how did you heightened your credit score? i need help man
I get this question alot…i’ll do my best to detail what I know and what worked for me..
For starters do 2 things. First go to www.annualcreditreport.com and check your credit report for all 3 credit bureaus. this website allows you to review your entire credit report for free once a year..after that it’ll cost….When you do that, look at your report and start to dispute whatever doesnt look right to you.. like wrong names and addresses u never used ect…also alot of people suggest disputing old stuff that has gone to collections..theres a youtube video i seen that explains how with collections your contract with the original lender or whoever is voided, you have no contract with collections and they cant provide any paper work that proves you legally owe them..so you can dispute that…( i should also note, student loans cant be disputed, but they can be managed to not effect your credit score..so talk to someone about consolidating your loans and various programs with loan forgiveness ect..
2nd thing is getting the Credit Karma app…alot of people will tell u the score they show u can often be inconsistent, but I dont suggest it for an accurate score, but to monitor your credit and whats on it and give you a good idea of what you’re working with…
For those of you who are younger and dont have any credit yet, its best to start now, cause the one thing that helps you in the long run is a Long history of Credit…So I would suggest going to a bank or Credit Union(I use a credit union) and opening you a checking and savings account.. Keep your account in good standing for a few months.. Direct deposit your checks, get you a debit card(this doesn’t help with credit, but helps not spending crazy, something about having cash makes us spend our cash faster than when just swiping a card)… after that apply for a secure credit card with ur bank or credit union with a low spending limit. alot of them have credit building programs and cards that help for that reason..if you’re approved, use that card mildly, but make sure you put your monthly payments on autopay, so that way u dont have to worry about missing a payment ever, cause one missed or late payment drops your score 100 damn points.. and fuck that shit..
so for me personally, I had a secured credit card with my credit union since 2013. with mines it had a $1500 limit, but I couldnt use it cause first I had to put the $1500 on there myself, it was weird to me, but it worked…after that my cameras got stolen in Detroit, so I took out a short term loan to buy a new one…it was just for $2500.. I paid that monthly for a year str8 without missing a payment, then paid it off(some financial advisors would advise you not to pay things off fast cause it helps your credit to just pay it on time over months and months)…but even then it jumped my points when I did pay it off..
anyway back to your credit score, to see a high score this what ultimately matters: A Long history of Credit(in good standing) Never ever miss a credit card payment or loan payment(car loans included). you want a 100% payment history. Credit Card utilization MUST stay under 30% of whatever your limit is. Sure you can max it out or use it over 30% but make sure you get it back under 30% as soon as you can… for example I got a Best Buy Credit Card with a $4k limit, that day I got a $2500 iMac which automatically put me way over 50% so my credit score dropped like crazy, but after I payed like $1500 on it, and got it under 30% and my points shot back up..so it toggles..I also have my minimum monthly payment on autopay out my checking account on that card, which is like $20 a month…ALWAYS PUT YOUR MINIMUM MONTHLY PAYMENT ON AUTOPAY.., never get discouraged when you see your points go down on credit karma, as long as you’re not missing payments on anything, they’ll go back up.
Another trick people do..is become an authorize user on a credit card with someone that pays their shit like clock work.. for example, my mom is actually a Financial Advisor, she’s good with money and teaches me alot about my finances and her credit score is over 800.. So when I wanted to get my car I asked my mom to make me an authorize user on her credit card, and she did. she has the actual credit card with my name on it, cause i dont need it, i dont want it, i just want that good look on my credit report.. if your parents are the same ask them to add you, and when the card come , you dont need it and they can keep it…and just watch your points slowly go up over time..
after that, its a waiting game..you’re not going to reach a 700 score over night.. When you pay on stuff it’ll be at least a month before its shown on anything to make an impact..even when you dispute stuff that can take a while sometimes, it varies, Ive seen things drop off my report in a week and some dropped off over 3 months…
another thing, dont apply for credit cards and shit all crazy if you know ur credit is bad, cause a hard pull on your credit also drops your score..start with your bank first..then when you’re confident about your credit, apply for more serious cards and loans…
I hoped that helps even if just a little….sorry its so long.
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