743 Credit Score – 😱800 CREDIT SCORE DROP & JUMP OF 100 POINTS!!! – How to Increase Your Credit Score FAST (60 DAYS!)
743 Credit Score – 4 Tips
We’ve all heard about what makes up a credit score (hopefully, cause they skipped that lesson in high school…and college), but does it actually work?? Could it go up and down then back up again just as quick?
First I want to go over the main factors of your credit score very quickly. Studying for a test that’s tomorrow fast. Then go over what happened to me of how my score DROPPED 79 points then recovered in just 2 months!
1. Payment History 35%
2. Utilization 30%
3. Length of Credit History 15%
4. New Credit 10%
5. Credit Mix 10%
So I heard if you have very high utilization then pay it off it’ll jump right back up! So I did that…no I didn’t just rack up credit card debt for no reason to see if it would work so don’t tell Dave Ramsey.
I had a large purchase that increased my utilization from like 5% to over 75%. I had the cash so I would pay it off (relax), I didn’t just build up debt, I paid it off and got the rewards points. Cause I’m that guy, the guy credit card companies HATE!
So my credit score dropped like a rock, I felt a little nauseous, but when I paid it off my credit score increased / skyrocketed back up to EXACTLY where it was before. Cause I know there’s a lot of theory stuff out there so sometimes you just have to confirm it.
Moral of the story is utilization is a HUGE factor that you can increase your credit score fast! You can start using a debit card or cash so you utilize less credit to build up your score. You can see this works cause I’m 26 with over an 800 credit score…again. So good luck! 👍
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