Credit Karma.
The assistant told me, that even after they reporty monthly utilization to the bureaus, if I later pay down my card to a zero balance, it'll automatically trigger a new report to the bureaus, replacing the first report with the new updated report with lower utilization.
After watching this video, I went ahead and paid the card off in full. I hope to see it reflect on my credit report by next week!
It sounds like Adam caught a cold. Get well sir! Thanks again for informative content.
Oy, you are correct. That will teach me to take a vacation!
MrXRouge return my money
New subscriber
My son put me on as an Authorized User with a 15 year old discover card. Really helped. Also brought my Credit Utilization to 1%.
I have a question regarding being added as a authorized user. When doing this, does the card utilization percentage transfer also?
My reports show hard inquiries account for 10%. Didn't see that here. I've also heard mix doesn't really carry as much weight as hard inquiries. What's your take? Thanks
Hi, I’m hoping that you can answer this question for me. I’ve been working really hard repairing my credit, my Experian. Credit score is zooming up it has increased over 100 points since last May but my Equifax and Trans Union has not bulging. I Monitor my credit score through the Experian website and App any recommendations please?
Hi im intrested in finacing my Frost car, my credit score with credit karma is good, should i download the fico app adn ser my actuale score before i head to the dealer?
As long as I stay under 10% dose it matter to the credit bureau how much i carry from month to month?
This video is right on time. Applied for the CSP & got denied 😞
bummer
Where is the best place to pull your FICO score from?
What about all the previous credit I've had that has aged out? i.e over the past 40+ yrs. multiple auto (15), mortgages (4) that no longer are being reported. according to TU my in file date started back in 1983. So what has happened to all that good credit ?
Thank you for this info. Question, are positive / negative closed accounts counted towards credit age or only open accounts
With FICO score, they continue to be counted towards credit age for ten years if positive and seven years if negative.
With VantageScore, closed accounts do not contribute to credit age but still contribute to payment history.
What about if you have a car repossession?
I got a question for you credit pimp if you could only have 3 credit cards in your lineup what card would they be?
If I pay a car down to under 30%, say one that I’ve had for less than a year, does that improve one’s FICO score?
It probably helps to open as many credit lines as possible early on in your credit history with no annual fees, that way even though early on your credit score is not that high, later on your average account age will stay close to your oldest account age and opening new accounts wont hurt your score that much as long as you keep those early accounts open, and your score will climb higher and higher more freely.
Thank you for this!
This is my strategy. I’m opening as many no fee lines of credit as possible. Just started building my credit in the past year. I figure in a few years if I open up a new line of credit on say a really useful card or get a new car loan it won’t really affect my credit score.
You cand
You can do this also for secured credit card ?
What if you have a lot of available credit, but not using any of the credit available?
Why do the 3 credit reporting agencies all have different scores?
yup will read my comment and be grateful
The credit beaurau says my oldest account is 16 years, but amex says 33yrs. How do i get fico score to chane tgeir information.
How do I get my Auto score??? Excellent Analysis!
you can get it through myfico but you will have to pay, not sure if it is free anywhere.
I hope you can answer my question. I now have 2 credit cards and am an authorized user on a Capital One credit card with no late payments for over a year after having some money problems for about 5 months.
Capital One has told me I can apply for a card but one of the reasons they are denying me is that I do not own a house nor do I have a mortgage.
I live in senior housing & rent.
I had Capital One card in the past and rented and had no problem.
Is this odd policy new ?
I don't think its right to discriminate against renters particularly when 60% of Californians rent like I do.
My score is slowly going up.
2 years ago it was 480. Now at 541 and climbing.
Also my girlfriend is going to add me as an authorized user and her 2 long standing cards with a perfect credit record and high limits.
Will that help raise my score ?
I will not be using the cards.
@John Brandon THAT did not answer my question and Wells Fargo Bank last year PAID a $500 stop payment and that led to my not being able to pay my 3 credit cards and 2 of the negatives are accounts I refused to pay for because both cellular providers could not fix a problem with continual dropped calls or my phone going into data plan for months and I noted a dispute to both those bills on my report.
I had very good credit before Wells Fargo screwed me.
I was also a victim of their opening an account in your name fiasco.
It took 18 months to get my money back from that despite their public lie that everyone had gotten their money back.
i have not heard of this b4 but your score is pretty low still so they might be telling you that successfully having those types of loans would make you look more trustworthy. it is definitely not a requirement that everyone have an auto loan or mortgage b4 they can be approved for multiple credit cards.
@@ProudMoney Thank you for the answer. I am 67 & on social security. I doubt that I will have a house in this lifetime unless I win the lotto or get an inheritance.
George Senda Spam# comment Avoid🥵
@@georgesenda1952 I know that I am 2 years late in replying to you, and I hope that you are moving closer toward your ideal picture of financial freedom. In reference to your question, Capital One does not require that you are a homeowner. In fact, that’s not even on their application. They simply ask: 1) Do you rent or own (or neither) your home? -and- 2) Monthly rent/mortgage payment? I have a Cap1 card and I don’t rent or own. I live with my 73 y/o mother, as she is my caregiver. (I’ve been very sick for the past 2 years and when I have treatment, I require a her assistance. I also lost most of my vision as a result of my illness. I don’t say this for sympathy, I only bring it up to show that if anything, my answer is the worst of the 3 possibilities. LOL. For the foreseeable future, I neither rent nor own.) My answer to each question was this: 1) Neither 2) $0.00. Even with that answer, I was still approved. When I applied for my Cap1 card, my credit was 680. It’s now 750. (It quickly spiked up because I had a 2 negative marks fall off my credit report…it took 7 years, but thank goodness it’s finally off forever.) I just wanted to share this with you because I know the uncertainty and frustration of being in a spot where you’re desperately trying to rebuild your credit but it feels like you’re stuck in a ravine that you can’t get out of. With Capital One, and I don’t mean for this to be taken as insensitive, but they have call centers outside of the USA. Wish they’d bring these jobs back to America, but that’ll sadly never happen. I’ve noticed that my questions can receive completely different answers depending on who I talk to. They may have meant that a mortgage or other types of loans can show a more well-rounded credit picture. While that’s valid, I have a feeling that they didn’t convey it in the correct way. I’d venture to bet that a majority of Capital One customers are not homeowners. Homeownership has been on the decline and is projected to continue to decline for the for foreseeable future.
Here’s what I’d recommend, as it’s what I did: Take FULL ADVANTAGE of credit card companies’ pre-qualification & pre-approval tools. They’re a lifesaver and they don’t affect your credit - no negative dings. Capital One, Credit One (for rebuilding only - a secured card is probably better, although I still have this card), Discover, Wells Fargo, Bank of America, Chase, Citi, Petal, Upgrade, American Express, Apple, and if you are a veteran, check out Navy Federal or USAA. Also, check out PenFed - they have great cards and you can do pre-qualification (it’s currently open to everyone right now, so you don’t have to be a government employee.) In the process of rebuilding my credit, When I started to rebuild my credit, I was first approved for a retail store card. Synchrony Bank offers tons of options, as does Comenity Bank. Most are quite easy to get approved for! Google “the shopping cart trick.” With a few steps, you can apply for a retail store credit card and avoid getting a hard credit pull on your credit report. You’ll be more likely to get approved because the credit card issuer won’t see your full credit history with your application. It may be something for you to consider. I’d urge you to read about it.
Anyway, I don’t know if you’ll even see my reply to you considering that I’m 2 years late. Wishing you the very best on your credit voyage and the absolute best in life! Hang in there through these tough times of inflation…thanks a lot, Biden…not. 🙄
Galatians 6:9
“And elet us not grow weary of doing good, for in due season we will reap, fif we do not give up.”
Whats the point of credit card if you have to pay it off as soon as you use it to better the Credit Utilisation Ratio. The whole idea Is to pay it off by the DUE DATE. isn't it.?
why is it when you pay down your car loan on some months it shows your balance is lower, and they subtract a 1 or 2 points from you credit score, this doesn't make since!
Hello. Really love your video. I have a $5,000 loan showing up in collection and says "high impact" I'm seeing this in Credit Karma. Should I make payments on this loan? I also have a credit card in collections too. I don't know which one to pay off first.
I would pay off things in collectione before anything else.
@@ProudMoney I also have a car loan. Should I pay more than regular monthly amount on car loan to help boost credit score?
My credit scores 711. Also I have a vehicle loan is about to finish next week $1000. My question is to you. If I paid off my vehicle loans. How much did you think iam going to have for credit scores? Just guessing. Please 🤣 I'm thinking about to have 900 credit scores 🤣
I just tried to get a credit card from my local bank. They gave me a letter stating that my score is 532 but on credit karma , credit sesame, and wallet hub it is 653. How can it be more than 100 points off?? That's sketchy...
Credit Karma isn’t your fico score so there is often a difference between your fico which is what your bank is pulling. I would also ask your bank which of the 3b they are pulling from.
unfortunately credit karma is different from your FICO, which most banks pull from. For example, right now my two scores on credit karma are 726 and 696, but my FICO score is 669. Hope this helps.
Why does it take 7 years for bad credit to disappear
You suggest a low utilization, below 10%. Does it mean that you use the card only to 10%, or that you could use the card even at 50% but before the statement closure date you take it down to 10%?
Ideally you keep it under 10% IF you really need those extra points because you are going to be applying for something in the near future. Otherwise, going over 10% is no big deal as long as you are paying off your card each month.
Hi Adam!
Hi!
I'm a big fan of your videos, having just discovered your channel this week and consumed about 20 videos in that time. But the title of this video feels a little click-baitey / misleading. This video doesn't really explain how to "increase your score fast", it just explains what the different factors in the FICO formula are. And why are Inquiries not one of the mentioned factors?
Hey, thanks for watching all those videos! If this was the only one you thought was clickbaitey then I must be way ahead of others who make similar videos! 😃 Seriously, though, I try not to be clickbaity, but CZcams is dog-eat-dog, so that thumbnail matters!
Quick question I am trying to rebuild my credit to buy a house 2 years ago I started to pay bills timely, I received credit cards which I have been very responsible for. My credit score started off at 590 and now I am at a 659. Why won’t my credit score get higher. I have 4 credit cards all but one has a zero balance I use the larger card to pay for things but I keep my UTI at about 10%. Am I doing something wrong
Sounds like you are doing everything right. Do you have older chargeoffs where you never paid off the debt? Those will sit on your credit report for 7 years and even though they diminish in importance over time, you don't really see a bigger boost in your scores until they go away.
@Bianca Dorsey ..having a zero balance doesn't hurt your credit score but it doesn't help it either b/c it looks like you're not using credit. If you want your score to increase more rapidly, use your credit card and be sure to have them at 2-5% utilization before the statement date (which is the date that it reports to the credit bureau). After your statement date passes, pay them off before your due date so that you will not have to pay interest.
@bbanks8071 so the statement date is when they report?
I have capital one silver card, my score is at a 665. Should I get another card if so which one
Discover it is also a good introductory credit card
Great advice discover it is a great and even a great secured card as well can't go wrong with discover it. I also took a chance on citi and got the secured card we will see they are hit and miss I have learned Even if it doesn't graduate real soon I will still be able to barrow my own 500 dollars and build credit with it I think it will work out good. I have raised my score from 565 to 695 in about 2 1/2 months
If you someone makes you an authorized user do they have to keep you on their card for the history to stay with you.
Loonie Toon stop hurting and screwing people 😤
@@imargroomes4990 whaaaaaat?
Then why please - Experian, Transunion, etc...
Your office background is very distracting. Maybe you should use something larger than the white thing that only covers some of your background.
no matter what the background is, someone tells me it should be different!
I was penalized with almost 100 points paying OFF my truck and I get penalized every 2 months for paying off my credit card..I don't want a high balance just a revolving 1
Still I am no longer eligible for a mortgage..
Question: if you have too many credit cards and pay them off, is it bad to close the ones you do not want/need?😥😒
That is a big question, depends on your credit score and the age of those accounts, have done videos on this in the past.
MC 2 Are they your oldest cards? If you happen to close a card that you don’t like, but it’s one of your oldest accounts. It will damage the AAoA which tanks your credit score.
MC 2 I would say don’t close cards if they are more than 6 months old I went through paid off all my cards and closed all I lost 87 points even though I paid all off. My Amex was closed due to my score dipping ... recently I had a card didn’t like it and I closed it after 5 months it only hurt 2 points
Just my opinion... based on myself and some people I know
@@ryanthompson6033 yes they are all over 6months. 😒... My eyes got bigger than my stomach. Thank you
ok refresh this for April 2022
Adam you sound like your Under the weather!!
I am getting over it, was miserable a few days ago.
Ahahaahahahahhhahahahaahhahahahhahahahahayahay hahahahahahhahhahahahahahh
Got a 565
FoSho
nothing new
2nd
We tied after Adam posted his usual post!
First in my ❤