Who wants an 800+ credit score?!
We all do, right?
But is it really possible?
Only roughly one percent of the population has perfect credit - which is a score of 850 based on a scale of 300 - 850.
So how did they do it?
Today I’ll walk you through step by step what it takes to increase your credit score FAST and even join the top 1%.
What Do Folks With a High Credit Score Have In Common?
- Between four and six credit cards which are revolving accounts
- At least one installment line - like a mortgage or auto loan that’s in good standing
- Around 30 years of credit use
- No late payments or other serious account errors for at least the past seven years
- Very few credit inquiries. No more than 3 in a six-month period
- No derogatory notations such as collections, bankruptcies, liens, judgment, etc.
- Debt levels on credit accounts of less than 30% of their overall credit limit
Clearly it takes time to achieve perfection. However, the point I really want to make is, yes, it’s possible, but NO it’s not necessary.
Anything above a 700 is going to significantly help you or your clients qualify for the life you want - everything else is icing on the cake.
Now, when you’re a Credit Hero, using Credit Repair Cloud as the software running your profitable credit repair business, I want to remind you that when you’re coaching your clients - you don’t sell credit scores!
What you can do is educate your clients on the best practices and work on their behalf to correct any errors or issues on their credit report and as a result, the score will naturally increase.
And finally, if you’re somebody that wants to be in the top 1% or you have a client with that goal - go for it!
All the principles that I’m going to share apply whether you’re trying to increase from a 300 to 500 or 500 to 800… so take what I’m gonna go over today and apply it to yourself and all your clients no matter where they are on their credit journey!
How to Increase a Credit Score FAST
Coaching your clients to a higher credit score can have a major impact on their life as you help them understand their habits and change any that are getting in the way of the life they want.
- The trick to increasing a credit score is understanding the importance of keeping spending under control (I don’t even use credit cards because I was so addicted to them in the past that I COULDN'T control my spending… so now I only use a debit card).
- Next is paying all bills on time.
- And finally, reserve applying for credit to the things you really want as opposed to random store cards every time somebody asks if they want to save an additional 10% today by applying for a -fill in the blank- card!
It’s really that simple!
Why This Is Important
- As you’re coaching your clients and they begin seeing results, they’ll be so grateful that they’ll turn from a paying customer to a raving fan! That means they’ll refer people to you and your business will grow!
- And you’ll never have to worry about competition poaching them because they’ll be loyal for life!
- One of the best ways to establish instant credibility is through increased credit scores or testimonials from clients. Now maybe that’s not an 850 - but maybe it is!
5 Simple Ways To Increase Your Credit Score FAST
There are 5 simple ways you can increase your credit score, then turn around and coach your clients to a higher credit score too:
- See what everyone’s saying: Three major credit-reporting agencies are keeping tabs on what you do with your credit and finances. At least once a year (and a few months before entering into a major loan), review your credit reports from Equifax, Experian, and TransUnion. You’re entitled to one free copy from each bureau once a year and more under certain circumstances.
- Fix all typos and errors: Since your credit record spans almost a decade of your borrowing activity, it makes sense that errors sometimes turn up. A recent study showed that 79% of all credit reports contain errors. Some common credit-reporting errors include out-of-date addresses, closed accounts being shown as open, credit lines not reported at the correct amount and wrong information.
- Change your ways, immediately: Self-inflicted credit wounds (such as a history of late payments, defaults, and irresponsible behavior in general) will fade from your record over time. Since the most recent behavior on your reports carries more weight than old news, vow that from this day forward you will be a financially upright citizen, and over time your score will grow.
- Remember that your credit card is not cash. It represents money you do not have: Even though you have been approved for credit by a bank, or store to borrow thousands of dollars, you don’t actually have thousands of dollars to spend, which leads nicely to the next rule…
- Ignore anyone’s rules on what would be an acceptable amount of debt: Your debt to income ratio is the measure of how much debt you carry to how much money after taxes you have coming in. In the world of lending, it is acceptable to carry 25% of your income in debt. That ratio is still very high. You might want to consider trying to keep your debt including car loans to 15% or less of your after-tax income.
It’s pretty simple isn’t it! But when you follow these principles and coach them to your clients, you can radically change your lives and a lotta lives around you! Just like our Millionaires Club Member, Derricka Harwell has.
Derricka is the founding CEO of Beautify Credit, a massive credit repair operation she built all by herself from ground zero… and when I say ground zero, I mean she was living in her car with her two children when she started! That’s why her unstoppable success is all the more inspiring - because of everything she had to go through to get to where she is today.
Even though she's living a busy life at the very top of the credit repair industry, Derricka is very passionate about education and community work. She is also an award-winning author, and she received the Author Of The Year award for her book Beautiful Credit in the financial literacy category.
Recently she managed to fit me in for an interview on our show in spite of her busy schedule and share her journey with us. If you haven’t listened to it, after this one is over, go listen! She shares some incredible credit repair insights and you’ll learn exactly how Derricka created her multi-million dollar business from nothing! It’s pretty amazing!
And if you’re just starting or thinking of starting your credit repair business, I want to invite you to join our upcoming Credit Hero Challenge that’s starting really soon! During just a couple weeks, we’ll hold you by the hand and take you step by step as you launch your business! It’s a highly interactive program with LIVE coaching calls, daily mentorship, and a ton of action steps, bonuses… you even get certified in three different areas!
Go check it out at creditherochallenge.com today!
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