How To Build Credit Video
How to build credit? Learning how to build credit can be tricky. 4 things to consider when learning how to build credit! As a matter of facts these are the exact steps I took to rebuild my fico score from 518 to over 700. Be sure stick around for the entire video because I will show you a little bit of my credit history as well as my current credit score.
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So you’re interested in how to build credit. Whether you’re just starting out or looking to rebuild your credit. A healthy credit score is something we all need in order to get a good rate on a loan, car, house or even start a business. Unfortunately I’ve ruined my credit a couple of times in the past but I’m smarter now and I’m gonna take you guys along for the rest of my journey and show you how to build credit. If your credit is messed up right now that’s ok there’s hope...with this information and some patience you will be able to build or rebuild your credit.
So here are 4 things to consider when learning how to build credit.
📖 Table of Contents 📖
1. Why do we need credit? 1:36
2. What makes up our credit score 2:49
3.What if I have no credit? 8:25
➜ MY Current Credit Score 10:34
4. Be Patient 14:42
1. Why do we need credit?
We need credit because it allows us to have access to certain things that most of us can’t live without. Most of us at some point in our lives will need at least one if not all of these items. We may need a cell phone, cable, internet service, electricity, credit cards, a loan for a car, a house, a business or even in some cases a specific job. In addition to needing credit to attain those things, having a good credit score will make your life easier or at least save you some money. Your credit score is important because it tells banks how much of a risk you are. In other words the higher your credit score the more likely you are to manage and repay your loan. That brings us to the second thing you need to consider when learning how to build credit.
2. What is your credit score and how is it comprised? When it comes to learning how to build credit you have to be in the know. You can get a free copy of your credit report from
https://www.annualcreditreport.com be sure not to pay for this service because you can get you credit report and score for free.
In regards to your credit report be sure to look at it and make sure everything is accurate. If you find inaccurate information be sure to contact that particular credit bureau and dispute it. A good website to check out is
https://www.consumerfinance.gov/ because that website is very informative. If you have certain inaccurate information removed from your credit report you credit score may go up.
5 categories that make up our credit score.
This is in the order of the most impactful or larger to smaller.
The 1st category which holds the most weight is payment history.
Payment history is 35% of your credit score. It’s imperative to make on time payments. Missing one payment could hurt your credit score. In most cases it will lower your score for a while.
The 2nd category is Credit utilization also known on other scoring models as Amount owed makes up 30% of your score. If you want to maximize this category use between 0-10% of your credit card limit. If your credit limit is 1,000 dollars make sure that your balance is $100 or less when your credit card statement closes. What I do personally is use my credit card for all my transactions because I’m earning cash back or points that I can redeem however I’d like.
I also make payments to my credit card once a week. I NEVER carry a balance on my credit cards because I don’t want to pay any interest.
The 3rd category is Credit history or length of credit history - credit history makes up 15% of your credit score. An easy example of credit history is how long have you had a credit card. It is super important to keep your credit cards open and never close them. That’s why you should choose your credit cards wisely. Certainly try not to get credit cards that have an annual fee unless the perks offset the annual fee.
The 4th category that makes up your credit score is new credit. This category is 10% of your credit score. New credit refers how many new accounts or hard pulls has taken place within the past 2 years. An example of a hard pull is when your credit is checked to get a car, a new credit card, a new loan and sometimes a credit limit increase on your current credit card.
The 5th and last category that makes up your credit report is types of credit. For example a major credit card, a department store card, a car loan, a house loan and even a business loan. This last category is also 10% of your credit score.
#howtobuildcredittv
Movie Clip From:
Don't Be A Menace To South Central While Drinking Your Juice In The Hood (1996)
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