I just financed a new car and upon running my credit report, it came back that my credit score had skyrocketed to an astounding 830.
Last I remember it was around 823 to be fair, however, being only 30 years of age, I can say it’s pretty darn impressive.
What’s a good credit score? According to Experian, a “credit score in the mid to high 600s or above is generally considered good.”
Looking back at how I was able to achieve this milestone, and it wasn’t too difficult if I’m being honest. But I was busy.
Today I’m going to guide you through what worked for me and what you can do today to raise your credit score immediately.
Let’s get started!
How to Increase Your Credit Score (+ My Journey)
Increasing your credit score is no secret.
It simply requires you to pay any outstanding debt on time, consistently, for a long period of time.
I personally took on debt very young. At the age of 18 I enrolled in business school which kickstarted my credit report.
At the age of 19 I made the decision to finance my first car.
Between paying around $75 per month for my tuition (eventually $175), and $552 for my car note, not including insurance, I was able to show a history of on-time payments very quickly.
Just before turning 21, I moved into my very own apartment, which I was able to qualify for thanks to good credit and dual income.
This only helped because now I was taking on other monthly bills that would help build a paper trail of trust.
Even if utilities do not directly improve your credit score, failure to pay them will hurt your credit score.
The important thing to keep in mind here is that paper trail of on-time payments.
Pay Off Outstanding Debt
By the age of 24 I had paid off my bimmer which fared well with lenders. At this point I had a small credit card for a small business I had opened.
Credit cards can be extremely dangerous tools if not used properly. Interest rates can keep you stuck in a never-ending cycle of debt if you do not close out your statements at the end of each month.
I was responsible with it and used it only for the business, paying it each month through profits, and maintaining a great history of on-time payments. Over the years, my line of credit eventually grew as my business did.
I had to sell that car for a bigger one for my business at some point and purchased a Lexus SUV that could haul around several boxes in two payments — another win for closing a small account.
Although it felt like my student loan wouldn’t disappear anytime soon, I was one of the lucky ones whose student loans were forgiven. This was actually due to a dispute between students and the private college I had gone to. This part was luck; but I took the opportunity when I saw an opening.
Keep Credit Open
My fiancé at the time needed a car. She had been driving an old beater her family owned while she went to school and worked.
I helped her finance it as a co-signer and now I was passively an active participant in another account while she paid it down. I was 27 years old when I took it over completely and paid it off at the age of 28.
Risks That Worked For Me
I made some pretty risky decisions along my journey that eventually ended up working out for me.
I took a $30,000 loan out at the age of 26 to fund my day trading account (I cannot relay how much I badly suggest going against this). However, after owing a painful $22,000 or so later I was able to pay it off in full when my online business exploded, earning $185,000 that year, and the next just under $400,000.
Risky AF? Sure, but it boosted my credit score after closing it down. Hey! You have to learn from your mistakes and always bet on yourself.
My Credit Score at the Age of 30
Being 30 years of age today, my credit score is now at 830. I can practically get approved for anything.
I have the lowest interest rates because of my score, and lenders trust I will always pay them back.
One of my businesses is in recovery while the other is growing fast.
I have debt of $20,000 at the moment from losses of one of my online businesses but should have it paid off completely this year.
This only leaves the small car note I have after selling my dream car, the legendary M4, and getting something more practical and comfortable as I grow.
I’m in a rebuilding phase right now. Learning every step of the way, creating the life I desire to live.
Real estate is the next front as I build cashflow, build credit, close debt accounts, and increase monthly income to tackle all my financial projects.
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This article originally appeared on Franknez.com and was syndicated by MediaFeed.co
