Antoine Sallis is the president of Rapid Credit Booster and The Great American Credit Secret.
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Have you ever thought about the question why credit is not taught in schools? They teach us how to get degrees, and they teach us how to build careers, but they don’t tell us that in order to get many of these positions, we have to pass a credit check. In addition, they instill in us the idea that the American dream is to have a home of our own, with a family and career. However, they do not tell us that we should have a good credit score to get that home.
Education is something that we are taught to learn from a young age. “Educate yourself.” However, when will they start informing us how the expensive student loans we get affect our credit profile?
Credit is something that has such a significant impact on our lives that it affects everything, yet they are not informing us about it in school. In fact, there is no question regarding the credit on the standard ACT or SAT.
I’m going to share three tips not taught in schools that can improve your credit status.
Tip # 1
When someone else puts you on their credit, it’s called adding you as an authorized user, the strict definition of which is “piggybacking”, Once they have registered you as an authorized user on their credit card, your credit report will reflect their past credit card activity. If the card is five years old, you now get the payment history of the card that goes back five years. If the limit is $10,000, that $10,000 will now appear on your credit report. Simple as that. Within 30 days, your credit score should improve as a result of this action. Remember that the person adding you cannot have any late payments and their credit card must be paid for less than 5% utilization.
Tip #2
Lenders may only focus on a customer’s credit score in some situations. A vehicle, an apartment and even a house are also in the list of items that can be bought primarily using genuine credit score. In these situations, credit reports are rarely read beyond the numbers. So this means that if you have a good credit score, it really doesn’t matter much whether there is a missed payment or a small collection.
Why are lenders more lenient in these situations? This is due to the fact that the requirements are much less difficult to meet if the item is such that the bank can easily reclaim or repossession it. In contrast, the information included in your credit profile is checked by the lenders when you apply for a loan, credit card or various other services. This is because once the money is spent, the bank cannot retrieve these items.
Tip #3
Top load your credit record Business as possible. A tradeline is any item with a given dollar amount reported to your credit report. For a new credit profile, you may be able to get a secured credit card, a credit card, an auto loan, a school loan, and a secured loan. Building a solid credit profile isn’t difficult once you get the ball rolling by making regular payments and seeking a higher credit limit. The strength of one’s credit history is more important than one’s credit score.
It still begs the question: why isn’t this taught in school? There is also the business credit opportunity, which is also less talked about. The focus is surprisingly dismal on what is considered one of the most important aspects of the US economy. Because of this, we recommend that you learn as much as possible about credit so that you too can learn to take advantage of it and live the life of your dreams.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice related to your specific situation.
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