August 28th, 2023 - Amber Nestor - Broker / Owner
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Think repairing or building a credit score is hard? Think again! There are TONS of extremely easy tips and tricks out there, but it helps if you know someone like me, Amber Nestor. Just saying. I know things.
Okay, so the tips and tricks for today are as follows. You do NOT want to miss this. And these are tips that will help your kids get a huge advantage over others. Also, be SURE to read my blog post immediately before this one as well!
Did you know that there are about 5 main factors that contribute to your credit score? Well, there are!
And each of those factors impact your score at varying weighted percentages.
As someone who has a college level advanced background in Mathematics and Calculus, stuff like that is not intimidating to me. However, most people are busing working HARD and studying HARD, and aren't big into math like I am.
So I will break it down super duper simple to save you tons of time and suffering.
One of these categories of impact is called "Account Mix". Now, just be prepared to feel a bit annoyed, because everything about Credit is stupid. And your pre-conceived notions about credit are probably all wrong.
Your credit score is not for YOU. Your credit score is for lenders, and other people, who we won't talk about right now.
But you can make TONS of wise decisions with money ALL of the time, and have a "low" score. And THAT, my friends, is the STUPID system we live in. However, if the system, or aspects of that system are your enemy, than you must learn about your enemy in order to defeat your enemy.
So, back to this "Account Mix" category. It impact about 10% of your overall credit score. How insanely stupid is that?! Right? Account mix looks at money you have borrowed, and the more mixed it is, the higher your grade, and the higher your score. Soooooooooooooooooooooooooooooooo stupid! Okay, so here is how you defeat your enemy: the stupid system:
Let's say, for example (this is a REAL and verified example by the way), you have only 2 active loan TYPES. And furthermore, let's say that one of those is a car loan that you owe $6,000 on and then you also have 3 student loans that are pretty big, but all of those are in good standing. This means you have only TWO ( 2 ) types of borrowed monies. And a TWO ( 2 ) will get you a grade of C!!!! How stupid?! Right?!
So, how do you get to grade A in the Account Mix category, easily? You have to BUY credit, and you have to find very CHEAP credit to buy!!!
If you want to increase your Account Mix from a 2 to a 4, and move your grade from a C towards an A, and maximize that 10% of impact to be ALL in your favor, here is exactly how you can do it!
You are going to want to see out the $200 OpenSkyCC credit card. It's very easy to get approved. It requires that you pay in $200, and that backs, or secures, your credit line. Once you receive your card, make a purchase that is 5% of $200, aka $10 or less, and then pay it off. Wait one month, then repeat. This line of credit is going to increase your credit score in other categories because you are keeping your utilization of your line of credit at, or below 5%, ALWAYS!!! This credit card is not supposed to help you get from check to check! NO!!!! This card is a situation which you are creating to BUILD your credit score, and essentially you are BUYING yourself a credit score. Over time, when they offer you limit increases, accept those, but NEVER spend more that 5%, and always pay it off, and leave it paid off for 45 days before you repeat the process. Always!!!
Okay, if you do the step above you will increase your account mix to 3, from 2! Good job! Now let's get you from 3 over to 4!!!
The next company you want to work with is called Self Inc. And what they do is so darn cool! You can pay them $25 per month on auto-draft from your debit card. They report to ALL credit bureaus as though you are paying a personal loan debt. This brings your Account mix up from 3 to 4 borrowed money types / categories. And, possibly, to an A in your mix category! And, that also means, you are perfecting that 10% of impact in your score!!! THEN, at the end of your 24 month term, they give you your money back! Say what?! Seriously. Check it out. You can repeat this process with them as often as you like. Again, you are buying your credit score!
Your good payment history on these two accounts, and your other accounts, builds up your payment history categories, and that helps you tremendously! So cool right?!
We've all been taught to think so WRONG about how credit works. You must buy your credit, buy it cheap, buy it wise, and all will be well.
For more complex credit repair advice, give me a text or call anytime at (865)617-4783 and I can help you. I can provide you with real world, tested and true methods, that I myself have experimented with, and proven, and if there is a situation that I am not fully versed in, I can refer you to the best of the best to further assistance.
Let's make your land and home and investment ownership dreams a reality.
My friends, with God, all things really are possible.
I pray that God blesses you with health, wealth, and wisdom this beautiful day.
Amber Nestor - Broker / Owner - (865)617-4783