How To Hyper Increase Your Credit Score in 2023 (800+ Credit Score) | Summary and Q&A

TL;DR

Learn everything you need to know about improving your credit score in just 10-15 minutes.

Key Insights

• ☠️ Credit scores are crucial for achieving financial goals like homeownership and getting favorable interest rates.
• 💯 FICO scores are the most relevant and widely used by lenders in the US.
• 💳 Good credit scores are built through consistent bill payment, low credit card utilization, diverse credit mix, and a longer credit history.
• 💳 Strategic credit card choices and responsible credit use can lead to better credit scores.
• 💯 Good credit scores give you bargaining power and the ability to negotiate better terms with lenders.
• 🤑 Leveraging other people's money and reinvesting can be possible with a good credit score.
• 🤑 Having a good credit score saves you money in the long run and opens up opportunities for rewards and benefits.

Transcript

so your credit score is one of the most important numbers in your life frankly i wish they taught more of this in school and i wish more people were educated about this but just in case by fate you happen to stumble upon this video you're in for a treat what i'm gonna do in this video is talk about exactly what you need to know in order to get your... Read More

Questions & Answers

Q: What is a credit score and why is it important?

A credit score is a number that determines your ability to borrow money and pay it back. It is important because it affects your ability to get loans, mortgages, and favorable interest rates.

Q: How do different credit bureaus and scoring models affect credit scores?

In the US, the three main credit bureaus are TransUnion, Equifax, and Experian. Different scoring models, such as FICO and Vantage Score, are used by these bureaus. FICO scores are the most relevant and widely used by lenders.

Q: What factors make up a credit score?

Factors include new credit, credit mix, length of credit history, total debt and utilization, and payment history.

Q: How can I improve my credit score?

To improve your credit score, focus on paying bills on time, keeping credit card utilization low, diversifying your credit mix, and maintaining a longer credit history. Building good credit takes time and consistency.

Summary & Key Takeaways

• Understanding your credit score is important for financial flexibility and achieving goals such as homeownership or buying a car.

• Credit score is a number that determines your ability to borrow money and pay it back, ranging from 300 to 850.

• Factors that make up a credit score include new credit, credit mix, length of credit history, total debt and utilization, and payment history.