Build Your Ideal Credit Score in 3 - 6 Months!
It is recommended you start rebuilding your credit while you are still in the process of repairing your credit report. By doing both simultaneously, you should complete them at about the same time—usually in about 3 - 12 months. In this short period of time you will have established several positive credit references and will be well on your way to having an ideal credit score.
The first place to start is to ensure your credit report is accurate and complete. It is assumed by the time you read this, you have begun or have completed the process of repairing your credit. Below are several strategies to help you quickly establish positive credit references
HACK #1- “The Three Credit Card Strategy”
Most lenders are looking for you to have several positive credit references before loaning you money. The more positive references the better. At a minimum, lenders like to see at least three positive credit references. To implement this strategy, you will get three credit card accounts, use them each month and pay them on time each month. Upon paying the accounts on time for 6-12 consecutive months you will have established three positive credit references. The credit card companies will report positive payment history to the credit bureaus; therefore you will be creating a positive credit profile.
You are probably saying to yourself, “How am I going to get three credit card accounts if I currently have bad credit?” That is a very good question. The strategy is called, “The Three Credit Card Strategy”. It was specifically created for consumers who are trying to rebuild their credit quickly. Depending on your current credit profile, you may have to apply for a Second Chance Card or a Secured Credit Card. A second chance card is a credit card for people who want to rebuild their credit. It typically has high fees and low credit limit ($300) but does not require a security deposit. Consumers with even lower credit scores may have to apply for a secured credit card. A secured credit card requires you to deposit a certain amount of money (as little as $300) and you will be given a VISA or MasterCard with a credit limit of at least the amount deposited.
If your credit requires you to apply for a secured credit card, you will need about $1000.00 to fully execute this strategy. If you do not have $1000.00 now that’s okay, simply apply for one card now and then apply for the other cards as you get the money, until you have a total of 3 new card accounts.
HACK #2 – Use a friends or family members excellent credit history as your own.
Also called Authorize User
You simply ask a friend or relative to add you to their existing credit card account (preferably one that has an excellent payment history and has been open for a few years). When the credit card company issues you the card, you should request they send it to the friend or relatives address. They can then control whether the card is used or not. They may even cut it up rendering it useless. When the card is issued, it automatically creates an entry on your credit report. The entry shows the date the original card was issued and will show the entire credit history of that card. This method will quickly give you a positive credit reference without risking your friends or relatives excellent credit.
Hack # 3 Credit Utilization
Credit Utilization counts towards 30% of your credit score. It is the scoring component that you have complete control over that can yield a massive increase in points towards your favor. Your revolving credit utilization should never exceed 30%. For the absolute best scores, credit utilization below 10% yield the most amount in points for this category.
Hack # 4 Don't get penalized for no open accounts
When you don't have open accounts the credit bureaus penalize you for not having credit.
If you have no credit - it is just like having bad credit because they don't know what kind of consumer you will be.
The credit system has 2 types of credit
1) Loans
2) Credit Cards
So if you want to MAX OUT the system make sure you have both Open loans and Credit Card on your report.
Hack # 5 Regions Bank Strategy
This Hack requires $300- $400 and allows you to open 2 accounts with the same money.
Please follow each step closely.
Step 1 : Open Regions Bank Savings account minimum of $25 to start
Step 2 : Put $300 - $400 in savings
Step 3: Call or go into bank and ask only for a secured loan for $300 - $400
They will Approve 100% of secured loans so don't worry!!! ( It might take a few days)
Step4: After they approve the loan they will give you the money back - instead of getting the money back
Step 5: Ask to use the same money to open a secured credit card ( they can deny you the credit card if your score is not high enough)
Please follow each step closely.
Step 1 : Open Regions Bank Savings account minimum of $25 to start
Step 2 : Put $300 - $400 in savings
Step 3: Call or go into bank and ask only for a secured loan for $300 - $400
They will Approve 100% of secured loans so don't worry!!! ( It might take a few days)
Step4: After they approve the loan they will give you the money back - instead of getting the money back
Step 5: Ask to use the same money to open a secured credit card ( they can deny you the credit card if your score is not high enough)
Hack # 6 Navy Federal -Free Loan
This Hack requires $250- $500 and allows you to open 2 accounts with the same money.
Please follow each step closely.
Note: To get a Navy Federal account you must be active or inactive military or relative
Step 1 : Open a Navy Federal Bank Savings account minimum of $25 to start
Step 2 : Put $250 - $500 in savings
Step 3: Call or go into bank and ask only for a secured loan for $250 - $500
They will Approve 100% of secured loans so don't worry!!! ( It might take a few days)
Step4: After they approve the loan they will give you the money back - ( tell them to put the money back in your saving account)
Step 5A: Ask to use the same money to open a secured credit card (Min of $500) or
Step 5B: Get another secured loan for $250 when they give you the money back to your savings account ( the reason why it is free because Navy releases the payment of $44 back to your checking account in 2 business days ( so you can recycle the same $44 every month!!!)
Please follow each step closely.
Note: To get a Navy Federal account you must be active or inactive military or relative
Step 1 : Open a Navy Federal Bank Savings account minimum of $25 to start
Step 2 : Put $250 - $500 in savings
Step 3: Call or go into bank and ask only for a secured loan for $250 - $500
They will Approve 100% of secured loans so don't worry!!! ( It might take a few days)
Step4: After they approve the loan they will give you the money back - ( tell them to put the money back in your saving account)
Step 5A: Ask to use the same money to open a secured credit card (Min of $500) or
Step 5B: Get another secured loan for $250 when they give you the money back to your savings account ( the reason why it is free because Navy releases the payment of $44 back to your checking account in 2 business days ( so you can recycle the same $44 every month!!!)
