Daniel Rosen shows how to boost your credit score by roughly 100 points through piggybacking on someone else's good payment history and lowering your credit card balances. The faster gains come from reducing what you owe relative to your limits, either by paying down debt or requesting higher credit lines.
Roughly 35%.
Approximately 15%.
AG Jewelers, a $10,000 revolving line of credit.
If you do a quick credit repair search through YouTube, Google or social media on how to increase my credit score, you're going to find wild claims like, I got my score up 50 points in a week or 75 points in a month, or I got my score up 100 points in one day. And you know if you can find those claims, your credit repair clients can too. So. So you gotta ask yourself, is it true? Is it even possible? Is it even legal? How are they doing it? Well, in this month's Tip of the month, I'm gonna answer that question and I'm going to show you how to increase your score by 100 points fast. But first, if you are new to my channel, be sure to click to subscribe and hit that like button and leave me a comment. And. And if you want to go from zero to credit hero with your very own credit repair business in just a couple weeks, then go to creditherochallenge.com or click the link below this video. Okay, let's dive in. All of us that have been in this industry for any length of time, we all know that credit repair takes time, persistence, pressure, and of course, it requires participation from the client. On our end, disputing takes time with sending letters and waiting weeks or more to get a response, dealing with stall tactics, that all takes a ton of time. And then if your client goes out and charges up his credit cards and applies for credit all over town or doesn't pay on time, the exact reverse of what you want is going to happen. Their credit score will drop no matter what kind of fancy disputing you do to help. And it's all a balancing act. But what if there was a way for you to get a massive 100 point increase in a matter of a few days or even a few hours, Is it possible? Well, the real answer is yes, mostly. But maybe not in every single circumstance. See, everyone's situation is completely different. And some people just don't have a situation where they can gain 100 points that quickly. But many people actually do fall into just the right circumstances where they can see really big gains in, in a very short period of time. You want to know how? I'm going to tell you the biggest chunk of your credit score is payment history, right? Yes, it's roughly 35%. Now, if your client doesn't have a long payment history, one of the easiest ways to get a big chunk of that payment history added is by a thing called piggybacking. Now, if you search through my podcasts and through my YouTube channel, you'll find an in depth explanation on exactly how to do it. But in short, piggybacking is all about inheriting positive credit history from a spouse or a family member. It's as simple as finding a really old credit card with perfect payment history and then being added to it as an authorized user. Or maybe you can even get added as a joint account holder. And then voila, you've just been added 5, 10, 15 or even 20 plus years of positive credit history. Now just this technique alone can quickly add 100 points or more to to your client's credit score. But it can do more than just adding solid payment history. It also helps credit history length, which is approximately 15% of your total score. But wait, there's more. Another huge factor in everyone's credit scores is the amounts owed. Specifically when revolving credit, like credit cards, for example. If your client has high revolving balances, here are three ways to guide them in the right direction. Paying them down or even paying them off completely. That can be a game changer. You definitely do not want them closing the credit cards, but you can instruct them to pay them down as much as humanly possible and and then they will see an immediate positive change and a huge increase in their credit score. Opening a new revolving account with a really, really high limit that can completely offset their total balance to limit ratios. But getting approved, that can sometimes be difficult. But did you know that there are options out there that will approve a high limit account even with bad credit? Yes, there are a bunch of them. There are companies like AG Jewelers, for example, that will give you a $10,000 revolving line of credit and they report to all three bureaus. So by getting a big credit line, it makes it look like your client has more available credit and it makes their score go up as soon as they open the new high limit account. The scoring model will take that new high limit low balance account into consideration and then suddenly the overall utilization across all the cards, it decreases. And finally, you can also decrease utilization on revolving credit accounts by just asking for a credit line increase. And you'll be surprised that most credit card companies are more than willing to increase your credit line if you just ask nicely. And guess what? When they increase your credit line, your utilization goes down and your scores go up. Isn't that cool? These easy steps will increase a credit score fast and they'll help your clients with their desired end result. Of course, they'll need to continue to pay their accounts on time. They'll need to keep their balances low and continue making wise financial decisions and that will continue to move the needle in a positive direction. Remember, it's a balancing act. Stay busy disputing the negative items and gradually cleaning up the mess with while adding positive credit history. And then soon enough, everyone's hard work, it all comes together and boom, another life changed. And if you want to get serious about changing lives, I want to invite you to join our Credit Hero challenge. It's an amazing program that has helped tons of credit heroes to get their first paying clients and to get certified in disputing and to gain confidence in knowing that they are launching their credit repair business on a solid foundation that allows them to grow and scale and change a lot of lives. Now, we've got a new challenge starting very soon, but you've got to get in before the doors close, otherwise you're going to have to wait until the next one. So sign up now by clicking the link below or or go to creditherochallenge.com and I will see you again soon. And until then, be a credit hero and keep changing lives.
Hey everybody, it's Daniel again and really quick. I'd like to invite you to join what I believe is the best thing we have ever created inside the credit repair cloud community. And it is a challenge that we call the Credit Hero Challenge. If you're just planning out your business or you're just getting it started and you of having a successful business of your own so you can quit your 9 to 5 and fire your boss and have financial freedom or so you can add another revenue stream to your existing business if that's your dream, you need to get into this challenge. We created this challenge to help you to create and launch your very own credit repair business to build a proper foundation for a really successful business. This challenge is going to help you to understand the strategy, the tactics and all the things you need to be successful at credit repair. It really is the greatest thing we have ever built and it will change your life. So I recommend you do it right now. Stop everything. Pause this audio, go online and go to creditherochallenge.com that's creditherochallenge.com and and join the next challenge. And there's a challenge that's starting in just a few days. So go get started right now@creditherochallenge.com.
