The Path To The Perfect Credit Score

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How would you feel to have lenders begging for your business, a 99% approval rate (never get denied again) and the lowest interest rates on everything?

There are 5 things that you need to have, that will get you to an 850 credit score fast.

Listen, I am going to show you in this video but you have to want it. You have to have DETERMINATION.

Video Transcription:

How would it feel to have lenders actually begging for your business, 99% approval rate, lowest interest rates on everything and have self-respect for yourself?

My name is Mike from Wholesale Trade Lines.

Today we’re going to talk about a topic that most people want to know about. They want to know how to do it. They want to know how to start. So I am going to put up a free consultation with you guys. All you got to do is just give us a ring and say hey, where am I at? What do I need to do? It’s not going to cost you a penny, but let’s just see where you’re at. This video is how to get the perfect 850 credit score.

Now, FICO stops at 850. So in order to get an 850 credit score, there are a few things that got to happen. First and foremost, it’s going to be mental.

So let’s talk about the five things that would get you to an 850 score as fast as humanly possible.

The first thing is dedication. There’s no secret sauce. It’s not a get credit fast or scheme. This takes dedication. It has taken me going on seven years to be able to get very close to the 850 credit score. I’m not the 850 exact yet, but I can tell you that I’m a few months away from actually hitting that target. So I can give you the advice and how to get there and the steps that I took.

First thing, as I said, is the dedication. You have to be dedicated to this because if you’re not dedicated to it and you have not made it a priority, it is not going to happen. It’s like going to the gym and just standing and looking at people workout. I can bring you to the gym but I can’t make you get on the treadmill. I can show you these every day, these credit tips, but if you don’t go back through the videos and watch them and play them and play and play, then you’re not going to do it.

The first tip is payment history. Because FICO and the other scoring models model this as the number one reason that your score will go down, it’ll be your payment history. That contributes to 35% of your credit score. 35%, that’s the biggest chunk is the actual payment history. So let’s use psychology for a minute and let’s say how could we get our payment history to be perfect? Now I get we’re not all perfect. I’ve made mistakes in the past, but I’m showing you moving forward what to do.

The absolute best thing that you can do for your payment history is to set your payments up automatically. I know some people don’t like that. They say they don’t know if they have the money in the account, so if it pulls it automatically, whatever the case is, they may not have the money there. But I can guarantee you this. When I made that choice to set my payments up automatically every month, it’s a game changer because when you set it up, you know that it’s going to be paid on time.

But what you can do in the event that you miss a payment, because again, we’re all human. You miss a payment, do not be afraid to ask for a forbearance. Something happened. Whatever the case is like I talk about, maybe you went through a divorce, maybe you just missed it. Maybe you went on vacation. Whatever the case is, you forgot about your payment. Do not be afraid because the lenders will, as long as you have, like I had three years of payments on time, and then I missed the payment.

Called up the lender said look, Barclay’s look, something happened. I went through a situation and when I went through this situation, I apologize. I was really nice on the phone and again, that’s a very important thing, is not to be rude to these people on the phone, but I missed my payment. When I missed my payment, I’m sorry, can you please remove it? I went through hardship. Yes. Yes Mr. Singles, we’ll remove the late payment. Don’t be afraid to ask. That is the most important thing of your credit because once that’s there, it’s there for seven years. If it happens, ask.

Number two, pay all of your credit cards in full if possible. Now we talk about the 7% rule. When I say pay your credit cards in full, I’m talking about store cards. So if you’ve got Macy’s, Lowe’s, Home Depot, Victoria’s Secret, Comenity Bank, Synchrony Bank, all these store cards that have very high interest, this is one of the biggest misconceptions in credit, are people think that they have to carry a balance on every card. You do not have to carry a balance on any card. In fact, if you pay it off each month, it’s actually going to be a lot better. But remember this, those are going to be your highest interest rate cards. So get those paid off. Start with a store card first and pay them off.

But also remember that a card can be closed due to inactivity. So you want to make sure that at least every two years that you use it for something. So if you’re going to pay it off each month, make sure you use it for bubblegum or go to that store. If it’s on a Visa or MasterCard, American Express and Discover, it’s actually a store card. Just make sure you go use it for something. Buy a pair of shorts or whatever the case is, pair undies for the girl. So just make sure you use it because if not, it’s inactivity. They can shut the line down and then you lose the history as well.

Number four I want you to know is I want you to think about line increases. Don’t be afraid to ask the lenders for a line increase because you’ve been making your payments on time. Nine Times out of 10 they’re going to give you a line increase, but here’s the psychology behind this. If you ask for a line increase, think about this way. You have a much better chance of not going over that 30% utilization mark. The higher the credit limit, the less chance you are that you’re going to break the 30% interest rate.

You have a $3,000 Capital One. You call Capital One after making six months to eight months payments on time, you say I want $10,000. They come back with $8,000. Now you have an $8,000 credit limit. The chances of you going over 30% of that $8,000 are less likely than you going over the $3,000 credit limit. So raise your credit lines. You also have to be financially responsible, again. So don’t just get a $10,000 and then max that out. So it comes with a little bit of financial literacy, but at the same time, keep your credit limits as high as humanly possible so you don’t go over that 30% mark. Because once you go over that, then we’re talking about a utilization issue, which is again, a very, very, very big part of your credit score.

Number five, do not close any accounts. Do not close any accounts. If you’ve got old accounts, if you’ve got collection accounts, I’m going to give you a tip here. Closed collection accounts., if you close the accounts, you lose history. History contributes to about 15% of your credit score. So think about this way. As you close an old account, you’re losing 15% of your score.

So what if you had a collection or a late pay on a closed account, what would you do? What you’re going to do is you’re going to call the bank and you’re going to ask for pay in lieu of deletion, but you’re going to delete the collection, not the account. We had a client just a couple of weeks ago who said, I did a video on this recently and I said look, get pay and deletion of the collection. Just remove the collection and remove the account.

What happened was he contacted the bank and said hey, look, I’ve got a late payment on a closed account. Instead of removing the entire account, just remove the late payments or just remove the collection from the old account. But do not remove the entire account because it was a student loan that had 13 years of age on it. So instead of him losing all that 13 years, he went to the bank and said, I’ll do pay and deletion of the collection on that account. Or if it’s a late payment, pay in deletion of the late payment. But do not remove the entire account because then you lose all the history.

That is the steps that you want to take and I’m going to tell you this. Had I known about trade lines or inquiry removal, there’s a lot of other things that are going to get you to 800, making sure your inquiries are two or less, that you got decent credit limits and age.

But if you’re just starting out and you don’t have the age, what you can do is purchase a trade line with the amount of age and the amount of credit limit to your likings. There is no cap. I want a $20,000 credit limit Capital One card with 10 years history. You can purchase that line and get the 20 years history and a $20,000 credit limit. I didn’t know that when I started my journey, but now that I do know that, you can contact us if you need help with that. But I’m also putting together a free consultation with this video to see where you guys are at. Just give us a call and say, hey, look, here’s where I’m at. Let us look at it. Let me get you on these five tips to see where you’re at along that. It doesn’t cost you a penny to pick up the phone and ring us. We’ll go over it with you. We’ll check it out. We’ll get you into a game plan and a system to getting you to that 850 as fast as possible.

Give us a call at (904) 515-6698. Also, let me give you one other tip. I’ll just give you guys a bonus tip. The bonus tip is this. Always pay your revolving accounts first before installments. When I say first, I don’t mean don’t pay your installments, but pay down your revolving accounts first, then installments. So if you’ve got a mortgage payment, obviously car payment, a loan, those are going to be installment accounts. Installment means that you have the same amount of payment every single month. Revolving means it can be revolving with different payments each month. Pay down the revolving first before installment. FICO loves it and you’ll be rewarded for it.

until tomorrow, take care.

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