Raise Your Credit Score 50 Points In Less Than 5 Minutes
If you have a credit score in the 500’s you may still be able to get approved for a home or a vehicle, however, you’ll need to make a sizable downpayment and are likely facing interest rates of about 20%. With these tips, you can change that in less time than it’ll take to finish filling out the paperwork on your new car/home…
Today guys I’m going to talk to you about how to raise your credit score 50 points in a very short period of time. We have got tons and tons of clients that I’m going to put this to myth, and I’m going to debunk this right now.
Our typical client comes in to us at about 550, 560, 570, 580 credit score.
Lots of people don’t know this, so the tips I’m going to give you today are very valuable to let you know that if you’re in the 500s, you have an opportunity to purchase a car or a home.
Just because you’re in the 500s does not mean that you cannot get these two, we’re going to call them liabilities, and that’s going to be in a later tip in a second.
That being said, guys, you guys can get…
I’m going to show you how to raise your score very fast. We’re going to get that in a minute.
The three credit bureaus are extremely important as you know. TransUnion, Experian, Equifax are the deciding factor whether you get approved or denied for a car or home.
You have worked very hard in your life to be able to deserve a vehicle or a home.
So I’m going to show you guys how to do it very, very fast so you’re not getting crushed on interest payments and high down payments because I know this.
I know what you’re thinking right now. You’re saying, “Mike, if I’ve got a 550 credit score, I’m going to be putting $5,000 down and I’m going to be paying interest rates of about 20%.”
That is true, but when I show you in a second how to raise your credit score over 50 points in five minutes, you’re going to see how easy this is.
Typical credit repair companies are full of shit.
I’m going, to be honest with you, they’re going to drag you out for years without getting hardly anything off your credit report.
We hear this day in and day out. “I spent, yeah, $120 a month for two years going through X Company, and my credit report still looks the same.” In the meantime, because you didn’t understand the credit game you weren’t able to get what you really deserve because you didn’t understand how to raise your credit score fast.
Again, you guys are hard working.
Why do you not deserve a nice car and a home?
Renting vs Buying
Now, here’s the debate. Should I buy a home versus getting an apartment?
This part is extremely important. I’m going to share with you why.
A lot of people, typical America, banks have said this many, many years ago, “Let’s get the typical American into a home to buy a home.”
So my debate with the home is that I would prefer that you rent versus buy because the old saying is, “You want to buy where you can rent, and you want to rent where you buy.”
So you want to purchase something that is cash flowing, a home.
Then it becomes an asset to you as opposed to buying something that costs you money.
So how do you guys raise your credit score over 50 points very fast within less than five minutes?
First, I’m going to give you guys a sample report. We just had a client last week who went from 558 to 610 in five minutes.
Just for confidential reasons, I can’t say her name, but this is what happens.
When I analyzed her credit report I noticed she had no revolving credit lines. She had some collections that were medical, and she had one like this installment loan from Springleaf Financial, but she had no open lines of credit.
Banks love open lines of credit.
Tip #1: You must open a line of credit.
If you’ve got negative collections, and then you’ve got one installment loan that you’re making payments on through a finance company that’s not revolving, that you’re actually just making payments on each month, set payments, you have no revolving credit.
So Tip Number One is I’m going to have you go to First Premier Bank to add a secured credit card. By adding that secured credit card, that is going to add revolving history on your credit report. That is going to open up a line of credit.
Then what I want you to do immediately, go buy lunch, go fill up a half a tank.
You want to put about $15 on that credit card immediately.
So as it hits the credit bureaus it will then show a $15 debt on the secured credit card that you got.
That simple step rose her from 558 to 605.
Once she put the debt on it, it raised her score up even higher because then it actually showed the revolving.
Now for someone who actually has accounts that are revolving.
Get Added As An Authorized Users
Let’s say that this criteria doesn’t necessarily fit you, what you can do is then you can, if you’ve got open accounts and you got a couple of medical collections, you can then add an authorized user.
So Step Number Two is you can add an authorized user.
So contact mom, dad, brother, sister, friend, family member, somebody who will trust you, and say, “Hey, add me as an authorized user to your account.”
Now there’s a couple of factors that you really need to know about if they’re going to add you.
- Number one is, there can never be a late payment. You’re piggybacking off of their credit, so whatever they have, then you adopt. So you’re going to make sure that if you’re asking mom to add you to her Capital One card that mom has never had any late payments, number one, she has never had any collections on that credit report or card. Very important.
- You’ll also want to make sure that her utilization is lower than 15%. Ideally 15% or lower. If I can get you an 8% it would be great, but ideally 15% or lower.
- Then the fourth thing is making sure that that card actually reports to the credit bureaus. Because there are some lines that even if she added you, her trade lines or her credit card, even if she added you, it’s not going to matter because they don’t report to the credit bureaus.
So the couple of things you want to make sure, number one, that mom has utilization under 15%, no late payments and that card actually reports. Can’t be collections. Can’t be late payments. Make sure the card reports, and if you’re going to be added because you’re looking for history, you want to be something that is over five years old.
I use the criteria five years old, that’s 60 months of perfect payment history.
So if you need to add a Tradeline because you’ve already got a couple of revolving, but maybe the revolving ones you have are newer, and you say, “How, I just want to put some age on.
You have Option Number One which is asking a family member to add you. Option Number Two, if you need help, whether it’s us or somebody else, this is something that we can help you with.
We have vetted hundreds and hundreds of cardholders that have perfect payment history, utilization under 15%, never any collections, any late pays, none of this stuff, and they are willing to share their credit with you so you can put the age on your credit report.
This is a very, very strong tip.
How do you raise your score from 550 to 610 very fast?
Very simple. If you have no revolving accounts, the first thing is to apply for a secured credit card.
Instantly, your score will raise. Instantly by putting in a revolved line on there, your score will raise. Immediately, go put something, 15 bucks, half a tank of gas or go buy some lunch for you and a friend, but put about 15 bucks on there so that way when that reports that $15, it then shows revolving on your credit report.
Banks love revolving accounts.
The more revolving accounts that you have, the higher your credit score is.
I started this by saying this, “Because you’re in the 500s, whether it’s 540, 550, 560, 570, you still deserve to be able to get a nice car and a home.”
And again, we’ll talk about the home, apartment at a later date.
But if it’s a home, and you guys are looking for something for your family, you deserve it.
You can do that very easy by pulling up an Experian.com or Identity IQ, something with a three-year-old credit report.
First, check to see if you’ve got any revolving accounts.
If you do, then you can add an authorized user by going to a friend or family, make sure that they fit the criteria I mentioned.
Go back through this video a couple of times if you want to see the actual criteria.
If you do not have any revolving, immediately open up a new revolving credit card by First Premier, and then once the card gets in, go spend it on lunch or put $15 on it.
And this is going to instantly increase your score.
We are seeing people with 50, 60, 70 point increase just by applying for the card, and then when you actually use the card it goes up even slightly higher.
If you’ve got the revolving, but maybe the revolving is newer, then you can ask a friend or we can help you here, get you onto something with five years of perfect payment history.
Your score is going to increase significantly.
Now back to the credit part again. If you guys need help, I said, “Traditional credit repair or restoration.” If you need help at all with removing those negatives whether they’re student loans, bankruptcies, foreclosures, repos, judgments, late pays, medical collections, we have the software here to help you guys.
If anything, if it’s not us, please make sure that you do your research first on who you’re using, because again, typical credit repair or restoration companies will drag you out for eight to 12 months on average, and hardly anything gets removed.