Key Credit Repair: How to Boost Your Credit Score Quickly

(lively music) – This is Real Estate Talk Boston. I'm here with Nik Tsoukalis
from Key Credit Repair. Now, Nik, I know that I
come across a lot of people in the lending world who
are pulling their credit and they need a quick boost. So how can someone actually be pro-active and boost their credit score. – The easiest and most
immediate way to grab points is taking a look at your utilization rate and this is usually the culprit. Your utilization rate is
going to be your proportion of credit card balances compared to your available credit limits. I'll get a file, an emergency file, I need 20 points quick,
how can you help me? And I'll take a look at the credit report and it's usually a pretty
flawless credit report with the exception of a high balance on a credit card versus the limit. Get those balances down and watch that score go right up. – I recently had a scenario where a client thought
they had perfect credit because they only had
one credit card, okay, and they've never missed a payment.

The problem was is that
it was a $5000 limit and a $4800 balance and that
translated to a 675 FICO score which was a rude awakening for them. So if they had paid
that down to, let's say, under 50% utilization ratio, that will make a huge difference. – 50% is going to make that
first major difference. I would say, for every 10% increment, you're going to see another
20, 30, 40 points in boost. Ideally, we'd love to see, before someone's getting a mortgage or getting pre-approved for a mortgage, keeping the credit card balances below 10% of the available credit limit. It's really conservative but you're going to get
a lot of points from it. – Great information, Nik, and, if you'd like to learn more
ways to boost your credit, you can reach out to Nik
and his team directly by going to keycreditrepair.com and, remember, we have
more buyer/seller tips right here below on boston.com.

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