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Get free life insurance quotes from America’s top insurers and start saving today with Policygenius: | Thanks to Policygenius for sponsoring this video! Here is exactly how I was able to get a credit score of 847 and how you can best use credit cards to improve / fix your score – Enjoy! Add me on Instagram: GPStephan

FREEZE YOUR CREDIT REPORT HERE:
Experian:
Equifax:
Transunion:

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HOW YOUR CREDIT SCORE IS CALCULATED:

-35%: On-time Payment History
This means that you always pay your debts and credit cards on time, as agreed – without ever missing or being late on a payment.

-30%: Utilization Rate
This calculates how much credit you have available, versus how much of that you’re actually using. The less you use, the better.

-15%: Average Age Of Credit
Overall, lenders see that the longer you’ve had your accounts open for, and in good standing – the better the chances are that you will be a responsible, experienced borrower.

-10%: Types Of Credit
This means that lenders want you to have experience handling MULTIPLE types of loans, just to prove to them that you know how to handle different aspects of debt.

-10%: Number Of Credit Inquires
The more hard inquiries you have – the lower your score will be because lenders are worried that you’re out there actively trying to seek new loans and credit.

HOW I GOT AN 847 CREDIT SCORE:
No Late Payments – Ever. Credit was opened in 2012.
0-1% Credit Utilization Across Credit Cards
Average Age Of My Credit: 12.6 Years Old (Newest Account Over One Year)
Credit Mix: 8 Revolving Accounts out of 13. 6 Have been paid off, in full. 5 Mortgages, all paid on time. Large variety of past auto loans and other debts that have been successfully paid off.

HOW YOU CAN DO SOMETHING SIMILAR:

FIRST – Apply for a No Annual Fee Credit Card
The reason behind this is that – the longer your credit cards stay active – the longer your credit history remains open – and the more established your average account age will be.

SECOND – Always Pay Off Your Balances – IN FULL – By The Time They’re Due!
Never carry a balance on a credit card, and never spend money that you weren’t planning to spend, anyway. All it takes to build credit is a few small purchases that get paid off in full.

THIRD – Open ANOTHER no annual fee credit card after 6-12 months
The more credit you have, the lower your overall utilization, the more positive tradelines are reported…and, the higher your score will be.

FOURTH – after 12 months, you can apply for “rewards cards” like the American Express Gold.
Even though this one isn’t necessary for a good credit score, certain cards can be used in such a way that they not only pay for themselves – but, you can also turn a profit.

FIFTH – Continue adding “new” lines of credit over time.
Again, this one isn’t “required” to have a higher score, but it does help (OVER TIME) if you have a mortgage, auto loan, lease, or other payment plan.

And SIXTH – Once you’ve followed the above – Just Wait.
This is the part where patience goes a long way – and, once you get your score above 780 – you can pretty much get the lowest rates anywhere you go.

My ENTIRE Camera and Recording Equipment:

For business inquiries, you can reach me at [email protected]

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.

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BUILDING WEALTH IN 2024:

-Optimize for Cash
Start by tracking all of your expenses and income over the next 60 days using software like RocketMoney, YouNeedABudget, EveryDollar, MonarchMoney, or even your own excel spreadsheet – and then, log every single penny that goes into and out of your account. There has never been a better time in the last 20 years to earn money on your money, since High Yield Savings Accounts are almost ALL paying over 4% APY.

-Pay Down High-Interest Debt
The average American now owes more than $22,000 – Credit Cards, Car Loans, and Personal Loans make up almost ALL of this – and, at today’s interest rates, this could EASILY be costing you thousands of dollars per year. In terms of the HOW to pay down debt as fast as possible – you have two ways:

The first is called “The Avalanche Method,” and mathematically – this is the perfect way to pay down debt. This is because you’ll begin paying down the highest interest-rate debt, first, that’s costing you the most money – and then, once that’s fully paid off – you’ll pay down the next highest interest-rate – and the next – and the next – until eventually, it’s all paid off.

The second method takes on a more psychological approach, and that’s called “The Snowball Method.” This works by paying off the smallest balance first, regardless of the interest rate, and then paying off the next smallest balance. The reason this works is because you’ll get the “win’ of paying off a debt, in its entirety – and by seeing results, faster, it’ll be easier to stick with it long term.

-Creating a Roth IRA
This is an account that you contribute up to $7000 per year into – and then – by the time you’re 59.5, you can pull out all of your profit, completely tax-free. Not to mention, the ideal time to start and contribute to this account is when you’re young and not earning a lot of money, since – one: You’re probably already in a low tax bracket, so you have more after-tax income to invest, and two: You’ll have decades to allow compound interest to grow your money into something significant.

-Choosing Your Investments
First: Diversify.
You NEED to spread out your money across different companies, sectors, and areas so that if something happens to one – you’ll have others to fall back on.

Second: Don’t Try To Beat The Market.
Even though it’s tempting to want to utilize alternative investments, pick individual stocks, and create your own portfolio to get higher returns – the reality is: almost everyone fails.

Third: Research Index Funds.
A few years ago, Warren Buffett famously said that this is the single best investment for the vast majority of people. Index Funds cover a wide variety of stocks and industries, they’re well diversified, and – they’re really cheap to own.

Fourth: Assuming you can follow the above – Dollar Cost Average and Do Nothing.

Overall, if you want to build massive wealth – long term – all of it starts with the boring basics: Optimizing your savings, reducing high-interest debt, investing in tax-advantaged accounts, diversifying your investments, setting realistic expectations, and then – sticking with it consistently for decades.

The YouTube Creator Academy:
Learn EXACTLY how to get your first 1000 subscribers on YouTube, rank videos on the front page of searches, grow your following, and turn that into another income source: – $100 OFF WITH CODE 100OFF

My ENTIRE Camera and Recording Equipment:

For business inquiries, you can reach me at [email protected]

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice.

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Here is exactly how you can save $10,000 – Fast – using these simple strategies to begin cutting back, saving more, and investing more – Enjoy! Add me on Instagram: GPStephan | GET MORE INFORMATION HERE:

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HOW TO SAVE $10,000 FAST:

1. Break Down The Timeframe
There’s a problem if you tell yourself: “I just want to save $10,000 as fast as possible” – in that case, the deadline is INDEFINITE – so, it helps to have a REALISTIC timeline of when you want to accomplish your goal.

2. Start Right Now
You have the MOST momentum when you’re initially excited about the idea of trying something new; within about a day, that excitement wears off and you’re stuck with the reality that your entire life has been one giant procrastination. So start immediately!

3. Create A Budget
All of you need to do is make a free account with a money-tracking platform where they aggregate all of your accounts and credit cards into one interface. From there, you can see exactly how much money is going in – and OUT – every single day, in real-time.

4. Reduce Spending
You’ll quickly begin to see that there’s a LOT of discretionary income you don’t need to spend, at all. Find out what those items are, and learn new ways to cut back or save the difference.

5. Pay Yourself First
With this, you’ll AUTOMATICALLY “pay yourself” a certain amount of money, right off the top, and then you’re free to spend whatever is left. Doing this ensures that you’ll always have money left over each month.

6. Here are practical ways you can cut back:

Housing: Perhaps you’d be able to rent out a bedroom. Maybe you’d be able to ask your landlord for a reduction in rent – or, look into moving to a less expensive area when your lease is up. If you own a home, look into shopping around for home insurance, make sure to adjust the thermostat to save money when you don’t need it, reduce water usage, you have a TON of ways to reduce costs here, and – by implementing a few of these…you should be able to AT LEAST save an extra $10 per day.

Transportation: Most cars hit their “peak depreciation” around year 6-7 – so, use that to your advantage, because then you’ll be able to recoup as much value as possible throughout your ownership.

Taxes: It’s more important than ever to make sure that you have, at least, a BASIC UNDERSTANDING of how the tax system works so that you can fully utilize every single resource that’s designed to help you keep more money.

Food: STOP ALL LAZY SPENDING. Don’t order Starbucks when you can just as easily make it at home. Don’t Postmates meals when you have food available in the refrigerator. By doing this, EVEN if you’re able to save just an extra $3 per day – it really begins to add up.

Debt Repayment: It’s said that the AVERAGE American has $5700 worth of credit card debt at an average of a 24% interest rate – which means, that’s $114 wasted – each and every month – that you aren’t paying off your bill, in full.

Apparel: Americans are spending, on average, $133 per month on clothing. If that’s accurate, stop shopping, or cut down your clothing budget by HALF.

7. Get a Side Hustle
If you’re not willing to cut back on your spending, and you don’t want to save pennies while eating beans and rice every night – the fact is, you gotta make more money…and the fastest way to do that is by working more hours.

My ENTIRE Camera and Recording Equipment:

For business inquiries, you can reach me at [email protected]

*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan receives cash compensation from Public for sponsored advertising materials. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/