How to Raise Your Credit Scores Fast 2024 | Expert Tips Boost Credit Score Now

credit scores credit scores credit scores are just as important now in 2024 as they've ever been why because rates are higher and the better your credit score is the lower your interest rate is going to be so in this video we're going to talk about ways to improve your score 50 to 100 points over the course of one to three months whether you're a first-time home buyer whether you're an experienced home buyer you need to have great scores because that allows you to get more programs and better pricing and there's five things you have to do that you just have to do to be able to improve those scores and so we're going to go over each one of those in a minute here and stay to the end because I I got you two professional ninja hacks that are really going to move those scores quickly I use them all the time and they work like like charms so let's kick off this Rodeo right now hi folks I'm Kevin FEG and I'm the mortgage Patriot on your side here in Central Texas nestled above San Antonio in the Hill Country and serving proud Texans as well as all you great Patriots all over the country so uh today another important topic credit scores because that is the driver one of the drivers of getting any kind of loan you have income you have assets and you have credit scores those are your three main drivers and the good news is that's probably the one you can affect the most you know you have a certain salary you know that you can't change necessarily you have a certain amount of savings you can improve that over time but the credit scores are something you can impact right away and move dramatically like we say in this video from about 50 points higher to 100 points higher within a short amount of time meaning about one to three months so if you would hit the like And subscribe because that really helps me and it helps you uh as it gets my videos out to you and improves my the algorithm on the YouTube channels so I try to give you lots of great information I'm hoping this is helping you out so again if you're a new subscriber please hit the like And subscribe button and let's get into that content right now bear in mind as we go through this presentation we're not talking about taking someone from an a level score like in the 720s to over 800 there's no reason for that you have the full complement of products at your availability the pricing is very good yes you can get slightly higher pricing from 800 instead of 720 but it's it's very small this is really concerning the average individual who might have mid 600 scores or even low 600 or even 500 you know 50 to 580 scores we want to take these individuals and move them up the ladder improving their score so they they have available to them FHA Loans and conventional loans that are attached to down payment assistance programs for your first-time home buyers so let's get into those five reasons now so the first thing you want to do in this journey is to actually get a credit report find a credit report have one generated for you so you can see not only the scores because obviously the scores are important but actually what's in the report and there's a couple ways to do that you can go to annual credit report.com annual creditreport.com as you see there or go online and go to the actual bureaus or there's three trade bureaus that provide numbers for you it's Equifax TransUnion and experium Equifax TransUnion and Experian those are the three credit beers we have to worry about and they give you a score each and lenders across the country are bound by guidelines to take the middle of those three scores so that's why sometimes you'll hear a loan officer say what's your what's your middle score but that's the score that that drives the actual loan is your middle score but back to the credit report it's not just so important to get your scores but again you want to see the report itself because you want to know if there's errors on there A lot of times there are you may think you're rocking along great with a 680 or 700 score and you want to buy a home in two months and then suddenly the loan officer pulls your credit report and you have errors that shouldn't be on there there are accounts assigned to you that you never opened and they're late and they're being collected upon and you had no idea that happens all the time so that's a scary thing it's why no matter what you think your score is get that report in your hand comb over it with a fine tooth comb and and see if there's any duplicates number one see if there's any errors and we'll talk about what to do if you do have that so the second thing you really need to do and want to do is once you have that port in hand is you have to uh dispute items that are wrong that are errors or they're duplicates that are vote you know that are ID theft related you know anything like that you want to get those completely sponged or taking off your credit report you can do that in two different ways one is you do it yourself through your own efforts of calling the bureaus trying to understand what their dispute process might be which I don't recommend unless there's unless it's a very simple fix it maybe you have one dispute because you have one duplicate item that's not a hard deal you can do that yourself otherwise I would engage a Credit Professional now you have to be careful here as well because a lot of them are shyers to be honest with you and they'll sit on their hands and not do anything you'll give them you know a couple hundred dollar a month kind of thing or whatever it is and there's nothing to to show for it so I've got handful of dedicated proven credit repair Specialists that I've used that move scores nicely for all the right reasons typically how they get paid is you're putting about $100 up front to start the process engage them on an advice on what they're going to do and then you get build about $100 a month thereafter until the problems are solved it might only take one or two months it might take three or four months but it's the best money you'll ever spend in fact if you do the math getting a better credit score and and having a one percentage Point increase or you know lowering on your loan on a $300,000 loan saves you about $70,000 over the course of a lifetime so it's worth spending $200 or $300 to save 50 60 $70,000 with better interest rates and better programs for you so consider that the third thing you're going to want to do and need to do is reduce the amount of credit that you have outstanding it's called credit utilization as I show you this chart here of how scores are calculated the actual algorithms that these bureaus use use 35% is the biggest chunk and that's your credit history meaning are you paying on time you can control that obviously just pay your bills on time that factors into your scores more than anything but the second one down is your credit utilization what's the ratio of how much you owe on any particular revolving card versus what the credit limit is so for example if you have a $1,000 credit limit and you owe $800 that's an 80% utilization that's pretty high you want to bring that down where do you want to bring it down to you want to bring it down to at least 30% so you want to get that balance down to 30 in our example if you can afford to do better get it below 10% 10% is really really the scores really pop but either way you're going to move those scores nicely and I can show you roughly the best balance of what to pay down and and how far to pay it down so now you reviewed your credit report you disputed some items either through your own efforts or through the efforts of a credit repair company that I can help you with you've lowered your credit utilization to hopefully below 30% if even better below 10% like we talked about all that's going to help dramatically now let's supercharge this we're going to add trade lines to your credit report that you already have that are not being reported what does that mean well you're renting right now and if your rental history let's say you're in apartment complex for the last two years 99% of the time that apartment complex is not reporting to the bureaus or if it is it's only reporting to one Bureau so you want that trade history it's being wasted to be put on your credit report and there's an easy way to do that I have a service that can do that for you and cheap it's like 50 to 75 bucks depending on if you're a single renter or double renter and you use my promo code you save you some money on that I can send you that but that's going to take your rental history let's say you've been living in for two years an apartment they're going to take that two-ear rental history they're going to add it to your trade lines on your credit report and voila now you have more trade history you have more credit history and it's all good your scores go up immediately within like two to three weeks but once it first gets reported to the trade bureaus you're going to see your score go up 20 25 30 points right away works every time 100% of the time fail safe method okay ninja hack number one I'm going to give you ninja hack number two right now okay ninja hack number two that's going to move your scores dramatically and very easily if you can find the right situation and that is through the use of an authorized user what does that mean if your spouse parents maybe if a relative has a credit card that has a long history to it let's say at least three to five years and their utilization is low so words it's they might have a $1,000 credit limit balance is $100 or even $200 you can piggyback off that card through the use of being an authorized user as long as you get permission obviously from your relatives your family your whomever you're going to be joining forces with is you tell them I would like to be an authorized user on your card I do not want the card I do not want to be issued a card I will not use the card I'm just going to piggyback off of your history and then as soon as my loan is approved we're going to cancel that authorization all they need to do is just call that card company up be it Bank One be it Chase whomever as long as that card accepts authorized users and most of them do and they're going to give them your information and then wham bam their history on their trade lines is going to be transported onto yours as well so now you have added a new trade line just like on the rental history you're adding a new trade line but this time it's somebody else's history and that's perfectly legal called authorized user this absolutely Works absolutely moves your scores quickly so with both the rental history and authorized users some combination of those two you're going to move your scores big time in a very short amount of time so the very last thing that you must do or in this case do not do if someone's reviewing your credit make sure that they do a soft pull not a hard pull what is the difference a hard pull adds to your inquiry history on your credit report and that reduces your score score so if you do a whole lot of hard inquiries your score is going to drop on a soft pull it does not harm the score at all it does not get added to your inquir history so therefore it's the same amount of information so you're going to know what your credit scores are the lenders or institution or myself we're going to know what your situation is whether it's a soft pull or hard pull so there's no reason at all to let anybody do a hard pull till the very end when you're ready to actually do the loan but for an inquiry for purposes of trying to qualify for purposes of trying to get pre approved absolutely do a soft pull not a hard pull and that will help you not lose any points on your scores another major reason why you do not want to do a hard pull versus a soft pull is that a hard pull triggers third-party marketing so in other words somebody does a hard pull on you a normal credit review you're going to get bombarded and I mean bombarded now it's it's terrible how many texts you get how many emails you're going to get how many even phone calls you're going to get from lenders saying oh I see that you're reviewing your credit maybe you're trying to buy a home let me do this for you let me do that for you and they start killing you with marketing so a hard pull does that a soft pole negates all that so let me help you with all this process let me help you review your credit report if necessary let me help you dispute by giving you some professionals that really can tackle the situation at hand I can show you the most optimal use of how to pay down your credit utilization on certain cards to show you what that score impact would be let me help you get your Ral history onto your credit report or maybe authorized user onto your credit report both of which will help dramatically and lastly let me do a soft pull for you versus a hardpull when it comes down to it and we're going to move your scores rapidly we're gonna take you from 550 to 640 we're going to take you from 605 to 680 we're gonna do this in a matter of months or sooner so don't be scared by it give me a call at 210 317 6514 and like And subscribe once again I'm Kevin Fagan the mortgage Patriot on your side make it a great one w