So here are the five tips that personally took me over an 800 credit score. See, a lot of times people want to know how you do something, right?
If you have a personal testimonial of how you did something, then why would I keep the curtain shut?
And I’ll tell you guys, there are five tips that I’m going to tell you guys and specifically, I’m talking to a group of people here that are right around that 650, 700 credit score.
I do have something special for you guys who are a little bit lower than the 600 which I’ll tell you in a bonus tip.
But specifically, these five tips are for people who are somewhere in the mid 600, 620, 650, 680, 700, in that range.
So tip number one, the first thing you want to know is, and this is the first thing that I did okay, which seems to be the most difficult for people to do and that is to put your credit cards on autopilot, setting up the payments so that they are automatically running two days prior to the due date.
And this is hard because a lot of people don’t want to set up their credit cards and their loan payments automatically because they don’t know if they have the money to cover the bills, right?
So they figure, “Okay cool. If I know exactly how much I have then I can go in each month and go ahead and pay each one of them.”
So this is a specific group of people that I’m talking to.
Now, if you set it up on automatic, we’re talking about revolving, like a car payment, but specifically revolving meaning credit cards.
Those are the most important and make the most impact on your credit score.
Set them up on automatic where it comes out of your checking account, savings account, money market, whatever the case is.
You want that to be before the due date. We’ll talk about the statement date in a minute.
So you want it two days before the due date of each credit card.
So number two, and that is the second thing that I did once I got my stuff on autopilot, all my credit cards were being paid on time, is I then looked at my age.
What do you want to do is look at the overall age of your accounts, an average age.
And to increase score the fastest, you want to drive the average age up.
So a lot of clients come to us, they’re like eight months, a year, a year and a half.
You want over six years of average age.
So look at your age and if it’s above six years, you’re in good shape.
In tip number two, if you’re lower than six years of overall average age, then you need help. And by help, the only way that you can add age to your credit report, there are two ways.
One, which is the longest way, continue to make payments on time and your age grows just by time by osmosis of the length of time, or two, you can add an aged trade line and put as many years on as you want.
So there are two different ways. One takes much longer, the other one could be as little as two weeks to add an age tradeline.
The other one could be obviously a few years.
Tip number three, and that is you want to pay down…
This is one of the biggest ones for me right here, my utilization. Now we’re talking to people that don’t have negatives.
If you guys don’t have collections, judgments, foreclosures, you don’t have any negatives, then step number three is very valuable.
And that is you want to make sure that you pay your revolving because the installment, meaning your car and your house, anything that’s a fixed payment does not make nearly as much impact as say, a credit card, like revolving lines.
So tip number three is to get your utilization on your credit cards under 10%.
Now, I always use that magic number of 7%, the lower you get, the better. I’ve been keeping in mind right around that 7% utilization.
So if you’ve got one card that’s at a $5000 credit limit, you want to be under 10%, you want it to be under 500 bucks. And every card is specific.
So go through each card, take the credit limit, and then multiply that by 10% and that’s what you want your amount to be shown on the card as that you’re actually using.
So keep it lower than 10%, again, ideally 7 if you can.
The other way you can do this is by saying you don’t have the finances, okay?
Some people that I’m speaking to just don’t have the money to go through and wipe out their entire debt down to 10% on every credit card.
So what can you do here? Where your overall utilization is high, you need to add more credit limit.
And the easiest way to do that is to add high limit tradelines.
So if you owe 30, $40000 in debt on credit cards and you don’t have that 30 or $40000 to go here, put this down so that way utilization drops, you can buy a few tradelines with high credit limits and then those credit limits will factor into your overall utilization.
So if you owe 30 and you want to put on two tradelines that have 40000, $50000 credit limits on them, it’s going to factor in that 80 to 90 to 100 grand of new credit into the mix.
And by osmosis, your utilization drops significantly.
And when that happens, the score goes up dramatically.
So if you don’t have the money, you can the tradeline route and just add the high credit limit.
Step number four, and this is the tip that was that I did kind of after the fact, right?
So I had everything on autopilot. I added a bunch of age, I got my cards paid down, but I got 43 credit cards.
And so for me, 43 times I have to go in and make payments is a pain in you know what?
So every single month I’m going in there and making payments on 43 different credit cards. I’m like, “No, I’m not doing this.”
So what I did was I did what they call it consolidation loan.
And what you can do is take all of those credit cards and put them into one revolving account where you can actually make a payment, one payment instead of 43 payments.
Now, I know a lot of people don’t have 43 credit cards, but even 10, right?
Even 10’s a lot. It’s just a lot to have hands-on where you can actually mess up.
If you miss one payment, your score’s tanked. One payment, by the way, can take somebody from the 7s to the 5s, one missed a payment.
So that’s how important that is. If you can get everything into a consolidation point where you can make one payment to one company versus 43, it made complete sense for me.
Okay, so look into that if that is something that you guys are encountering where you don’t want to miss a payment, you got too many credit cards, you’re like, “I just want to have one.”
Consolidate it, put it into one. It’s going to be a much better interest rate for the most part anyway instead of paying 15 to 30% on credit cards.
Typically, these consolidations are going to be between that 9 and 15 so you’re actually saving a ton of money by doing this.
And then what I did for number five, and this is tip number five and what I did is once I got my cards into a good place then what I did was I joined our cardholder programs.
So now I’ve got 43 cards that I share with individuals who need help from the trade line side of it.
If you guys are interested in becoming a cardholder because you’ve got cards that are in good shape, this is what I use.
This passive income, the thousands of dollars I was making every month in just passive income from all my cards, I was using that to literally pay off the consolidation loan until that was completely paid.
So you can make money on the credit cards legally by adding people to your cards as an authorized user of being a part of our program, we pay you out once a month, every month on the first.
And if you watch one of my videos previously go back one day, you will see a video that I did on basically the criteria, what you guys need to become a cardholder and the link to actually get started and signed up as well.
Those are the five things that I did right away and literally, I was at, I think I was at a 605 and now I’m at the 825 range.
And so I just follow these steps right here.
Go back through this video as many times you need, follow those five steps.
I did want to say that I do understand that people have emergencies and things they do need to use their credit cards for.
So this is a little bonus tip, never go over 30%. And the way to do that is to know your closing statement date of each card.
Each card has its own closing statement date.
You can find that online or just call the bank and say, “What is my closing statement date?” When you find out that number, I don’t care if you use 100% of the credit limit on that card, what’s going to actually report to the credit bureaus is what is on thereafter the closing statement date.
So if you got a $10000 card and you want to use 9000 of that for whatever reason, you have to use 9000 of it as long as you pay it off before the closing date down to that 10%, that 90% that you use within a month will not report.
So it’s whatever you use inside that month is fine as long as you get it down to under 10% before the actual closing date.
And remember each card has its own closing dates, so make sure that you’re specific to the card that you’re using. So that’s a tip right there.
The other thing is to… And I don’t want to leave you guys out if you guys are sub 600 credit score, okay?
One of the bonuses that I want to tell you guys is this.
You need to add a sixth tip.
I would follow all the tips from the ones I just mentioned, but I would also add this and right in the beginning, print up a copy of your credit bureau.
The three credit bureaus like annualcreditreport.com do it. Okay, go through it.
Print it out, order, it’s free. You also have Credit Check Total, obviously there’s a monthly fee there, but print it out, take out yellow highlighter, go through anything that does not look like it’s supposed to be there.
Inaccurate, obsolete, incorrect, unduly, unfair, erroneous information on your credit report needs to be removed.
So if you’re sub 600 that tells me that there are a few negatives on your credit report and I would follow those steps first.
This would go to step number one for you guys print it out, highlight everything that looks incorrect from what I just mentioned.
And then what you want to do is send a letter to the credit bureaus with the stuff highlighted on there.
Certified copy to each of the main three credit bureaus, TransUnion, Experian, Equifax, saying, “Remove this immediately. It is not mine.”
Maybe you were a victim of identity, maybe it was a parent’s information.
Maybe it’s just somebody who put information on your credit report that’s inaccurate.
It happens all the time. In fact, over 70% of Americans have something on their credit report that’s not supposed to be there.
So think about that. Go through, print it, highlight it, send a copy certified so you can track it to make sure they got it, to each of the three major credit bureaus.
And they will do their own investigation and say, “It’s not supposed to be there, delete it.” Or, “It’s supposed to be there, it has been validated.”
But if you don’t try, if you don’t take action and do this step right here, your credit’s never going to get fixed.
So that would be step one for people that are under 600.
For you guys that don’t have any negatives, follow steps one through five. I hope this helps.
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Now, if you need help with any trade lines, high credit limits, you need help with age, any of that that we can certainly help you with, this is what we do at Wholesale Tradelines.
I mean, this is our forte, number one in the industry, hands down.
We don’t even compete with people. I mean, we dominate the industry.
So if you need help with age or credit limit or anything at all, give us a call at 904-515-6698.
My guys are on standby, ready and waiting to help you change your credit future. 904-515-6698.
My name is Mike with Wholesale Tradelines and until tomorrow, take care.