Financial Freedom: Breaking the chains to independence and creating massive wealth by Chase Lawson
Description
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Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (Canadian - West) North American (Canadian-General) North American (General)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
If your credit score isn't where you want it to be today, it won't take too long to improve it. Greatly using the factors just discussed you come back into some strategies to increase your rating. I personally have gone down this road and can relate to the lessons I'm teaching. On March 25th 2016 my total credit card debt was around $23,000 my credit score was the lowest it's ever been, an abysmal 5 21 considered a poor rating by the credit bureau. Some things did not go my way, and I found myself in a bad spot. However, after only 11 months, on February 28th 2017 I paid off the last of my credit card debt, and my credit score was back in the seven hundreds. Considered good. I was aggressive, worked hard and made it happen. It will take effort on your part to increase your credit score, but if I was able to increase mine by 200 points in less than a year, you can accomplish something similar. Some strategies you can employ to increase your credit score in order of easiest slash least effort to toughest slash most effort are as follows One time time is the one thing we all have on our side. No matter what time keeps moving. One of the factors that determines your credit rating is the average age of your accounts. How do you improve this? You keep your accounts open, even if you no longer use a credit card. If you've had it for more than a year, keep the card open rather than cancelling it. Doing so will help increase the age of your accounts, thereby increasing your credit score. If you don't like having credit cards you don't use, just cut the card and throw it out so that you can't use it. But keep the account open. If you absolutely must cancel on account, start with your youngest slash most recent example. If you have five credit card accounts, age 10 months, 14 months, two years, 2.5 years and three years. The current average age of your accounts is 1.9 years. If you no longer use a credit card you've had for 2.5 years, cancelling it will decrease the average age toe 1.75 years However, if you keep it open, the average age of your accounts will increase to 1.98 years in a month's time. This takes almost zero effort on your part, but helps with 15% of your total score.