So I’ve got a 750 credit score but I keep getting denied for credit cards and loans. Why is my score so high but I can’t seem to get funding?
Guys, time after time after time after time, I get hundreds of comments on this topic about how do I have such a high credit score, I’m nearly an 800 credit score, but nobody will loan to me.
I’m going to share something with you today because you have to understand what the actual credit score means.
Now, the really cool thing about this is this. You can have a 600 credit score and get approved for nearly almost everything and you can have a 750 credit score and get pretty much denied for everything.
What is the difference?
It isn’t the score because 600 in most cases is lower 750. I mean, I know you guys are smart, so you know that 600 is lower than 750.
So it’s not the score, right? Or is it?
Here’s the deal. If you have a 750 credit score, what is behind the credit score?
If you have a 600 credit score, what is behind the 600.
Today I’m going to show you how you could have a 600 credit score that is significantly more powerful than a 750.
Is that even possible? It is.
So clients from two different areas contact me. “Mike, I appreciate all the help.
I appreciate what you’ve done for us.” I asked to see their credit check total and I saw a 623 credit score.
This man was able to get a $25,000 Navy Federal credit card, was able to get his $10,000 Capital One Saver card and was able to get a $30,000 Penn Fed card.
However, client B who has a 755 credit score is getting denied everywhere.
What do you think the missing link is?
I’m going to share with you three things that I believe if you have a high credit score, you are missing.
The first thing that you’re missing is that the 600 probably has a vehicle, mortgage, and revolving and installment lines on their credit report.
The more accounts that are in good standings, the better chance you’re going to have to get approved for credit cards.
Number two, the 600 credit score, I put an aged trade line on his credit report.
I tell you guys this all the time. Age trumps credit limit. Age trump’s credit limit, meaning 750 is just this fairy, it’s just this up in the air number.
In fact, we’ve got finished with credit repair, did an elite credit repair on somebody.
I was able to remove five out of five items. The erroneous, obsolete, missing, unduly, unfair, incorrect missing information that was not supposed to be on his credit report.
We challenged and within 60 days he basically had a clean file.
He contacted me, said I needed a tradeline. We added a tradeline to his credit report and boosted him up to a 750.
And he kept getting denied. “Mike, I’m at a 750, how am I getting denied?”
“Because you have one trade line on your credit, Sir. What do you think is going to happen?”
So today, I’m going to share with you, the more accounts that you have with revolving and installment, the better chance you are to getting approved for credit.
It’s the meat behind it.
That’s why I tell you, a 600 credit score could have 15 accounts and you’ll get approved a lot for credit cards.
The 750 has one account, no mortgage, no car, one tradeline that’s an authorized user, and he’s wondering why he’s getting denied.
So listen to me very carefully. The score does not matter.
Yes, it helps, if you have a high credit score and the meat.
But in comparison to a 600 and a 750, the 600 could be much stronger.
I want you to have the mortgage. If you don’t have a mortgage, fine.
Installment loans, which are the ones you pay for each month. A loan could be a car payment, maybe a car payment, and more importantly is that you have a primary account or two on your credit report.
A 750 credit score, he bought one. an authorized user had some age on it, but no primary accounts.
So what I recommend is at least one primary account, Online Jewelers Club.
I’ll put the link below so you guys have it.
Great 5k primary line to put on your credit, and then put on a few AUs that have aged.
That is going to be your ticket, but do not expect to put one trade line on your credit and go out and conquer the world with credit.
So again, the most important thing is the number of accounts, and number two the age behind the meat of the score.
Thank you guys for watching Tradeline TV.
My name is Mike.
If you have any questions, post them below.
If you need help with the age tradeline.
I’m going to take care of you guys, you know that. I’m here to help you.
You guys, thank you again, make sure that you have questions post and below so I can answer them.
I personally take the time to answer your questions, so I can generate more videos.
Until tomorrow, take care.