5 Steps to An 800 Credit Score (The #1 Way To Increase Your Credit Score FASTER)

Рет қаралды 18,407

Күн бұрын

Here's the PROVEN method of how to increase your credit score FAST, even up to a perfect 800+ score. Follow these 5 easy steps to make it happen for FREE. Click “Show More” to see Ad Disclosure.
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00:00 - Intro
00:57 - Step 1
3:48 - Step 2
7:13 - Step 3
11:06 - Step 4
12:50 - Step 5
📄👉LendingTree Study - What It Takes to Earn an 800 Credit Score
www.lendingtree.com/debt-cons...
Building a strong credit score is about smart habits and consistent action. For this video, we'll ditch the drama and dive into the 5 essential steps you need to take to unlock your financial potential.
Step 1: Payment History is King (35% of Your Score)
On-time payments are the single most important factor in your credit score. Aim for 100% on-time payments for all your bills, credit cards, and loans.
Consider setting up automatic payments to avoid late fees and missed payments.
Track your due dates with apps, calendars, or reminders.
Step 2: Credit Utilization - Keep it Low and Steady (30% of Your Score)
Aim to use less than 30% of your available credit limit by the end of your billing cycle for good credit scores. Aim to use less than 10% of your available credit limit by the end of your billing cycle to reach top scores.
Paying down your balances as needed will help keep your utilization low.
Consider requesting a credit limit increase if you stay in control (i.e. you don’t spend more than you need to).
Step 3: The Length of Credit History is Crucial (15% of Your Score)
As long as it makes sense, strive to keep your credit cards open long term. Maintaining a good payment history over many years will boost your score in a big way.
The longer your track record, the higher your score can go. This requires some patience and there’s no quick fix here (other than becoming an authorized user on someone else’s account who has a strong credit history).
Step 4: Mix of Accounts (10% of Your Score)
Having a mix of credit accounts, such as credit cards and installment loans, can slightly boost your score.
However, focus on managing existing accounts responsibly before opening new ones. Only get what you want and need.
Step 5: New Accounts (10% of Your Score)
Don’t open new accounts too often. Each hard inquiry can temporarily lower your score, and new accounts can also decrease your overall average length of credit history.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcard #creditcards #creditscore

Пікірлер: 177

@MarkReese 4 ай бұрын

💳👇 VIEW CREDIT CARD OFFERS! markscreditcards.com/offers 🛍 RAKUTEN - Earn More Cash Back! markscreditcards.com/rakuten ⬆ (More links in Description below video!)

@justinelake5739 2 ай бұрын

Great info! 9 more points, I'll be at 800.

@MarkReese 2 ай бұрын

Go get it! 📈

@vernonpotts5775 2 ай бұрын

😢😢😢😢🎉🎉2q😢😅

@autokorrektor8166 Ай бұрын

I'm not worried at all. Had a couple bumps in my life and still maintain a solid 610 credit score 👍🏻 No worries friends.

@MarkReese Ай бұрын

👍

@DidIDoThaat 4 ай бұрын

Great video! You definitely answered questions I had and more. Thank you for your hard work! Btw the Boundless card 5 free nights is back.

@MarkReese 4 ай бұрын

Glad it helped! Awesome offer on the Marriott Bonvoy Boundless 🏆

@LooseJointhiphopdance 3 ай бұрын

Thanks!!!!

@MarkReese 3 ай бұрын

You bet! 👊

@B1970TBronze Күн бұрын

Good stuff!

@A_Atkinson 10 күн бұрын

Great info..thanks for sharing

@MarkReese 10 күн бұрын

You bet 👍

@legithomebiz Ай бұрын

great video!

@MarkReese Ай бұрын

Thanks!

@fogrunr5075 2 ай бұрын

5 steps, 5 years, 669 --> 823 😀😀🎉🎉

@MarkReese 2 ай бұрын

Was that your journey? 😃

@fogrunr5075 2 ай бұрын

@@MarkReese Yes 😀🎉🎉

@MarkReese 2 ай бұрын

@@fogrunr5075 - Very well done 🏆

@texaslovelylady 2 ай бұрын

5 years?! 😢

@riarereitimon4410 5 күн бұрын

Great video! Thanks for sharing

@MarkReese 5 күн бұрын

You're welcome! Glad you found it beneficial.

@B1970T 4 ай бұрын

Awesome info!

@MarkReese 4 ай бұрын

🏆

@johntan3405 6 күн бұрын

Thanks dude love your channels clear and excellent info 👍🏻 👌

@MarkReese 6 күн бұрын

Thank you!

@davidprasad65 Ай бұрын

Nice information.

@MarkReese Ай бұрын

Thanks!

@Beautiful40272 2 ай бұрын

I totally caught your emphasis on #2 3:06 of payment history 😅😅😅 it’s like our own insider and we don’t even know each other! ❤❤❤

@MarkReese 2 ай бұрын

😄

@zenster1097 4 ай бұрын

Vantage Experian score 797. Fico 9 Experian 809. Fico 8 Equifax 803. Fico score 8 Transunion 799. Fico score 8 Experian 795. Vantage score Transunion Equifax 807 both. Fico Score 8 Equifax another one is 799 (shrugs).

@MarkReese 4 ай бұрын

🏆🏆🏆

@khanscombe619 4 ай бұрын

Awesome insight! I’ve noticed changes myself past year. Harder to stay at 800. Is “not” having installment loan hurting my score? Cars been paid off for ages, and I only buy used. Quick pay in 4 big installment. Do those pay in 4s count? What about PayPal Credit & their Pay in 4 if payment draws off my credit card? Does it help any of kept in the 30%?

@MarkReese 4 ай бұрын

I don't have a way of knowing how much an installment loan could help. Everyone's report is different. I've heard of mixed data points about BNPL installments getting reported. Doesn't seem totally consistent yet. Not sure about PayPal Credit, I haven't tried it. See 5:17 for answer to 30%.

@RandyMichigan 4 ай бұрын

What happened to my end of video affirmation? I need it!

@MarkReese 4 ай бұрын

That phase has been discontinued 😬

@BruceLeeCredit 4 ай бұрын

I need the 5 tips to break into the 850 club. Can't break 830s.

@MarkReese 4 ай бұрын

Have you identified the factor(s) holding your score back?

@BruceLeeCredit 4 ай бұрын

@@MarkReese I think the only thing at this point is mainly new credit apps this past year that lowered my average age of accounts. Everything else is solid.

@jerbky 4 ай бұрын

You are great

@MarkReese 4 ай бұрын

Thank you! Right back at ya 👊

@billywatts889 15 күн бұрын

Very good video Mark , Thanks to listen to your videos over the last couple of years my credit score is at 765 when I first started my journey my score was a shameful 502 but you helped me so much and again I thank you so much. GREAT VIDEO MARK.

@MarkReese 15 күн бұрын

765 is fantastic! 🏆

@caribdude8151 4 ай бұрын

Hey Mark, is it necessary to sign the back of a credit card? 🤔

@MarkReese 4 ай бұрын

No.

@rambosidi7634 4 ай бұрын

Yep

@MarkReese 4 ай бұрын

💯💯

@Jungrak-ox1rb Ай бұрын

My Fico been mid 700s and for credit mix, I just got an auto loan that I don't really need. I made lump sum payment to decrease the loan amount so that I can save on interest. How long should I keep the auto loan or I should pay it off after it shows on my credit report since it is already on my credit mix now?

@MarkReese Ай бұрын

If the auto loan isn't needed, I'd get rid of it. It makes no sense to take on debt in order to play the credit card rewards game.

@t.m.mcbath5588 Ай бұрын

When calculating PH, how many years does it go back? Ex, if it says ive paid 95% on time/ or have 1 late pmt, what time frame are they using for that percentage?

@MarkReese Ай бұрын

Payment history goes back to the date when the first payment was made on the account (i.e. right after the account was opened).

@t.m.mcbath5588 Ай бұрын

@MarkReese I meant for the whole credit report/score. So are they going back as far as my oldest closed account? And will that 1 late payment stay until the closed account (not negatively closed) falls off in 7 or 10 years? Lordy! I'll be waiting forever to have 100% on-time pmts again.

@MarkReese Ай бұрын

@@t.m.mcbath5588 - Yes. For your FICO score, closed accounts still appear on your report and get factored into your score for 7-10 years (7 for bad history, 10 for good). Late payments remain for 7 years.

@t.m.mcbath5588 Ай бұрын

@@MarkReese thank you! I appreciate your help ❤️

@LewyLewy2008 20 күн бұрын

I thought “buy now pay later” products didn’t count towards a mix of account types because they don’t do credit reporting?

@MarkReese 20 күн бұрын

They may / may not affect your score. It depends on (a) if they're reported and (b) if the current scoring model takes them into account. More info here: www.experian.com/blogs/ask-experian/what-is-buy-now-pay-later-and-does-it-impact-my-credit/

@Mr.CEO888 4 ай бұрын

Quick question I just got approved for the American Express platinum Charles Schwab card. The main reason I did it is because I have 200,000 points and I wanted to switch them over to my Charles Schwab stock account . I know you have that card also, but do you see any purpose of me holding onto my regular American Express platinum card? Do they both have the exact same benefits? Through the Charles Schwab card allow you to get into the centurion lounges at the airport? Thanks

@MarkReese 4 ай бұрын

Congrats on the approval! Yes, the benefits are identical. Only way to justify both in my eyes would be... - Referrals (up to $1,000/yr. on the Schwab Plat and up to 100,000 points on the regular Plat) - Double up on credits (if you'd use them): - Uber Cash - $200 Airline Fee Credit - $200 Hotel Credit - $300 Equinox Credit - Etc.

@Mr.CEO888 4 ай бұрын

@@MarkReese Thanks, I appreciate your input. I didn’t think of that.

@brendabenitez7359 2 ай бұрын

So closing and paying off your newest card won’t help you?

@MarkReese 2 ай бұрын

Closing your newest card could increase your overall average age of credit history, but even closed accounts still remain on your report & get factored into your score for 7-10 years. So it likely won't do much in the short term.

@edmciver 4 ай бұрын

So, Mark, if I have a card with a $5000 limit, I can max out the card as long as I pay, say, $4995 by the closing date. Is that correct? I just subscribed, by the way...🙌

@MarkReese 4 ай бұрын

Correct! Utilization is not reported daily, rather, only 1x per month. So if your Closing Date is 2/17... And if your utilization is high... I'd just make an early payment (Payment #1) around 2/14 to bring that utilization down to a more ideal range. The payment will post, the billing cycle will end, and you'll get your bill for a smaller amount. Just pay off that bill (Payment #2) to $0 either right away or any time prior to the due date. Thanks for subscribing! 🥇

@edmciver 4 ай бұрын

@@MarkReese Thank you, sir!😃

@floppyjalopy94 26 күн бұрын

Your inquiries fall off after 2 years?? In Australia ours take 5 years 😢 that’s so unfair

@MarkReese 26 күн бұрын

Dang that's crazy!

@arianacastillo1887 4 ай бұрын

Applied for & was approved for the Wells Fargo autograph last night. Though I’m debating if I should leave it open or not. But I also want to wait & see their transfer partners. What do you think I should do? Later this year I’ll be under 5/24 & will apply for another chase card if that matters

@MarkReese 4 ай бұрын

It's best to keep all cards for a minimum of 1 year with all banks. Otherwise you could be at risk of the bonus being taken back, the card being closed, or being blacklisted from all cards in the future.

@arianacastillo1887 4 ай бұрын

Thank you!

@RandyMichigan 4 ай бұрын

I'm curious why you would go through the whole process of getting a new card only to consider closing it.

@arianacastillo1887 4 ай бұрын

@@RandyMichigan it was between this card and a few others & what held me back were their issuers. Wells Fargo being one of them. But like everyone says, people have had bad experiences with all banks so I just decided to make the jump. Im just indecisive that’s all lol

@RandyMichigan 4 ай бұрын

Good luck! @@arianacastillo1887

@peterg6638 4 ай бұрын

What happens when you closed a card, paid it off and it fell from the report after 10 years.

@MarkReese 4 ай бұрын

There isn't a way for me to predict that. Everyone's credit file is different, so it won't affect everyone in the same way. If that were your only card / product on your credit report - or if you had a 'thin file' overall - I'd imagine a major drop in credit score. If you have other cards / products with a solid age, history, etc., then the effect will likely be minimal or nothing. You can do a lot in 7-10 years to negate any major impact.

@prameshwarraghunandan6786 10 күн бұрын

Plus chase stop your credit card use once you miss one or more payment and banks don’t care about your situation if you hurt or sick I find that very disrespectful

@MarkReese 10 күн бұрын

Did that happen to you?

@schm147 15 күн бұрын

Is 0% the best utilization?

@MarkReese 15 күн бұрын

I don't know if there's a perfect utilization rate, but usually ~ 3-5% should work really favorably. I don't recommend reporting a 0% utilization consistently since it will eventually look like the card isn't being used to the bureaus (every once and awhile it's fine though).

@schm147 15 күн бұрын

@@MarkReese okay this is new to me so I need to ask. Why do the bureaus need to see that your cards are being used? Is that like a hidden factor of your credit score? Nobody ever told me that a consistent 5% utilization will result in a higher score than a consistent 0% utilization. Could you perhaps make a video explaining all this?

@MarkReese 15 күн бұрын

@@schm147 - With many issuers, the date your billing cycle closes is the same date the balance gets reported. In other words, the bureaus only see your balance 1x per month (not daily). So, if a $0 balance gets reported every month, your card will eventually look dormant to the bureaus, and that could cause your score to stagnate. That's why allowing at least a small balance to get reported can be helpful. You may find this video helpful: kzfaq.info/get/bejne/eNp5qqqdydidoo0.html

@Golfexpertbelieveme 4 ай бұрын

Nice video. Should of told people about consolidating their credit if they want to cancel a card. That way they keep that amount of money for their debt to credit ratio.

@MarkReese 4 ай бұрын

Good point 👍

@piedpiper7051 Ай бұрын

How do you do that?

@Golfexpertbelieveme Ай бұрын

@@piedpiper7051 I really think @Markreese should do a video on this whole topic as a lot of people dont know how important and helpful it is to know this.

@MarkReese Ай бұрын

@@piedpiper7051 - If you have 2 or more cards with the same bank, you can call & ask to transfer your credit limit (all or in part) from one card to another.

@piedpiper7051 Ай бұрын

@@MarkReese I see. Not sure what the benefit is exactly. I'm guessing if you're trying to cancel a card that has a high annual premium is the only time that would come into play. Good to know though as it wouldn't have occurred to me.

@shogunsousa9893 4 күн бұрын

Ive been rebuilding credit after a proposal paid off i did 18 months ago i have a 682 current has gone forward lil n some back..my question is there way to excelerate my credit score or am i screwed till the propsal is cleared fully n disappears..im opened a biz n feel this is screwing me getting biz credit going dispite my previous amazing credit b4 the kaos..im in Canada btw..thanks in advance 🙏

@MarkReese 3 күн бұрын

Hi there - I'm not able to advise on the Canadian credit scoring models at this time. I simply don't have knowledge of them.

@shogunsousa9893 2 күн бұрын

@MarkReese would you be able to suggest something based on USA systems n I can compare n see if I can do something.. just need lil guidance..🙏

@MarkReese Күн бұрын

@@shogunsousa9893 - What is meant by a 'proposal'?

@shogunsousa9893 12 сағат бұрын

@MarkReese instead of full bankruptcy ee have a system where u agree with a trusty what can pay n you agree on amount to pay total..so not full R9 rating buy its on record as R7 few yrs

@Leoprieto74 4 ай бұрын

832 😎👍

@MarkReese 4 ай бұрын

🏆

@iamalegendaryartist1542 Ай бұрын

❤ AYE I NEED HELP STARTING . I JUST STARTED TRUCKING SO I CAN PAY MY BILLS BUT WHAT TO START WITH I HAVE 540 SCORE .

@MarkReese Ай бұрын

Have you identified why your score is a 540?

@programmer34berkay Ай бұрын

Credit score is not something used in all countries though. In

@MarkReese Ай бұрын

This video is meant for the U.S.

@harkinsdavid 4 ай бұрын

For me an 800 credit score is a bit of overkill. Most lenders will give you the best rates at 760 or higher. I'm aiming for 780 as that will give me the wiggle room to add or remove accounts as I feel fit without having to worry about my score all that much. Also, once you're comfortably in the 700's you really only need to worry about your credit score before financing a large purchase (auto loan or Mortgage typically). If you don't plan on making such a purchase for a few years, get everything in line to where you won't feel the need to change anything the year of that larger purchase.

@zenster1097 4 ай бұрын

Not really. Think of it more like currency. With more points you can do more with them. Yes you may already get the best rates, but you can do it more often if needed and bounce back quicker.

@MarkReese 4 ай бұрын

It's definitely not necessary 🤙

@prameshwarraghunandan6786 10 күн бұрын

High credit score don’t really help anything not even raising credit limit we need a video on bad credit and how to maintain good credit

@MarkReese 10 күн бұрын

Thanks for the suggestion!

@Charlesmarcel-ee4ke 4 ай бұрын

It will take a good 10 years of paying your bills on time in full every month

@MarkReese 4 ай бұрын

Likely so 👍 Crazy how long it takes!

@jetski335 4 ай бұрын

😊

@MarkReese 4 ай бұрын

😃

@SOXGATORS 4 ай бұрын

👍🏻

@MarkReese 4 ай бұрын

👍

@SteveLohbeck 3 ай бұрын

impossible

@MarkReese 3 ай бұрын

Or not.

@stevenkrupka3670 12 күн бұрын

Hard Inquirys are mandated bya bank, gov. I believe, so,credit holder pays the price in a lower score. This fico is tigged, trust God!

@MarkReese 12 күн бұрын

✌

@manhunter3429 8 күн бұрын

who in todays economy can afford to pay the full amount on a credit card. If your balance is say 1500 and you can pay that in one payment you would not need credit cards to begin with.

@MarkReese 8 күн бұрын

Many people use cards for the rewards rather than as a means of carrying a balance. Independent of what the economy is doing, there are always ways to earn more money.

@Mandocammarano505 4 күн бұрын

Don’t spend more than you earn. Credit cards are a tool for building credit and mostly getting rewards like free travel. If you consistently put $1500 on a card every month but can’t pay it off every month, then you need to look back at your expenses and see where to cut back. Budget every single expense. Your statement balance should always be $0 by the due date so you don’t pay fees or interest!