Secrets of An Excellent Credit Score

Secrets of An Excellent Credit Score

Many of us wish to get a good credit score, but not all of us manage to do so. A good credit score is one that is in excess of 700, as measured on a scale of 300-850, and it is wise to maintain all your payments on a timely basis so that you don't have to apply for a loan again and again and then get rejected. A good credit score can be a great asset and it could get a lot of banks and firms to be kneeling before you and asking you to take their loans.

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Many of us wish to get a good credit score, but not all of us manage to do so. A good credit score is one that is in excess of 700, as measured on a scale of 300-850, and it is wise to maintain all your payments on a timely basis so that you don't have to apply for a loan again and again and then get rejected. A good credit score can be a great asset and it could get a lot of banks and firms to be kneeling before you and asking you to take their loans.

A good credit score can cement your place as a trustworthy borrower and one who makes his payments and installments on time so that the company has no hindrances and keeps on functioning properly. But, if you start delaying your payments and missing out on them, your credit score can begin to get destroyed and that might not be so good for you.

Many people also say that even though they clear all their payments on time, they just can't get an excellent credit score. Some of the innermost secrets of an excellent credit score are mentioned below, and are discussed in detail and you can just check them to see whether you are eligible for an excellent credit score or not.

The first and the foremost secret that you must keep in mind and which is blindingly obvious as well is that you must pay your payments on time. If you fail to do so, your credit score could suffer badly and that could be real harsh for you.

Whenever you get your paycheck, make sure you take out the desired installment from it and pay the bank their amount from it. Another good thing that you must keep in mind is that in order to gain an excellent credit score, it would be wise to pay a larger amount in the first few months.

As mentioned on the FICO high achievers list, those people who had a credit score of 760 or above had cleared 35% of their loans and owed an amount that was less than $1200 on non mortgage accounts. Therefore, it would work extremely well in your favor if you manage to pay a large amount in the first few months and clear half of your loan instantly so that the bank feels safe in extending its policies to you because they would know that you instantly return at least half or 35% of them back.

It could be a great way to cementing your place as a trustworthy customer, and could do wonders to your credit score as well. Another thing that was noted from the FICO high achievers list was that their revolving utilization was around 7% on an average basis. This means you do not max out your credit limits, people with excellent Transunion, Equifax, and Experian credit scores only use a small portion of their available credit.

The age of your accounts is also very important. 5 years of account history is not that long in the eyes of the major credit bureaus. 10 to 15 years and longer is what they are looking for. Keep your accounts open to preserve your good account history.

Therefore, if you wish to appear one day on the FICO high achievers list, you need to follow the characteristics that are present in those people so that one day you could also boast a credit score that is in excess of 760. Do you know where you stand? Check all 3 credit scores absolutely free.
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