How To Get A PERFECT Credit Score (For FREE)

Get free life insurance quotes from America’s top insurers and start saving today with Policygenius: https://Policygenius.com/graham | Thanks to Policygenius for sponsoring this video! Here is exactly how I was able to get a credit score of 847 and how you can best use credit cards to improve / fix your score - Enjoy! Add me on Instagram: GPStephan

FREEZE YOUR CREDIT REPORT HERE:
Experian: https://www.experian.com/freeze/center.html
Equifax: https://www.equifax.com/personal/credit-report-services/credit-freeze/
Transunion: https://www.transunion.com/credit-freeze

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HOW YOUR CREDIT SCORE IS CALCULATED:

-35%: On-time Payment History
This means that you always pay your debts and credit cards on time, as agreed - without ever missing or being late on a payment.

-30%: Utilization Rate
This calculates how much credit you have available, versus how much of that you’re actually using. The less you use, the better.

-15%: Average Age Of Credit
Overall, lenders see that the longer you’ve had your accounts open for, and in good standing - the better the chances are that you will be a responsible, experienced borrower.

-10%: Types Of Credit
This means that lenders want you to have experience handling MULTIPLE types of loans, just to prove to them that you know how to handle different aspects of debt.

-10%: Number Of Credit Inquires
The more hard inquiries you have - the lower your score will be because lenders are worried that you’re out there actively trying to seek new loans and credit.

HOW I GOT AN 847 CREDIT SCORE:
No Late Payments - Ever. Credit was opened in 2012.
0-1% Credit Utilization Across Credit Cards
Average Age Of My Credit: 12.6 Years Old (Newest Account Over One Year)
Credit Mix: 8 Revolving Accounts out of 13. 6 Have been paid off, in full. 5 Mortgages, all paid on time. Large variety of past auto loans and other debts that have been successfully paid off.

HOW YOU CAN DO SOMETHING SIMILAR:

FIRST - Apply for a No Annual Fee Credit Card
The reason behind this is that - the longer your credit cards stay active - the longer your credit history remains open - and the more established your average account age will be.

SECOND - Always Pay Off Your Balances - IN FULL - By The Time They’re Due!
Never carry a balance on a credit card, and never spend money that you weren’t planning to spend, anyway. All it takes to build credit is a few small purchases that get paid off in full.

THIRD - Open ANOTHER no annual fee credit card after 6-12 months
The more credit you have, the lower your overall utilization, the more positive tradelines are reported…and, the higher your score will be.

FOURTH - after 12 months, you can apply for “rewards cards” like the American Express Gold.
Even though this one isn’t necessary for a good credit score, certain cards can be used in such a way that they not only pay for themselves - but, you can also turn a profit.

FIFTH - Continue adding “new” lines of credit over time.
Again, this one isn’t “required” to have a higher score, but it does help (OVER TIME) if you have a mortgage, auto loan, lease, or other payment plan.

And SIXTH - Once you’ve followed the above - Just Wait.
This is the part where patience goes a long way - and, once you get your score above 780 - you can pretty much get the lowest rates anywhere you go.

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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.