Every day, there’s so much noise floating around on the internet, that it’s hard to know who to listen to. Thousands of wild claims about credit repair and how to boost credit scores can create confusion and mislead your clients.
So, how do you sort the truth from the fluff? Is there really a shortcut to fast-tracking scores,and is it actually legal?
It’s a balancing act!
For all of us Credit Heroes, who’ve been in the credit repair industry for any time at all, we already know that credit repair takes time, persistence, pressure and, of course, it always requires cooperation from your client.
We know firsthand that disputing is a process, and there’s a method to sending letters and waiting weeks or more to get a response, and maneuvering stall tactics that take tons of time.
On the other side of that, your client’s actions can also tip the balance and affect all the work you’re putting into getting results. For example, if your client goes out and charges up his credit cards, applies for credit all over town, or doesn't pay on time, the outcome will be the reverse of the goals you set out to achieve together.
Without your client’s cooperation, their credit score will drop no matter what kind of fancy disputing hacks you have in your pocket!
That’s why it’s a real 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 HOURS?
Is it possible?
The truth is, yes! MOSTLY…
Keep in mind, it depends on the circumstance, and everyone's situation is completely different. It’s true, some people just aren’t at the same starting point that allows them to gain 100 points that quickly.
But you’d be surprised by how many people actually DO fall into just the right circumstances, and with my method, they’ll be able to fast-track their credit score gains.
Piggybacking is about inheriting positive credit history from a family member!
Remember, the biggest chunk of your credit score is payment history, roughly 35%.
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 piggybacking. If you search through my podcasts and Youtube channel, I’ll take you through a deep dive of exactly how to piggyback.
The short version is, piggybacking is all about inheriting positive credit history from a spouse or family member.
It’s as simple as finding a really old credit card with perfect payment history and being added as an authorized user, or you can even get added as a joint account holder and VIOLA, you just added 5, 10, 15 or even 20+ years of positive credit history.
Just this technique alone can quickly add 100+ points to your client’s credit score.
But it can do more than adding solid payment history. It also helps credit history length which is approximately 15% of your total score.
But wait, there are more steps you can take!
Revolving credit is a factor.
Another huge factor in everyone's credit scores is the amounts owed, and specifically, revolving credit, like credit cards, for example. If your client has high revolving balances, here are 3 ways to guide them in the right direction…
1. Paying them down or even paying them off completely can be a game changer. You definitely don’t want them closing the credit cards, but you can instruct them to pay them down as much as humanly possible and they will see an immediate positive change, a huge increase in their credit score.2. Opening a new revolving account with a really, really high limit can completely offset their total balance to limit ratios, but getting approved can be difficult. Did you know that there are options out there that will approve a high limit account even with bad credit? 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 3 credit bureaus. So by getting a big credit line, it makes it look like your client has more available credit and 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 suddenly, the overall utilization across all the cards decreases.
3. Finally, you can also decrease utilization on revolving credit accounts by asking for a credit line increase! 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!These SIMPLE STEPS will increase a score FAST and help your clients reach their goals.
Of course, they’ll need to continue to pay their accounts on time, keep balances low, and continue making wise financial decisions and together, those actions will continue to move the needle in a positive direction.
Remember, it’s a balancing act. If you stay busy disputing the negative items and gradually clean up the report while adding positive credit history, then soon enough, all of everyone's hard work comes together and before you know it…
Another life changed!
If you’re ready to get serious about changing lives, I invite you to join our CreditHeroChallenge.com!
It’s an amazing program that has helped TONS of Credit heroes get their first paying clients, get certified in disputing, and gain confidence in knowing they are launching their credit repair business on a solid foundation that allows them to grow and scale ... and change a lotta lives!
We’ve got a new one starting soon, but you’ve got to get in quick before doors close -- otherwise you’ll have to wait for the next one!
