How To Increase Your Credit Score (Get Above 800+!)

How you can INCREASE your credit score quickly, and get above an 800+ credit score which has many benefits including lower rates on loans, instant credit card approvals, etc. These methods cost no money!

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Here's how I was able to do it:

Hard vs Soft Inquiries: https://bit.ly/3hSu2S6

#1 Autopay
You only need to make the minimum to stay in good standing with your credit score, so that's where the autopay comes in.

On time payment history accounts for 35% of your credit score. In general, you should always have autopay on all loans and bills, but in the case of credit cards its especially important.

#2 Credit Utilization - Opened 3 Cards
Proper credit utilization makes up 30% of your score.

But what IS credit utilization? Essentially lenders look at how much of your available credit you're using, and if you're above a certain threshhold, they either like you, or they deem it risky.

Having a credit limit of $10,000, if you leave a balance from one month to the next of over 3000, or 30%, that could negatively impact your credit score.

So, first rule here is to always leave the smallest balance you possibly can on a credit card - in addition to making the minimum payments.

The reason I opened 2-3 credit cards was that every time you open a credit card, your credit limit should be increased by the additional card. What i Mean by this is, if you have 1 credit card and your limit is $2,000, if you apply and get approved for another card, your limit on that NEW card could be $2,000. Your total available credit just DOUBLED,

2a. Authorized User Hack
If you're under 18 - you can ask your parent/adults to get added to their credit lines as an authorized user - you essentially piggyback off their credit and can boost your score instantly by doing this.

#3 Length of Credit History
Credit History is 15% of your total score, and there's really no way around this one. I've had my credit going for 15 years, the day I turned 18, well technically I did it when I was 17 with the authorized user.

So there's no way really around this one - besides having patience and waiting it out.

#4 Number of Credit Lines / Credit Mix is Healthy
The 4th reason and also 4th factor of having a good credit score is that 10% of your score comes from the number of credit lines you have. This is Also known as "credit mix".

By having more credit available, this will help you increase your score because you're making more on time payments.

Having a healthy mix of credit shows lenders that you can handle more debt and are likely to pay it back.

#5 I don't inquire for new credit all the time
I rarely asked for credit throughout the past 15 years, only when applying for car leases or financing.

Research shows that opening several credit accounts in a short amount of time represents a greater risk—especially for people who don't have a long credit history. If you can avoid it, try not to open too many accounts too rapidly.

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🙋🏻♂️ Who am I? My name is Humphrey Yang, I am an entrepreneur who has built businesses and am passionate about Personal Finance. This channel is dedicated to helping people (whether you're 21 or 81) become better with their Money, Personal Finances, and Entrepreneurship, I hope these videos help.

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Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!

Timestamps:
0:00 - Start Here
1:19 - Autopay and Payment History
2:31 - Credit Utilization and Credit Cards
4:47 - Authorized User Hack
5:37 - Credit Length
7:03 - Credit Mix
7:52 - I Rarely Ask For New Credit
8:23 - Hard vs Soft Inquiries
9:57 - TLDR Summary
11:02 - Thank you Patreon Patrons