743 Credit Score – HOW I GOT A HIGH CREDIT SCORE (750+) – Increase Your Score and Limit FAST!
743 Credit Score – Highest Rated?
Here is EXACTLY how I managed to increase and improve my credit score to over 750 and get a high credit limit within 6 months. Whether you are a beginner starting their credit journey or are looking to rebuild your credit, the goal of this video explains in THREE SIMPLE STEPS on how to improve your credit score and even get a higher credit limit. If I can do it, so can you!
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In this video, I explain exactly how I built my credit over a span of 6 months to get a high credit score AND credit limit.
STEP 1: APPLY FOR A STARTER CREDIT CARD
At the beginning of the video, I talk about getting my first card, the Capital One Platinum Credit Card. The Capital One Platinum Credit Card is one of the best starter cards to get when you are just starting to build your credit or if you are rebuilding your credit. I got approved for this credit card with a $300 credit limit.
STEP 2: MANAGE YOUR CREDIT CARD RESPONSIBLY W/ THE 6 FACTORS
Once you get approved for a starter credit card, the next step is to make on-time payments and keep a Credit Utilization BELOW 10%. These two factors are the MOST IMPORTANT factors that make up your entire Credit Score. These two credit factors alone make up 65% of your score. Think about this section this way – if these two factors stay in the excellent range, you will already have a minimum credit score of 600. Once again, it is VERY IMPORTANT to make on-time payments and maintain a Credit Utilization under 10% if you want to increase your credit score.
So, after managing the Capital One Credit Card for 3 months responsibly, I applied for another credit card – the Discover It Cash Back Credit Card. I got approved with a $1200 credit limit with this credit card, putting my total 10% Credit Utilization at $150. This means that I SHOULD ONLY spend $150 out of that $1500 in order to keep a high credit score. Do keep in mind that your credit utilization makes up 30% of your score.
STEP 3: MAKE ON-TIME PAYMENTS & KEEP UTILIZATION UNDER 10%
And that’s it. Just consistently make on-time payment and keep your utilization under 10%. It’s that plain and simple. Obviously, there are several other factors that tie into your credit score and credit limit, but these two are the most important to focus on when starting off your credit journey or if you are rebuilding your credit. Once you start to get a hang of building your credit score and limit responsibly should you then apply for more cards or even loans in the future. The goal here is to get your score at least to a 720. Each case is unique though, especially if you are rebuilding your credit.
The reason you want to have at least a 720 credit score is that you will then be able to get approved for higher credit limits, better interest rates, and exclusive credit card offers. Once you hit around 750, then credit lenders will jump at you when you want a loan.
Speaking of a higher credit limit, because I followed these steps, I was able to get a $4300 Credit Limit for my Chase Freedom Credit Card at 18 years old.
THE SIX MAIN CREDIT FACTORS ON YOUR CREDIT SCORE AND %:
1.) PAYMENT HISTORY – 35% OF YOUR CREDIT SCORE:
Make on-time payments. This is the most important credit factor.
2.) CREDIT UTILIZATION – 30% OF YOUR CREDIT SCORE:
Stay under 10%. This is the second most important credit factor.
3.) LENGTH OF CREDIT HISTORY – 15% OF YOUR CREDIT SCORE:
Basically, the longer your credit history is, the higher your score will be in this factor.
4.) TOTAL LINES OF CREDIT – 15% OF YOUR CREDIT SCORE:
The more credit lines you have – the higher your credit limit – which lowers your overall utilization, and helps your score.
5.) NUMBER OF HARD INQUIRIES – 10% OF YOUR CREDIT SCORE:
Anytime you go and apply for credit, it’s reported to the credit bureaus and shows up on your report as a “hard inquiry.”
6.) DEROGATORY MARKS – N/A% OF YOUR CREDIT SCORE
Note: Although this factor does not have a specific percentage, this area of your credit score deals with disputes, delinquencies, and the like.
I HIGHLY recommend you check your credit score every few weeks using a CreditKarma or Mint. Both are amazing resources that update your score every week – and even though they’re not going to be 100% accurate in terms of calculating what your score will be, they’re going to be fairly close and will give you a comprehensive overview of your entire report.
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