How to Credit Repair [Increased my FICO 200 Points] | Summary and Q&A

TL;DR

Learn seven credit score hacks that can raise your credit score by 200 points in less than two years.

Key Insights

• 😘 A good credit score has a widespread impact on various aspects of life, beyond just securing lower interest rates.
• 🥶 Getting a free credit report and reviewing it for mistakes or errors is a crucial first step.
• 💳 Disputing mistakes on your credit report and negotiating with creditors can lead to significant increases in your credit score.
• 💯 Paying off smaller debts first can result in faster credit score improvements.
• 💳 Asking for credit limit increases and diligently making on-time payments are strategies for boosting your credit score.
• 💯 Utilizing consolidation loans can make debt management easier and positively impact your credit score.
• 💳 Avoiding unnecessary credit inquiries is essential for maintaining a high credit score.

Transcript

If you don’t have an 800 credit score then you’re in luck because I’m going to share the seven hacks I used to raise my credit score 200 points in less than two years. In fact, after seeing my FICO bottom out at 560 in 2009, I used these tricks to boost my credit score over 100 points within a few months. We’re talking raising a credit score today ... Read More

Questions & Answers

Q: Why is having a good credit score important?

A good credit score is essential for obtaining lower interest rates on loans, lower insurance premiums, successful rental applications, and potential job opportunities.

Q: How can I get my credit reports for free?

You can obtain your free credit reports from the official site recommended in the video description, ensuring you avoid scammy paid sites.

Q: Can disputing mistakes on my credit report really raise my credit score?

Yes, by law, credit bureaus are required to investigate any dispute you make, and if the responsible party doesn't respond within 30 days, the mark will be removed from your report.

Q: Can negotiating with creditors help improve my credit score?

Yes, reach out to creditors and offer to pay off debts immediately in exchange for removing missed or late payments from your credit report. This can significantly boost your credit score.

Q: How can a consolidation loan help raise my credit score?

Consolidation loans can save money on interest payments and make debt management easier. Paying off high-interest credit card debt with a lower-rate personal loan can help improve your credit score.

Summary & Key Takeaways

• The importance of a good credit score for various aspects of life, including lower interest rates, insurance premiums, rental applications, and job opportunities.

• Getting a free credit report and identifying and disputing any errors or mistakes.

• Negotiating with creditors to remove or plead down bad credit marks and paying off debts using consolidation loans.

• Asking for credit limit increases and focusing on paying off smaller debts first.