HOW TO RAISE YOUR CREDIT SCORE FAST

Summary

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Earn Your Leisure Podcast – Episode Summary

Podcast: Earn Your Leisure
Episode: How to Raise Your Credit Score Fast
Hosts: Rashad Bilal and Troy Millings
Guest/Expert: Mortgage/Credit Expert (name not specified)
Original Air Date: January 24, 2026

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Episode Overview

In this action-packed, value-driven episode, Earn Your Leisure dives deep into the world of credit scores—specifically, how listeners can quickly and effectively raise theirs, whether for home buying or financial empowerment in general. The conversation, featuring a mortgage and credit expert, breaks down not only the mechanics of credit scoring but also shares practical, actionable tips for boosting your score fast. This episode blends technical details with real-life examples, offering a step-by-step roadmap to financial literacy and creditworthiness—essential listening for anyone looking to secure a mortgage or achieve major financial milestones.

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Key Discussion Points & Insights

1. The Critical First Step: Know Your Credit (04:06–05:30)

• Check Your Credit Report Regularly: Emphasized as the very first move, especially ahead of big financial decisions like home buying.
  • "You have to make sure you check your credit report… every month at a bare minimum, but if you’re going to apply… check it every week, check it every day." (Mortgage/Credit Expert, 04:20)
• Why This Matters: Lenders will ask about every item on your credit, so know your own report inside and out.

2. Understanding What Drives Your Score (05:30–07:15)

• Credit Data > Credit Score: The individual components (“credit data”) are more influential for lenders than just the number.
• 5 Categories of Credit Scoring (with points attached):
  • Payment History – 35% (192.5 points): Most important—being late even once can massively drop your score.
    • "I had a client… late on [a] Capital One card and it dropped his credit score 60 points. His monthly payment was $15 a month. Dropped his credit score 60 dollars." (Mortgage/Credit Expert, 05:57)
  • Debt Utilization – 30% (165 points): Maxed-out credit cards are a major red flag.
  • Length of Credit History – 15% (82.5 points): Why tradelines and authorized users can help.
  • Credit Mix – 10% (55 points): Having different types—a mortgage, a car loan, credit card.
  • Inquiries – 10% (55 points): Overestimated by most; much less impactful than late payments or collections.

3. Payment Strategies & Automation (06:10–06:50)

• Auto Pay Is Key: Set everything to auto pay—even small bills matter.
  • "Do whatever you can guys to have your stuff on auto pay. It's the most important thing you can do with your credit." (Mortgage/Credit Expert, 06:15)

4. The Truth About Inquiries (10:57–11:49)

• Minor Impact: Inquiries only make up 10% of your score, and multiple mortgage inquiries within a 30–45 day period count as one.
  • "It trips me out how people are more worried about inquiries than late payments." (Mortgage/Credit Expert, 11:07)
• Mortgage Inquiries: Don’t fear shopping for rates—do it in a tight window.

5. Credit Monitoring Tools & Reporting (11:49–13:00)

• Avoid Relying Solely on Credit Karma: It only pulls from two bureaus and can miss problems.
  • "Credit Karma only shows two credit reports… so it doesn’t provide Experian." (Mortgage/Credit Expert, 11:35)
• Preferred Choices: IdentityIQ, myFICO, Experian—all three major bureaus.

6. Building Credit: For Those With Limited or No History (13:00–14:30)

• No Credit = No Mortgage: Even cash-rich clients run into issues without reported credit.
• Starter Tools:
  • Self Lender: "One of the easiest ways to build credit. It’s a savings account that reports to your credit report."
  • Petal Card: New, uses Experian and offers credit up to $10,000.
  • Capital One & Local Credit Unions: Pre-qualification options, low impact on credit.
• Tradelines: Not recommended for mortgages—better to add as an authorized user or start your own.

7. Credit Card Management Tactics (14:30–16:00)

• Maxed-Out Cards Will Tank Your Score: More damaging than most realize.
• Lower Balances and Raise Limits: Paying down debt and increasing credit limits gives a double boost.
• Pause on Spending: Especially right before applying for a mortgage—don’t make large purchases or max cards out.

8. Student Loans & Credit Repair (16:00–17:10)

• Forbearance Isn’t a Free Pass: Student loans in default or forbearance may still affect your score.
• Consolidation/Rehab: Go to studentloans.gov, consolidate or rehab to fix negative marks.

9. Business Credit vs. Personal Credit (17:10–18:20)

• Business Credit Actions Don’t Affect Personal Score: Use business credit lines for operating expenses; doesn’t impact mortgage applications.
• Strategize Auto Loans: Move car loans from personal to business credit if possible—improves personal debt-to-income for mortgage qualification.
  • "When Matt runs your credit… he ain’t checking your business credit when it comes to a mortgage, he’s checking your personal." (Mortgage/Credit Expert, 18:10)

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Notable Quotes & Memorable Moments

• On obsessing over credit checks:
  "How serious are you with your credit if you are applying for a $300,000 mortgage… and you haven’t checked your credit in six months?" (04:20)

• Small payments still matter:
  “$15 a month dropped his credit score 60 dollars. Do whatever you can… auto pay.” (05:57, 06:15)

• On credit inquiries:
  “People are always so scared about inquiries… those affect your score more than an inquiry.” (11:07)

• Credit-building advice:
  "You could have bad credit and still get approved for a mortgage—but if you have no credit, there's no chance." (13:55)

• On leveraging business credit:
  "When Matt runs your credit… he ain’t checking your business credit when it comes to a mortgage, he’s checking your personal." (18:10)

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Key Timestamps for Important Segments

• 04:06–05:30: Why checking your credit report is non-negotiable
• 05:30–07:15: Detailed breakdown of what drives your credit score
• 06:10–06:50: The urgent importance of payment history and paying on time
• 10:57–11:49: The real impact of credit inquiries on your score
• 11:49–13:00: Preferred credit monitoring tools, and why not to trust Credit Karma alone
• 13:00–14:30: How to build credit if you have little or no history
• 14:30–16:00: Realistic card management tips—how to maximize your score quickly
• 16:00–17:10: Student loan status and quick repair strategies
• 17:10–18:20: Business credit strategies for optimizing personal loan eligibility

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Podcast Tone & Style

The tone throughout the episode is direct, clear, and supportive—intended to motivate listeners to take actionable steps. The expert mixes financial jargon with plain language and real-world illustrations, often challenging common misconceptions.

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Takeaway: Raise Your Credit Score, Fast

• Check your credit frequently; be the first to know, not your lender.
• Don’t underestimate the power of on-time payments—use autopay.
• Focus on the data, not just the numerical score: payment history, utilization, and not just keeping inquiries low.
• If you lack credit history, take action now using tools like Self Lender and secure cards.
• Be strategic: lower personal debt, leverage business credit, and move personal loans under business credit when possible.
• Fix student loans in default, don’t let forbearance lull you into ignoring them.

This episode is a must for anyone seeking to buy a home, raise their credit fast, or build a secure financial foundation.

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Transcript

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[Mortgage/Credit Expert]

Vision forward the first thing is you gotta check your credit right you're trying to buy a house you're trying to you know whether it's a multi family whatever the case is you're gonna live in one doesn't really matter right i think what a lot of people forget to do is check their credit before they apply with matt before they apply with kevin and what you need to do is you need to be able to know what's on your credit report because guess what they're going to ask you hey what is this and if you say i don't know it's like come on like how serious are you with your credit if you are applying for a three hundred thousand dollars mortgage a five hundred thousand dollars mortgage and you don't even you haven't checked your credit in six months seven months you know what i mean so you have to make sure you check your credit report i would say every month right and at a bare minimum but if you're going to apply with matt check it every week check it every day like it's one of those things i wake up in the morning i'm checking my credit first thing you know what i mean so you want to check your credit report because you have to know what's on there am i on time am i late what's going on what's the deal with my credit because like i said when matt runs your credit report and he asks you hey what's this bill what's that bill don't you think it's a little bit better to have a little bit of information for him for when he runs your credit or he might not you might go up and say hey matt listen don't run my credit yet i have these things on here so let's save that inquiry right so the biggest thing is credit data credit data is more important than any credit score right because credit data is what drives the credit score so you could have a seven hundred and fifty credit score with a repossession and a charge off right and you can have a six hundred fifty credit score with no late payments so these are the five categories usually see people breaking down in percentages thirty five percent thirty percent you know fifteen ten and ten but when you look at how many points right your credit score ranges from three hundred to eight hundred fifty payment history alone and one hundred and ninety two point five points the data is payment history your data is what drives the credit score so if you're late one time two times three times on multiple credit cards it'll drop your score like i had a client today they were late i called one of my clients today said hey listen you were late on your capital one card and it dropped his credit score sixty points his monthly payment was dollar fifteen a month dollar fifteen a month dropped his credit score sixty dollars do whatever you can guys to have your stuff on auto pay it's the most important thing you can do with your credit especially if you're trying to get a mortgage debt utilization one hundred sixty five points your cards are maxed out guess what guys your score is gonna tank right this was one of my problems a few years ago i didn't really have anything negative but all my credit cards were maxed out so that can easily take you from sevens to the fives very very quickly all right time and file eighty two point five points this is pretty much why people buy trade lines or why people get put on as authorized users is because of the history it adds eighty two point five points all right credit mix fifty five points pretty much easiest category you have a mortgage you have an auto loan and a credit card you're going to get all fifty five points.

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[Mortgage/Credit Expert]

And inquiries of fifty five points so you ever noticed i'm sure matt and kevin have heard this all the time man don't run my credit i don't want my score to drop but then you have like late payments and collections those affect your score more than an inquiry so people are always so scared about inquiries and the most important thing you have to understand about inquiries is they only affect you fifty five points which is ten percent but any mortgage inquiries usually done within the thirty to forty five day period only count as one so if you got your mortgage your credit report ran by four different mortgage companies it's not going to be four different inquiries if done within a thirty to forty five day period all right so don't be don't don't get so scared when it comes to increase it trips me out how people are more worried about increase than late payments all right so credit karma is another thing a lot of people check credit karma every single day not saying anything's wrong with it but just don't use it as a source when it comes to getting a mortgage all right because when matt checks your credit he's not going to be going off of credit karma credit karma only shows two credit reports doesn't show all three okay so it doesn't provide experian so you might tell matt hey i got a six hundred and eighty on equifax and train on transunion but guess what happens there's that collection or charge off that's an experian and you think you're good the reporting is inaccurate our clients have a preferred credit monitoring that we use we like identity iq only because it's cheap all right it does provide all three and you can pretty much go with my fico you can go with experian you know something that provides all three credit bureaus is what you want because when matt runs your credit you want to be able to explain every single line item that's on your credit report okay the next thing is is that when it comes to your credit right and when it comes to buying a mortgage getting approved for a mortgage one of the biggest things that we see besides maxed out credit cards is lack of credit or no credit history right we deal with a lot of celebrities and a lot of people that deal with cash like i don't want to use that i got cash you know i could buy that car in full well guess what are you going to buy a million dollar property house in full i mean you shouldn't if you can you still shouldn't right use use the mortgage to leverage it so these are some credit cards right here that can help you with building credit and typically with no inquiries or only one inquiry per bureau right so you have self lender self lender is one of the easiest ways to build credit it's a savings account that reports to your credit report so you pay like dollar twenty five a month boom they reported a credit card to your credit report petal p e t a l petal credit card they're one of a new credit card that just came out they check experian they do a pre qualification they approve up to ten thousand dollars credit card and you can use that credit card anywhere another one everybody's pretty familiar with capital one they will pre qualify you and let you know if you are pre approved for a credit card any local credit union is typically good you know you have other ones like dcu navy federal pentagon federal credit union credit unions are a really good place to build credit trade lines when it comes to mortgages don't hold as much weight so i would say when it comes to mortgages i don't suggest you buying a trade line try to do it on your own or have a family member add you as an authorized user without a trade line okay because remember building credit is more important than what you think because you could have bad credit and still get approved for a mortgage but if you have no credit you there's no chance and one of the most important things to understand about building credit is it takes six months for a trade line to be reporting in order for it to generate a fico score so let's say if you're brand new fresh today you have nothing on your credit report and you add a credit card it is typically going to take six months for a credit card reporting every single month in order for that fico score to really be generated all right current credit cards one of the things that we see with a lot of clients like i said before maxed out cards don't try to just pay your credit cards down to thirty percent forty percent when it comes to a mortgage listen if you can pay it down as much as you can pay it down it's just going to increase your borrowing power that's pretty much what it's going to do it's going to eliminate those monthly payments that you have on the credit cards and things like that so pay it down as much as you can see if you're eligible for a limit increase without an inquiry because then that's also going to raise your credit score so right now your goal with getting the mortgages lowering your credit score i mean lowering your debt increasing your credit score by paying down your debt and increasing your credit limits it's gonna do just that all right if they're gonna say hey we're gonna run your credit for the credit limit increase tell them not to do it because you do want to try to limit any inquiries up until the point of you getting approved for a mortgage okay and then also do not use your credit cards at all if you know you're going for a mortgage so if you know you're going for a mortgage you don't go to you know don't meet don't meet eyl down in miami now max all your credit cards out you don't mean the next thing you know your credit score is going to drop you know a lot of points right and guess what you're going to have to wait until those credit cards are paid down or do a rapid rescore in order for that score to get back up all right so this is another biggest thing that we see i know matt posted something about income based rate this is where you guys can go right now student loans are in forbearance student loans are in forbearance you can go to studentloans dot gov and consolidate or refinance your student loans that are in collections into a new loan even though they're not collecting on it if your student loans are negative it is still affecting your credit you can go to this website consolidate them or refinance them for free if you're if you're in default you know you do have to do a rehabilitation program for about nine months all right now i didn't want to just touch on this right quick because a lot of people have to understand that when it comes to business credit it doesn't report on your personal credit right so remember everything that i was saying about maxing out your credit cards don't apply for anything whatever the case is if you have business credit available you can max it out all you want it's not going to show up so my problem when i bought my house was i didn't have any business credit so i really couldn't use any credit cards you couldn't use any money but now we're using your business credit cards you can still do what you got to do on a daily basis and in a sense you're not hiding the money you're just using it on a different means right and the other thing that we've been telling a lot of our clients to do is is if you have a car right now in your personal credit and you have an llc trade that car in get it off of your personal credit and get a car under your business because now that car is also not going to show up on your personal credit once again increasing your borrowing power so check it out imagine now you go to matt zero credit card debt no car payments you show your income he's going to be like you know what you can now get approved for the maximum amount because you have no car payment you have no credit card debt you have nothing so that's going to be the difference of you getting approved maybe for two hundred two hundred fifty three hundred to five hundred six hundred and if you have a business that's where you want everything to show because guess what when matt runs your credit he ain't checking your business credit when it comes to a mortgage he's checking your personal credit so you can have six seven eight cars on your business credit doesn't matter okay so definitely definitely check that out because you want to make sure that you're not putting yourself in a bad position my graduates from my school being forbes bag drop bag.

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