How To Increase Your Credit Score (Get Above 800+!)

How you can INCREASE your credit score quickly, and get above an 800+ credit score which has many benefits including lower rates on loans, instant credit card approvals, etc. These methods cost no money!

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Here's how I was able to do it:

#1 Autopay
You only need to make the minimum to stay in good standing with your credit score, so that's where the autopay comes in.

On time payment history accounts for 35% of your credit score. In general, you should always have autopay on all loans and bills, but in the case of credit cards its especially important.

#2 Credit Utilization - Opened 3 Cards
Proper credit utilization makes up 30% of your score.

But what IS credit utilization? Essentially lenders look at how much of your available credit you're using, and if you're above a certain threshhold, they either like you, or they deem it risky.

Having a credit limit of $10,000, if you leave a balance from one month to the next of over 3000, or 30%, that could negatively impact your credit score.

So, first rule here is to always leave the smallest balance you possibly can on a credit card - in addition to making the minimum payments.

The reason I opened 2-3 credit cards was that every time you open a credit card, your credit limit should be increased by the additional card. What i Mean by this is, if you have 1 credit card and your limit is $2,000, if you apply and get approved for another card, your limit on that NEW card could be $2,000. Your total available credit just DOUBLED,

2a. Authorized User Hack
If you're under 18 - you can ask your parent/adults to get added to their credit lines as an authorized user - you essentially piggyback off their credit and can boost your score instantly by doing this.

#3 Length of Credit History
Credit History is 15% of your total score, and there's really no way around this one. I've had my credit going for 15 years, the day I turned 18, well technically I did it when I was 17 with the authorized user.

So there's no way really around this one - besides having patience and waiting it out.

#4 Number of Credit Lines / Credit Mix is Healthy
The 4th reason and also 4th factor of having a good credit score is that 10% of your score comes from the number of credit lines you have. This is Also known as "credit mix".

By having more credit available, this will help you increase your score because you're making more on time payments.

Having a healthy mix of credit shows lenders that you can handle more debt and are likely to pay it back.

#5 I don't inquire for new credit all the time
I rarely asked for credit throughout the past 15 years, only when applying for car leases or financing.

Research shows that opening several credit accounts in a short amount of time represents a greater risk—especially for people who don't have a long credit history. If you can avoid it, try not to open too many accounts too rapidly.

👊 If you like the work and appreciate the value it may bring, please show it some love and drop me a Like and a Comment (I reply to every single one!). If you're feeling extra 💥⚡️🔥 you can share this video with your friends and on social media!

🙋🏻♂️ Who am I? My name is Humphrey Yang, I am an entrepreneur who has built businesses and am passionate about Personal Finance. This channel is dedicated to helping people (whether you're 21 or 81) become better with their Money, Personal Finances, and Entrepreneurship, I hope these videos help.

Disclaimer: I am not a financial advisor, any investment commentary are my opinions only. Some of the products and services that appear on this channel are from companies that I have an affiliate relationship with, such as Robinhood, for which I recieve a small percentage made via those links, but it doesn’t cost you anything extra!

Timestamps:
0:00 - Start Here
1:19 - Autopay and Payment History
2:31 - Credit Utilization and Credit Cards
4:47 - Authorized User Hack
5:37 - Credit Length
7:03 - Credit Mix
7:52 - I Rarely Ask For New Credit
8:23 - Hard vs Soft Inquiries
9:57 - TLDR Summary
11:02 - Thank you Patreon Patrons

[humphrey]

IF YOU SEE ANY COMMENTS from people "recommending" experts, or seemingly advertisement-driven comments, IGNORE THEM - They are SPAM. Anyway, I hope you all enjoy this video! I hope it is eye opening! Let me know what you think in the comments. Thank you all for the 30K Subscribers!!! (i'm about 50 shy but just thought I'd say thanks now!)

[masiahmad]

Excellent and very informative video as always, great job Humphrey!!

[BaoZwer]

I’m so glad I found you on TikTok. Thank you for content that schools don’t teach you. “You the real mvp”

[aligee]

Excellent ....I watch almost all your videos. You pick all the good topics.

[sophieh]

Me sitting here with my 2yrs old credit history and not understanding why I do not have a score >800. Now I got it. Thanks!

[TheFragmaster]

Hey Humphrey! Yet again another great video. Just want to say thanks for all the advice and knowledge, it really inspired to read more into investing and personal finance. Can safely say I know a lot more than before and feeling much more comfortable with finances.

[waterheaterservices]

Very valuable information ladies and gentlemen.

[roseM]

I just jumped from my tik tok to your you tube :) I appreciate your content and have learned a lot. Ty!

[ilyjustinluuga]

Another great video! The authorized user on a credit card is probably one of the best things a parent could do for their child! Thank you for this awesome video!

[wendyyang]

Woah! I didn't know this, really helpful!

[mperry]

Love the video! Could you do one on when to rent vs buy a home? I’ll be graduating college in the next year, so I’ve realized I’ll have to start making those decisions soon.

[krakken]

I think your credit score is higher than Dave Ramsey for sure 👍

[FinancialBeanstalk]

Been sitting around the 790's for a while so looking for a few hacks to break 800, thanks for the tips!!!

[RentReporters]

Great video Humphrey! Just found your channel, we actually did one like this not too ago too!

[GuillermoSmyser]

This was a great topic to cover. I think this will bring a lot of people in. Super catchy. Hopefully they check out other stuff too because I think there are people who worship at the altar of FICO but don't realize how much better off they'd be with more common sense financial advice or even what benefits other things you teach offer. They just hear "credit score" and say "that's what I need" .... so hear's hoping this catches them and they stick around, cause you do good work.

29.9k ... so close! 50K ... hmmmm before December.

[myingdrinkard]

Thanks for this video! It's incredibly helpful :) Do you think you could do a video about your thoughts Dave Ramsey? I used to be a hardcore Dave Ramsey fan, no credit cards, no debt, etc. But now I find that his methods are too restrictive for me personally. I used to think his solution was a one size fits all but I've definitely opened my mind more. Again, thanks for the awesome video! Keep up the great work.

[wingchicheng]

Hey Humphrey! I was wondering how long should I wait when it comes to opening a new CC? I've been learning more about finances and realizing that the credit utilization to improve the score! Only had one for almost 6 years, recently opened a second one and now my credit score is above 770. I was thinking about opening an Amex but wondering how long should I wait before making an hard inquiry?

[bethalunerstar]

You should do a refinance mortgage video 👍🏼

[sixtynineelephants]

I’m gonna hit the like button when my score gets over 800.

[shaymickal]

Is it better to pay off credit card purchases immediately before the balance is actually due, or would you recommend letting the balance build and paying it at the monthly balance due date? Or does it even make a difference as long as you are paying it off each month?