How To Improve Your Credit Score | Emo Ikede MBA, B. Sc, PMP | Skillshare

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

7 Lessons (14m)
    • 1. Introduction

      2:57
    • 2. What is a Credit Score

      1:30
    • 3. Why it is Important

      0:43
    • 4. How it is Calculated

      1:15
    • 5. Three Ways to Improve it

      1:04
    • 6. Class Project Instructions

      4:49
    • 7. Summary

      1:12
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About This Class

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This course covers simple and effective ways to improve your Credit Score.

Topics covered include:

  • What is a Credit Score.
  • Why it is Important.
  • Who Creates it.
  • How it is Calculated
  • 3 Ways to Improve Your Credit Score.
  • How to Get Your Credit Report for Free.
  • and much more.

Meet Your Teacher

Teacher Profile Image

Emo Ikede MBA, B. Sc, PMP

Live - Learn - Share.

Teacher

Hello, I'm Emo.

I love learning, sharing productivity, efficiency and money saving tips.

I built my company www.ejitech.com to do just that, and I look forward to creating content on this platform to help people find their best self and live their best life.

See full profile

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Transcripts

1. Introduction: do you know that your credit score is one of those things that affect you for most off your adult life? Welcome to my course on how to improve your credit score. In this course, you will learn what your credit score is, how it is calculated on simple ways to improve it. Starting from today. This class is for anyone who wants to learn how to improve your credit score so that they could get better loans on Great. Whenever I try to borrow money in this course, you will learn how to find your credit score. And you'll also learn about the three main credit reporting agencies that you can contact to get your credit score for free. I am anymore or no E g high tech. I started my company to help people better manage their finances and be more effective in the way they run their businesses. The goal is that at the end of this course, you will feel more comfortable understanding what your credit score is all about. That you would also know the steps you have to take to improve your credit score from what it is today for the class project, we would simply have to do two things. The first will be to contact your local credit agency so that you could get your credit score on. The second thing is you'll be able to leased out a couple of steps to take based on your credit situation to help you improve your credit score going forward. You know your credit score is one of those things that, if you don't pay attention to it, cost you a whole lot of money. Most of your life no difference between getting an interest weight that is 2% or one that's 3% over time. It's ready for a large loan, like when you buy a house or buy a car. Could be a lot of money that you end up pain to creditos or whoever who you borrowed money from, because your credit score is not that high. The objective of this course is to help you understand that your credit score is not that difficult to understand. It's easy to obtain and get on the credit reaching agencies, and that he could also take little steps every day to help you improve your credit score. You could also find out the things that could negatively impact your credit score so that you avoid them. I knew that kids increase your credit score. Join me on this course. You're gonna find it interesting, and it will help you get the best credit score. You could get out there again. The steps. You have to follow a pretty basic and simple just about four or five things that really count towards your credit score. And if you are mindful of them and you watch them, you'll find that you would improve your credit score and get yourself better interest rates whenever you try to borrow. But whenever you need to borrow money, join me on this class. Let's get started. 2. What is a Credit Score: Hello. I am M o with E J I. Tech. Today. I want to talk about your credit score what it is, why it's important, who creates it, how it is calculated and how you can improve it. Your credit score is a number between 300 on 900 that is used to predict the likelihood that you will pay your bills. In short, it measures your credit worthiness. Your credit score is a summary off your financial history, and it helps lenders decide on how risky this for them to lend you money off. Give you credit now, in case you're wondering who creates your credit scores while it is done by credit reporting agencies using data that is provided to them by lenders, for example, the utility company mortgage company credit cards, foreign companies itself. The details used to create a credit report on your credit score is the summary a three digit summary off everything that it's contained within your credit report. Examples off. Three off. The largest credit reporting agencies in North America are Equifax, Trans Union and also experience 3. Why it is Important: many reasons why it is important to have a good credit score. For example, it gets you access to improved interest rates when you're borrowing money. Say, for example, getting a mortgage for a house. It also helps you know and get approved faster. And in fact, the sentence instances where, if you try to get alone on your credit score is law. You might not even get the loan in the first points. When you get a lower interest rate because you have a good credit score, you save money over time, especially for large expenses like cars and houses. 4. How it is Calculated: credit reporting agencies. Use a number of factors to calculate your credit score. Some of them include your human history and that accounts about 35% of your score. Lose past auto loans, your mortgage students, loan utilities, anything that you all money on. They also used the amount old that's your available credit versus how much of that use. So, for example, if you have a credit card that has a limit of $10,000 how much of that do you use? How much of how much of the violence do you carry? They use your credit history left that your oldest credit card to your current one and also public records. So that's if you have any records for collections or bankruptcies. They also use credit enquiries into your account. So that's how many times have applied for a new credit card or how many cats you actually have 5. Three Ways to Improve it: based on how your credit score is calculated. They are three ways you can improve your credit score the 1st 1 the most important, is to always pay your bills on time. That's very important. If you look at the way the credit scores completed, that actually carries the highest waiting. The 2nd 1 is to carry as law off balance as possible. The magic number actually is to carry a balance of less than 30%. If you have to carry when it's bad to have known what you have to carry one anyway. Anything under 30% so far. If you have a card with a limit off $10,000 the balance he should carry it should be less than $3000 the last one East to apply for credit sparingly. Each time you apply for credit card and take alone, you trigger a flag to say who you might be in a in a credit crisis, so that reflects badly on your credit score. 6. Class Project Instructions: the goal off this quick project is to help you take action to get and improve your credit score. I included a credit score checklist in the resource section to help you complete the course project down with your copy now so we can review it together. The good news is the steps are easy to follow. The checklist is divided into four sections. All you have to do is simply complete one section and moved to the next. Until we get to the end, let's go through each section and review them now. The first section in the credit score checklist. Ease where you get your credit score. So the first thing you have to do is use your Web browser on type credit agency, and they could just put also the country area. And then when you find the website one of them, you simply apply for your credit to report. Or you could call the 1 800 number to find out how to get your credit score. Once you apply and a sent the report, you could review that. Note your credit score and also note any areas were they? They have a flag, but there's Ah ah problem or anywhere where there is something that you need to make corrections on. Second thing you need to do is make a list off. What you so that could be your mortgage car. Credit cards and interest rates. List any of the places where you have monthly recurring payments that you make so that we can assess them in the next stage to find out where we could make changes of the easy targets for us to apply some of overland on this course to make changes. So the third step is to find opportunities. Look for balances and any cats that over 30% so that you could reduce them. Check to make sure you don't have any missed payments. Anywhere is your rank your loans according to interest rates, so that when you're trying to pay back, you know which ones to charge the highest, so you could pay those back first. Well, make the most payments of those ones first also, and any unused services are subscriptions. So if you have a gym membership, we don't use our magazines, which you don't really. You could cancel those so you could take the money a pain for those subscriptions on, put that on to any of the other loans you have now. The fourth section is to make changes, so if you find you have many credit or department cards, the first thing you can do is to look out for which ones you could cancel. So that's to help you reduce the number of credit cards have opened. Make sure you make your payments every month on time, even if you have to make minimum payments on some of them. Now, if you're using one of the techniques to help you reduce the amount of money you pay in interest, what you can do is for the cars with higher interest. You pay more money on those and then pay the minimum on the ones with lower interest. And then when you finish paying off, the higher one you move onto the next occurred. Something I also learned recently was you could automate payments on your credit card so you don't miss payments or any of the loans you have, so it could be through your bank off through the credit card application or website. You can go in and make up to my Ted payment so that you don't miss any payments and get penalized on your credit score for that. And the last thing you could do is make sure you have. And while credit score checks so you're going and get your credit score check to make sure there's nothing missing. Other no mistakes made. If you find any things you could go in and make corrections sooner than later. So there you have it. Simply go through this four areas on the checklist, and you would have complicated your project. Make sure you get your credit score least all what you all find opportunities to make changes and then, lastly, go ahead. Take action on make those changes. If you follow these process on a regular basis, you'll be able to better manage and keep track off your credit score. 7. Summary: Now keep in mind that the agreement with the credit reporting agencies and government is that they have to let you have one free crimped report every year. You could do a free credit report every year. So you've been standing for one again. Just go online on Do a search for your local credit reporting agencies, and you could request your free credit report. When you realize that you start building your credit history from the first time you obtain alone or get a credit card, it could be the first self one that you got. It is important that you take the time and the effort to try to improve your credit score in this video. I have given you a guess on how to do that by just taking this little steps, paying your bills on time, reducing balance you carry and also reducing the amount of credit enquiries you make or credit applications make you put yourself in a position to get Ah, higher credit score, which will lead to you get in lower interest rates and paying less money out of your pocket . Next time you have for