Saturday, 22 February 2020

How To Get An 800 Credit Scores In 45 Days For 2020

800 Credit Scores

The FICO credit score is the most important algorithm for you to understand and there is a relatively unknown secret in order to jump your credit score's very quickly by an immense amount. I'm talking 100 points or more in some cases, I've seen people get 800 credit scores in 30 to 45 days with this one secret. 

Let's Get Started


I want to give you this one technique, there are two names for it. 
  1. Authorized User (AU)
  2. Piggybacking

You can do some research for yourself on this online, I would just go online Google search "piggybacking for credit" and see what you come up with. 


Authorized User (AU)

Basically, this is where you can have yourself added to somebody else's credit profile, meaning, their actual credit card accounts as an authorized user and within 30 to 45 days which is the typical reporting cycle for most creditors to the credit reporting agencies, you will immediately adopt the entire history of that account.

Let's hypothesize an example, 

If I need great credit because I wanted to buy a property and get a better mortgage. Or I wanted to apply for my own credit cards or I wanted to get an auto loan. but I was lacking with my scores and my profile, I could approach a close friend or family member who has established themselves with at least one credit card company provided that they would be willing to add me as an authorized user on. It usually requires a brief 5-minutes call to the creditor, which is simply conference and makes the request.


  • A couple of bullet points that you're going to want to make sure you understand, first and foremost, the most common question I see people ask is, usually a concern from the primary account holder, meaning, what if my credit is negatively impacted as a result of adding this person who has negative credit to my current credit card? Rest assured that will not happen. Any of their negative credit information will not show up on your credit report but, your positive credit will show up on their credit report for that account that you add them to. They will not negatively impact you. Furthermore, they can be removed at any time from your account. Versus a cosigner which cannot be removed until the account is closed and paid in full.

Is Co-signing A Good Idea

Co-signing is never recommended by us here at roadtosuccesse. I think co-signing is foolish. I don't care what the relationship is, you could be a parent, you could be a child, you could be spouse, etc, I think co-signing is a big mistake. 

All of our credit is treated independently, your credit is individualized to you, mine is to me, and it's incredibly valuable. So if I were to cosign, I'm taking a huge risk by doing that and it's not a risk I'm willing to take I would recommend you not take that risk either. But with authorized users, you can get a similar impact by helping somebody or by being helped by somebody without all the downsides and the risk involved. 


Here are the bullet points that you have to understand. The best possible account to be added to or to add someone else - to.


1. The Account Must Report

The easiest way to know is, if the creditor does not require the authorized user to provide a social security number, it obviously not going to report on their credit report. it can't, it's impossible, so that is one little test you might be able to use otherwise you can just flat-out ask, will this report, am I liable for this account? You want to be liable for the account. The intention is not to give access to the authorized user or to get access as an authorized user to the account. It's not about you having access and spending money on that specific credit card account. it's about just adopting the credit history. So it has to report or this entire writing is useless. So I would obviously make that my first question.


2. Confirm The Account Has A Long History

I recommend over 5 years if you're adding something that's new you're only going to adopt a couple of months. We're looking at adding something that will ad substantial history to your report. the longer the better. 


3. The Account Needs A Large Limit

Meaning that the account had a credit limit of at least $5,000 and you have to make sure that not only is the balance low on that account but that it's been paid on time every single month. Any negative account history that's associated with that credit line will also show up on the authorized user's credit, so you have to be very careful to only add accounts that are going to positively contribute.


Those are the questions that I would ask the primary account holder upfront. Again, do your homework, go online and research this strategy it's been around for a long time. FICO has threatened time and time again to remove this technique from actually impacting credit positively. 



The Goal From This is Not To Establish Perfect Credit.

A side notes that you're going to keep in mind. The goal from this is not to establish perfect credit, whereby it can get you into the 700 or even 800 by using this technique, but underwriters at this stage in the game are incredibly sophisticated as are the automated underwriting software programs that are used by most lending institutions. 

They could look beyond just the scores, let's say that a minimum of 700 is require for a specific account you want to apply for, if you apply for that account after being added as an authorized user because your scores shot up quickly, the underwriters might notice that all of your accounts on your credit report are that of being an authorized user, in which case, you may still be delined for the account you're applying for. My recommendation has used this tool in order to get you the score you need to start developing your own credit.



Conclusion

Once you have those scores which again can happen as quickly as 30 to 45 days where you'll see huge credit scoring increasing during that period of time in most cases, you can go out and apply, get your own credit and begin building from there. So we use the authorized user strategy as a stepping stone to get access to accounts that are going to start facilitating construction.





I hope this has helped some of you. Really cool technique

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