In this blog post, I’m going to teach you 3 ways on how to increase your credit score immediately.
There are plenty of reasons why you may need to know how to increase your credit score immediately. Right off the top of my head, I can instantly think of how someone may need to purchase a car, a home, or they may need a big loan in or order to take care of an emergency. If you’re taking out money for an emergency, I advise that you go to Michelle’s blog and read Everything You Need To Know About Emergency Funds. It will change your life!
Now, what makes me credible in order to speak on a subject such as increasing credit scores?
I have a small business consulting company. I help people transition their businesses from physical products to the digital world. Along with this, I help provide business funding to those owners who seek it. I help these individuals get business credit and loans up to $300,000.
At the moment in my business, the only way I can do this is to work with individuals who have decent to strong credit. If they have low credit, I help come up with a gameplan to improve their credit in order to later on get business funding. Since I’ve done this many times, I’m qualified to give you some tips on how to increase your credit score immediately.
I’ve seen people with 800 credit score and get denied by the banks. How does that happen? That’s impossible right? Nope! If you have 800 credit scores but you’ve had multiple late payments or there are a ton of credit inquiries, you risk getting denied.
Along with that, I’ve been a protege of a lady who holds me by the hand and helps me with every single client that I have. I’ve been under her wings, being taught what she knows, for the past 2 to 3 years. She consults individual business owners how to utilize their credit so that they can get free credit increases, free vacations, free cash back, and all of this other stuff so that they can better grow their business and make better business decisions.
I made a phenomenal video on how to increase your credit score immediately 2018 and that is below. If you’d rather watch the YouTube video, please make sure that you leave a comment and subscribe to my channel for support! There are a few things that I share in this blog post that you don’t get in the video, so if you have time, watch the video, and then come back to finish the blog post.
Related Articles:
–I Was Denied For Personal Loans & Business Loans – 3 Reasons Why
Now, let’s jump into it.
#1: Become an authorized credit card user on somebody else’s credit card.
You may not know what an authorized credit card user is. All you need to know is if your credit is horrific and you need help, this is one of the quickest ways to improve your credit more than any of the other methods that we’re going to go over in the blog post.
When becoming an Authorized User on another person’s credit card, you have to deal with someone that you trust and that person has to trust you as well. Basically, you’re asking them if your name can borrow their credit. You’re bootlegging their credit. Make sure that person has decent credit. If they have decent credit, ask them to be an authorized user on a credit card that has little to no credit. Hopefully they are not using that credit at all.
I can understand if this may make you nervous, but look at it this way. It is something that is very much temporary until your score begins to climb. You can go up to a family member or a close friend and say something like,
“Look, I need to increase my credit score. For about 6 months, would you be willing to put my name on your credit card?”
You can assure them that you will not need a credit card from them and that you will not need to physically use their credit. After you tell them this, they should be comfortable with this idea that you’ve approached them with.
Let’s say somebody has a $5,000 credit card limit on a specific Discover card and they haven’t been using it. You just ask them, “Hey, I’d like to place my name on that credit card, if you could help me, so that I can go ahead and buy a house in another year or so. Once my credit history is increased, then I don’t need my name on your credit card anymore.” They’ll say “Sure. I’m not swiping the credit card, if that’s what you’re thinking, and I’m also not giving you a credit card.” You say, “Yeah, that’s fine.”
What that does is it puts you in a position for the credit bureaus to see your name and your account as another open credit card that already has history on it – a credit card that is already opened, where there isn’t any debt, and it has your name on it. This matters because banks love it when your credit cards are not maxed out with a high ratio of debt.
A lot of people have low credit scores because their debt is so high. If you have three credit cards and they’re all $10,000 each and each credit card is almost run up to the max with debt, you’re going to have a very low credit score.
Now you add three more credit cards to the equation where if somebody added you as an authorized user and that card is only 25% to 50% utilized – all three of them – it kind of evens out all of the debt to income ratio, and before you know it, bing! Your credit has increased almost immediately.
#2: Transfer balances
You have to be careful with this. I recommend that you grab all of your credit cards, call each credit card, and see what type of terms that you have on your credit card.
Honestly, you should’ve already been doing this. You need to know if you have transfer balances, you need to know that when you swipe whether you get cash back or not, and if you can get free gas mileage. But most importantly in this case we’re talking about balance transfers.
Let’s use the example that you have three credit cards again. You have two credit cards that are almost maxed out, but you have one credit card that you have not used at all. That one credit card has a transfer balance, and it has a limit of about $10,000. Transfer over some of the debt from your maxed-out cards over to the one card that has no debt. Make sure that it’s a decent amount, but you’re not going to max out that third card – you want to keep the debt on that card under 30% to 50%. Ideally, you want to keep it under 30% if you can.
If you’re trying to move over things so that you can pay it off and increase your score immediately, you want to move those high maxed-out credit card debts over to that credit card that doesn’t have any debt, and you want to keep that at least, at minimum, under 50%. Ideally 30%, again. That’s the magic number. You want to keep all of your debt under 30% at the end of the day.
But after you move that over, make sure that you’re continuing to make payments on those credit cards, especially the credit card that you just moved the debt onto, the credit card that you had to transfer balance on. The banks and the credit card bureaus will see this, and if done correctly, your credit history will increase almost immediately.
Once you see that these things begin to happen, you will be so elated and beyond yourself. See you how to increase your credit score immediately is much easier than what others say, but they don’t want you knowing these jedi-tactics.
#3: Credit card disputes
This last part is a HIDDEN SECRET when it comes to learning how to increase your credit score immediately. Look, the fact is you don’t need to be making late payments on your credit card. Credit cards with late payments on them will mess you up. Ideally, you don’t want to have any late payments on your credit card for the past 2 years. A lot of people go back through the previous 2 years to say whether they want to deal with you or not.
A lot of people have gone shopping for cars and houses and other cards. What tends to happen is that you go to the car dealership and then they ask can they run your credit history to see whether you’re liable to get the car or not.
What do they do? They take a shotgun and they put your credit history inside of it and they shoot it off to like 500 different banks, all at one shot. It’s a shotgun approach. What they’re hoping is that one person or a couple people accept your credit history to return and give you an offer in exchange.
Your credit history now all of a sudden builds up all of these inquiries, and it looks bad because it seems as if you can’t afford nothing. So you’re going from bank to bank to bank to bank to bank in order to get accepted when that’s not necessarily the case. Now imagine doing this for three car dealerships in one day. It messes up your credit history.
There’s plenty of things you can dispute on credit cards, but on this one I really want to just talk about credit card inquiries, because this is probably the most common thing I’ve seen when dealing with real estate investors and people who are trying to start businesses. These inquiries kill their credit history, thus they can’t get accepted to anything.
So what do you do? Contact these credit bureaus. You can use credit history companies such as creditchecktotal.com, or annualcreditreports.com. Sign up to these things, use their free trial. Don’t pay for nothing because you’re able to pull your credit history for free at least once a year.
Then use these companies to contact your credit bureaus and dispute your inquiries. You want to dispute these inquiries because chances are, you didn’t buy the car or the house on the first try, and if you didn’t buy the house or the car on the first try, if you’ve got an inquiry on your credit history and you didn’t make the purchase, guess what? It’s supposed to be erased. It’s not supposed to stay on your credit history record. So dispute it.
Companies have 30 days to respond to those inquiries, and most of the time nobody’s really going to respond to that inquiry notice anyway and it’s going to get erased off of your credit history. I’ve seen people’s credit scores jump 60 to 80 points just simply because of the fact that they got these credit history inquiries removed.
I just gave you 3 quick things. These things are not hard. They’re very simple. You can go and do this tomorrow, tonight, in the next 5 minutes as a matter of fact. Let’s go over that again, rewind a little bit.
- Become an authorized credit card user on somebody else’s credit card – preferably somebody who you trust. Don’t be hitting up your baby mama or your baby daddy who you haven’t spoken to in like 2 years and all this stuff and you think that you’re just going to use them. No. Stop it. Use somebody who you trust.
- Transfer balances. Be smart about how you use them. Hit me up if you’ve got any questions. It’s very simple. I just want to make sure that your game plan’s tight.
- Credit card disputes, mainly credit card inquiries.
Increasing your credit score is not the easiest thing when it comes to time. It’s darn near impossible to do something today and increase your credit score by tomorrow. Now, it happens, but it doesn’t mean that it’s always going to happen.
But I can promise you if you take these steps, these 3 tips that I just gave you on how to increase your credit score immediately – I should’ve added the word “almost” immediately – you will definitely see improvement within 30 days, easily. Probably realistically 15 to 30 days. These things can take effect that quickly. Sometimes 30 points, sometimes 60 points, maybe even 100 points. Everybody’s different. The credit card bureaus look at every individual profile totally different.
But if you take action, if you become knowledgeable about your credit, you can take demand over your life and you can get whatever the heck you want to. Plus you get free vacations and stuff. Why not?
Anyway, you have any more questions about how to increase your credit score immediately, hit me up. I’d love to hear from you. Subscribe to my YouTube channel below. Check out the description, follow me on my blog, my social media and all that other stuff. I love to hear from you guys. Please let me know if you’ve done these tactics and you’re getting results. I’m telling you, these things work.
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