Hey Y'all, lets talk about three ways to raise your FICO score by getting more credit. One
of the top questions that comes up about credit is how can I raise my FICO score?
Because there's a lot of people sitting in the 550 to 600 range, and they don't understand how to get to the 700 to 750 range. The number one reason why people have low FICO scores, it's not that they didn't pay their bills or have bad credit it's because they don't have enough credit. For example, you should have three to four credit cards for every one installment loan.
Unfortunately, some people say "I just don't believe in credit". Well I guess you don't believe in buying a house. You need a good FICO score to lower your interest rate to buy a house at a great rate, with a low downpayment. Other people ask, "How do I get a higher FICO score"? "How do I get the credit, if I don't have credit"? Well, there's three ways you can do that. One way is you can apply for a credit card online. Second, you can get a credit card at your local bank. They can give you a credit card with a $300 credit limit. Third, use it to buy a tank of gas, and pay it off. Don't run it up to $300, you want it to be under 30%. This is how you can establish great credit.
Now you must make payments. If you make payments for six months, you'll see a rise in your score. Now here's a quick way to raise your score. Who do you know that has good credit, mom, dad ,brother, sister, or cousin? This person can put you on one of their credit cards. Now here's the rules for the credit cards, always pay on time, and always have a low balance. Another thing is the older the credit card the better. A one year old card is better than a three month old card, a 20 year old card is better than a ten year old card, and so on. Have them put you on as an authorize user. The lender is going to mail them a credit card with your name on it. They can take the credit card, and cut it up, or put it in the shredder. You're not going to use it, but you're going to piggyback on their good credit. Once you implement these activities in your finances, it will help raise your FICO score!
Source: youtube.com ( Fire Your Landlord)
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