Posted by: pmccormick
Category: Economic Recovery, Practical Money Tips, Wealth Mindset
Tags: bailout plan, become rich, becomign wealthy, build wealth on a budget, debt management, Economic Recovery, economic stimulus, financial choices, financiall decisions
How to Increase Your Credit Score By 80 Points in 45 Days
A couple weeks ago I was speaking with Dave Alexander, a top real estate expert within Donald Trump’s Organization. He spends much of his time travelling the country coaching individuals on how to build wealth through real estate. He had the privilege of working with an individual earlier this year who works within the credit bureaus where they keep track of all our credit scores.
When asked how it really works, how are those credit scores:
Those scores that banks look at before they give you a loan,
Those scores that a landlord looks at before they approve you to rent an apartment,
Those scores that credit card companies look at before they give you a credit card,
And those scores that the car dealership looks at before they sell you a car,
When asked how those scores are calculated, this man who is a high ranking executive within the credit bureau said, ” We really don’t know how it works”.He went on to say that the three bureaus are tied to other government agencies but that they don’t work in collaboration, but rather the data goes into the system and it spits out a number and no one really knows how the numbers are calculated. We do know it is based on:
The amount of credit you have available
The amount of credit you have extended,
The amount of defaults on any of that credit
And the length of time for any of this defaults.
But beyond those variables no one seems to know the actual formula. But we did learn this:
If you want to increase your credit score this is how to do it.