The Credit Coach LLC

5 Tips to Quickly Raise Your Credit Score 100+ Points

1. ALWAYS PAY ON TIME! Your score is weighed the most by your payment history.

2. Pay on your credit accounts twice a month instead of once. Your credit utilization is the second largest factor of your credit score. As your balances go down, your score will go up.

3. Keep all balances 25% or lower of your granted credit for each account.

4. Keep a good credit mix. You should have revolving accounts and at least one installment account. If you are looking to make a purchase and need a quickly build your score, use secured products to help you get there.

5. Become an authorized user to someone with an older account with a high balance. Once you are granted to be a user on the account, you will immediately gain the credit benefits of the account holder by gaining their balance to help you “credit utilization” and “credit history”. If you go this route, make sure the original account holder pays the account on time and keeps the balance low.

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Do You Know Your Credit Mix?

Understanding your credit mix is a large part of understanding your credit score. Here’s a little insight on each item:

Payment History
Your payment history is the largest rating of your credit score.

Tip: Even if you don’t have the entire payment, pay SOMETHING to avoid the credit furnisher reporting “No Payment”.

Amount Owed
Credit utilization is the 2nd largest rating to your credit score. This should be monitored; you should keep your usage amounts low.

Tip: Keep all revolving credit balances 25% or lower of your credit limit(s).

Credit History
To have a mature score, you must have some credit history. The longer you have been managing credit the better.

Tip: Try to keep all old accounts, even if you don’t use them anymore. Make small purchases annually to keep the account(s) active and to keep the furnisher from closing them due to “no activity”.

Credit Mix
A good credit mix would include revolving credit and installment loans. This may look like a mortgage, auto loan, and two credit cards.

Tip: Be creative in building your credit mix. If you are building your credit and you are missing one of the two out of your credit mix, but don’t want to create any unnecessary debt, you can use secured products.

New Credit
This is a tricky one. New credit weighs in small because this shouldn’t happen too often, but it looks good that banks are extending to you.

Tip: Only obtain new credit when needed. Keep in mind that each time you shop for credit, you will incur a hard inquiry which lowers your score and remain on your credit for 2 years.

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Medical Will Start Falling Off Of Your Credit Soon!

Here's what you need to know....

The three major credit bureaus TransUnion, Equifax, and Experian will be removing cleared medical debt from consumers credit reports beginning this July. What this means for you is if you’ve paid your medical bill in full and the debt is still sitting on your credit report as a negative mark, this negative mark will now be removed.

For all medical debt that isn’t paid off, call for a free consultation 800.250.7990