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Navigating Credit: Insights from a Credit Specialist
Understanding the Credit Process
- **Bankers may not have as much credit knowledge as you do:** They may not fully understand the underwriting process or their own products. - **Asking the right questions:** Asking a banker how to get an 800 credit score can expose their lack of knowledge. - **Loan approvals and credit scores:** Having an 800 credit score does not automatically guarantee loan approval, as debt-to-income ratio is also a crucial factor.Achieving an 800 Credit Score
- **Key steps:** - **Maintain three open revolving accounts with under 10% utilization** - **Have a loan on your credit file** - **Be cautious when paying off loans:** Doing so can cause your credit score to drop by up to 40 points. - **Understand the differences between credit scoring models:** Vantage scores may differ significantly from FICO scores.Leveraging Authorized Users
- **Approach authorized user accounts strategically:** Limit the number of authorized users to one or two. - **Consider FICO 9 institutions:** They are more likely to calculate authorized user impact on your score.Additional Considerations
- **Newly established high credit scores:** Even with an 800 credit score, you may still face challenges in obtaining high credit limits if your credit file is too new. - **Building long-term relationships with lenders:** Many institutions prefer applicants with at least 6 months to 2 years of history with them. If you have any questions about business credit funding, personal credit funding, or removing negative items from your credit, schedule a consultation using the link provided.YouTube Source: https://www.youtube.com/watch?v=fKqG9SmZmV4
YouTube Channel: https://www.youtube.com/channel/UCwTiSgSSNPiNANoB2cREAAg
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