In this video, you will learn how to build your credit score fast, even if you don't have any credit at all yet.
Credit is something we all need if we want to get an auto loan, rental car, mortgage, and in some cases a better job.
Unfortunately, they don't teach you how to build credit in school and so many of us have to just figure out as we go through trial-and-error.
So you don't have to go through this, I've researched the best credit score strategies recommended from top CPAs and money experts.
These strategies will teach you how scores are formulated, how to improve them, and how to know if it is actually good or not.
Enjoy the video and let me know what you think in the comments below!
Here are the 9 best strategies for improving credit fast:
1. Understand credit reporting elements
Helpful resources and tools:
Credit to the above picture: Colorado Mortgage Center
Credit to the above picture: Free Template Downloads
2. Use less than 30% of available credit
Helpful resources and tips:
- Using over 50% can hurt score. Using over 80% is like maxing it.
- 5 Tips for Winning the Credit Utilization Game
- Why you should pay a little more than the minimum payment
3. Keep the same card and use it for years
Helpful resources and tips:
- Use it enough to keep your account from being closed.
- A guide to how many credit cards you should have.
- Best small business credit cards list
4. Don’t be 30 days or more late on payments
Helpful resources and tips:
- Less than 30 days late = no score effect, but possible late fees and higher interest
- 30 days late = up to 9 months score effect
- 60 days late = up to 3 year score effect
- 90 days late = up to 7 year score effect
5. Focus on fastest credit building loans
Helpful resources and tips:
- Types of credit that will build score fastest: Mortgage and auto loan payments.
- More information on mortgages and auto loans as well as which to prioritize.
6. Avoid department store cards
Helpful resources and tips:
- These tend to have high interest and temptation for bad purchases.
- More information on what to do about store cards.
- Best credit cards list
7. Minimize new credit inquiries
Helpful resources and tips:
- Don’t apply for new credit when you're already building it, if possible.
- More information on new credit inquiries and their effects.
8. Avoid point-of-purchase credit card offers
Helpful resources and tools:
- These can hurt your credit score.
- Definition of point-of-purchase or point-of-sale offers
9. Employ a good credit reporting service
Helpful resources and tools:
Clarification: Does checking your credit score decrease it?
- Checking your score does not decrease it as long as it is a soft inquiry. Hard inquiries (like for refinancing a house) might lower it a few points.
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4 replies to "How to Build Credit Score Fast From Scratch – 9 Strategies"
Thanks for sharing this. I am doing everything I can to have a good, above average credit score.
Hey Chris, I hope it goes well!
This is very informative.Well I am so so pleased to have come in contact with this credit repair team.I contacted him through a blog and I am well impressed with his services,my score is at an all time high of 794 and all my negative collections and late payments have been removed from my credit profile,what else could i wish for??
If you need his services mail to “fixcardtech@gmail com” and let him know a previous client referred you.
Just filled with joy right now, never knew my credit could be revived/repaired this fast, not at all. I just decided to search online with blind faith that i was going to find someone or something that could help. Shortly i came across creditmasterfix @ gmail . com. He not only erased my evictions but also boosted my credit scores to a 796 within a few days. Forever grateful