Bank Secret to get PERFECT 800 credit score the financial "experts" don't know
Alright, I started off by showing you my credit score from Experian. And yes, the Boost program from Experian can help up your credit score. If you're not using it, you should. 800 is considering the perfect credit score, even though it does go up to 850. So my score as of today is 809. That second number of 818 was back in May, but I had to get a $8,000 home equity loan to replace my air conditioner. I'm in Arizona, so it wasn't an option. My score dropped like 34 points because of it, but as you can see in only 4 months I've got it back over 800.
Now I went through several videos today to make sure that all these so-called financial experts still didn't know these secret. And a lot of these money gurus were just now getting their own credit score to 800. I've had perfect credit almost my whole life because of this, even after taking a few big hits, including a bankruptcy; and as you can see I'm back up to 809.
Obviously, you should know the basics. Don't miss any payments. Don't overspend. Pay off your credit card and other bills every month.
But this one secret that none of the experts, I learned from my friend who used to work for Chase Bank. If you live in Arizona, its the big bank building in Tempe on the corner of University and Mill Ave. He worked his way up through several positions including fraud prevention and investigation and collections.
Now this is baked directly into the banking software, so you have be in the business to even possibly know this little tip exists. Its possible they've changed it, but why would they? Its been part of the credit system for decades. I don't know if it applies to home mortgage loans, but it definitely applies to any credit cards, car loans, insurance payments, or other bills or loans that you pay on a monthly basis.
When my friend was in collections, he had to call people and find out why they missed their payments, if they could make a partial payment, and he was a generally good guy that tried to help out the customers. He told me that the system only sees 3 things: you paid the exact amount that was due, you paid less, or you paid more. If you paid less, your credit score gets hit and you got a call from my friend. But he said that when you pay more, even if its only a dollar, that helps boost your credit score immensely. Because as far as the bank is concerned, not only do you pay your bills on time, you give them extra money to pay down your debt faster. Banks love that. You're the kind of borrower they want to lend money to, not some chump who can't even make his $20 credit card payment. So they up your credit score, and often your credit limit, in the hopes that you will continue being a good little consumer they can rely on.
Now they were giving out credit like it was free air back in the 90's. And until my business bankruptcy in 2009 my Capital One credit limit was $115,000 dollars! At that time, I could have bought a home with my credit card. But since they Crash of 2008 they've been very stingy.
Alright, I've gotta swing by the dispensary, remember to add a dollar to all your payments.
