Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly
What this video covers
What Is Credit scoring?
Credit Categories
Credit scores Dynamic or Static
What do scores represent?
Why are credit scores different?
How To Raise Scores?
What is credit scoring:
The use of a Statistical Risk Assessment Model which uses Consumer Reporting Agency (CRA) information to significantly increase the level of predictive power to determine good payers from bad payers.
Here are the three main credit categories
Mortgage Accts
Installment Accounts
Revolving Credit Accounts
Are credit scores Dynamic or static?
It is a “snapshot” of a consumer’s credit profile at the particular point in time that a credit report is obtained from the CRA.
What do the scores represent?
A summation of risk of repayment of debt by a consumer based on the CRA’s credit profile for that consumer as it is ranked against the profiles of all other consumers with credit reported and stored within that specific CRA’s files
Why are all the credit reporting agencies scores different?
Why don’t the scores at each CRA agree?
Which score is used?
Different industries
Different scoring models within the industry
Ways to raise your score:
Bills Paid As Agreed
Most Recent 12 Months
Highest Weight On largest balance
Mortgage
Revolving credit mastery
Keep balances as low as possible
Outstanding Balance compared to limits affect credit scores
How many points are available through the various categories:
Trans Union mortgage score range of 309-839 or 530 points
35% (approx 185 points) of the score is payment history (it’s important to make on time payments)
30% (approx 159 points) is the amounts owed or debt utilization ratio on REVOLVING debt or credit cards
15% (approx 80 points) is the length of credit history
10% (approx 53 points) is your new credit
10% (approx 53 points) is the types of credit or your credit mix
We answer How to use a secure card
What is a secure card?
My credit is bad. Why would a bank give me a credit card?
I don’t have the funds to get a secure card
I got my card, now what do I do?
Here is what you do when you get a secure card
Use the card for a small purchase $30-$50
Don’t use it anymore until you get the bill
Pay immediately upon receiving the bill…pay all but $10. Leave $10 on the bill
Now go spend $30 – $50 dollars and wait for the bill to come in and pay it immediately.
Here is what you do not do when you get the secure card:
Do not pay this card late
Do not ever charge more than 50% of your limit
Do not pay the card down to zero
Contact Mike Durr, The Kingwood Mortgage Guy @ 281-348-9899
1521 Green Oak Pl. # 197 Kingwood, TX. 77339
Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly
Raise Credit Scores 40 Points in 45 Days| Increase Credit Score 40 points Quickly