Fastest Way to Grow Your Credit from 500 to 800

hey guys is Jade ovals coming back to you on another episode and today I wanted to talk to you guys and out there that maybe have really low credit scores high for hundreds low five hundred don't know exactly what to do how to bounce back to having healthy credit about the six 80s and if you're in that situation stay tuned for more information right now so I was for the ones that actually don't know obviously the channel the Jade Lobos tan oh I'm actually the owner my name is justo I'm president and CEO of build work strategies we're actually a credit repair company here in Florida we actually have a few branches here in South Florida as a matter of fact on another branch over there in Orlando and what we actually do is that we specialize in credit restoration so obviously the point of this video and this channel is to bring awareness to bring information to you guys out there that are maybe credit challenged are looking to bounce back are looking to have healthy credit and maybe want some more information so as a matter of fact today I was literally in my processing department while I was passing by they're one of my processors actually justo I have a person on the other line she Kearney has an account on with Capital One the account defaulted she's not going to apply for another Capital One credit card says she paid out a credit card off first before applying again so I was like pretty intrigued right I the first question that I always like to go ahead and ask is what are her credit scores so she went ahead and she pulled up her credit report we saw the credit scores and her credit scores were literally below the five hundreds at the 500 range more nestled obviously they're pretty low so for the ones that actually don't know the credit platform which is obviously a FICO scoring platform ranges from 300 all the way to an 850 a 620 is literally where Fair Credit starts that's kind of like the benchmark to an extent and healthy credit which is obviously good credit starts out a 680 anything above a 747 60 is considered excellent credit so how do we come back from having obviously a really low credit score and how to get back to that now obviously in this particular case this individual did decide to go ahead and take the next steps with us and she's obviously in the program because in credit there's a combination of things that have to happen in order for you to achieve healthy credit scores so in this particular case she does have a couple of negative accounts accounts that have gone into a collection accounts that have been charged off which is pretty pretty much 30 percent of her overall credit score now for everybody out there in order for you to achieve the highest score possible remember you can't have any kind of blemishes so if you're considering obviously of trying to get your scores to the highest possible consider the fact that maybe you could have to go ahead and dispute some of these negative accounts if you have them if you have accounts relay payments if you have a constant collection charge off public record information you're gonna have to go ahead and initiate and fire out for this view so in order for you to get to those credit score 747 60 what not but obviously in this particular case for this individual going through the program going through the process in the meantime there's a few things that you could go ahead and take into consideration and also apply yourself if you're also not contemplating of this meeting but you want to find maybe a different source a different Avenue on how to increase your scores well then this is exactly what you guys could go ahead and do so further also for you guys out there we actually have a website builder strategies.com I mean the website I have a section on top it actually says credit card apps through the credit card apps I actually I've created kind of like a little model template that actually tells you given the fact that where your credit scores are at you should apply for this card if you've already reached a credit score's 582 a 620 you should apply for this card if you are over the 6 20s you should apply for that part so on and so forth because guess what even though that there is creditors out there that do offer what I'm referring to is actually a secured credit cards just because you're going in there with your own funds your own resources your own money it doesn't mean that they're gonna give you the credit card you could still be denied and obviously in that their case you're gonna get an inquiry an increase for drop your scores anywhere from three to eight points so by knowing exactly where to go and how to do things you could avoid that situation so one thing that I always which is obviously what I told my processor go ahead and put up the website and on the website there's a there's a credit card that I always highly encourage people to apply for is actually called it's a bank here the software is called capital bank and they have a product called open sky the credit card is like a 99% proof that you will go ahead and get approved if you come in with a deposit people always ask me how much how much money should I put in there I always tell people don't tie your money into a fully secured credit card especially the only way that you're gonna get that money back is if you go ahead and close out the account so in order for us to go ahead and just take advantage of the card by increasing the credit scores put the minimum which is actually $200 do keep in mind these type of credit cards have higher interest rates are not the best to be honestly they're pretty crappy but nevertheless it's gonna serve a purpose and the purpose for this individual or for you guys out there is that it's gonna give you a boost the boosts could be anywhere from thirty five or forty five points so now if you're at the low five hundred credit score another forty five could give you four five mid 500s right more or less now obviously if we're trying to get to the six 20s minimum you're gonna need an additional card so this is what I always tell people to and for you guys out there again we know a 580 credit score you're stood in the range for these um you know types of banks that like commercial banks like Bank of America Wells Fargo they offer secured credit cards on Citibank when you're getting into those type of institutions below a 580 credit score you're still running that risk and I know this from personal experience with because I was a business banker for Bank of America for six years so more or less I know their guidelines and they're pretty much in that same area so for people now that you get to the 550's or the mid 500s you should also consider an additional security card and again guys obviously given the fact that where we're at yes we're gonna have to put money down it's something that sometimes is uncomfortable because obviously it's my money but nevertheless this is gonna serve a purpose for a future endeavor which is potentially getting you two really good credit scores where you're gonna get the best favorable rates the best favorable fees you might not have to come up with some sort of down payment deposit it opens up the area and the avenues for you guys out there looking to purchase a home looking to get into your own business adventure those type of things so there is gonna be a purpose these cards are gonna serve a purpose to get to this end result so initially it's unfortunate but this is another scenario - and I also I could talk for personal experience I went through this process because in the beginning there was not a lot of information that was being deleted on my credit report given the fact that there's not a lot of people with the same name and last name as me and and given the fact most of the information kept coming back as verified or validated and some stuff was not coming up so what I had to do is focus on the second biggest portion that builds credit which is obviously the conversation that we're having today which is about applying for credit cards so the next step once you've applied for that OpenSky credit card you've got any don't don't do multiple applications per month because I could also go ahead and tarnish your credit so my encouragement or what I tell my clients when they come into our program I want you to apply for a credit card every 30 days or every other month right so now in that particular situation the next credit card you should apply for we also have on the website it could be something like a first progress or first premier a credit credit one bank and again guys I've gone through these credit cards they're not the best the rates are pretty high they're pretty crappy credit cards they're probably gonna charge you to even make a payment over the phone but again that credit cards gonna serve a purpose once you go ahead and apply for one of these credit cards again you could also check these out on our website on top is gonna say credit credit card apps and if you click on the first one which is the open-skies it's gonna open up multiple credit cards which is obviously a variety of them right go through another one of those because the second credit card and again you're gonna put the minimum possible which is another $200 those $400 could mean the difference from anywhere from 75 to about 80 points so now when you've achieved a 580 credit score this is what I was trying to tell the lady because she wanted to apply for the Capital One credit card Capital One as a matter of fact from other retail type of banks commercial banks it's actually one of the few banks that actually allow you that even though you've had a credit card with them you've defaulted you could still apply for a new one and they actually have a pretty neat product which is on I love Capital One by the way I have a few of them myself now and Capital One offers you a partially secured credit card so now once you've achieved above the five 80s and you're below the 620 credit score's once you apply for a Capital One secured credit card it's going to give you three options either way to put it deposit for $49.99 core the more you're probably gonna have to put so if you're really close to the 600 six 20s you might just have to put a deposit of $49 what I do know about this credit card this credit cards actually they do give you a full refund back after a period of time usually about 12 months the interest rates are gonna be more much more favorable than the other first two that you applied for it but nevertheless applying for these credit cards on a month-to-month basis could give you anywhere from about a hundred two hundred twenty-five points in a matter of sixty to ninety days again if you want to go ahead and get yourself to that next level disputing your negative accounts and negative information is going to be crucial remember also inquiries they take ten percent of your credit scores so knowing exactly where to apply and how to apply it's gonna be very very important and a few key pointers whether you guys are applying for credit cards remember that the lenders look for what's called the household income you could actually include this so you could actually include your spouse's income if you live with your kids or you live with your parents you could go ahead and add this which could increase the limit versus balances I'm sorry the utilization aspect of it so once you go ahead and add somebody in the application which is actually what's called the household income so for you guys out there if you live with your parents or if your or if you live if you're a parent and you're living with your kids or you have a spouse add that income in there because that income could boost the amount of income that you guys make versus your debts which obviously they take that to consideration so guys I hope this video was very informative very informational if it was please like share go ahead and share the video until the next time thank you so much have a great day [Music] [Music]

Channel: Buildworth Strategies LLC

Views: 7,922

Rating: 4.8699188 out of 5

Keywords: Credit card, credit repair, credit restoration, credit repair secrets revealed, credit repair secrets, credit repair services, diy credit repair, rebuild credit fast, free credit repair training, do it yourself credit repair, credit loophole, credit repair loophole, how do i fix my credit fast, fix my credit fast, repair your credit, credit repair tricks, fast credit repair, how do i fix my credit, fastest way to fix my credit, fast way to increase credit score, jay lobos

Id: xPZn2FisQtE

Length: 11min 31sec (691 seconds)

Published: Fri Apr 19 2019