How To Get a PERFECT 850 Credit Score for FREE
What Is a Good Credit Score?
A good credit score is an important part of any individual’s financial health. It is an indication of how responsible a person is when it comes to managing their finances and making timely payments on debts. Credit scores range from 300 to 850, with higher numbers indicating a better credit score. The higher the credit score, the more likely a person is to receive favorable terms on credit cards, loan offers, and other financial products.
A good credit score is generally considered to be a score of 670 or higher. This score is considered to have a fair amount of risk associated with it, though it still may be eligible for some types of credit. A score of 720 or higher is considered to be excellent, and is the level where the majority of lenders will offer the most advantageous terms.
It is important to understand that credit scores are a reflection of an individual’s credit history. This history is made up of several factors, including payment history, credit utilization, and length of credit history. Payment history is the most important factor in determining a credit score, and it is important to make sure that all payments are made on time. Credit utilization is the second most important factor, and it is important to keep credit utilization low in order to improve a credit score. Lastly, length of credit history is also important, as the longer a person has had a credit history, the more likely it is that their credit score will be higher.
In addition to the factors mentioned above, it is also important to understand the types of credit that are included in a credit report. The two primary types of credit are installment loans and revolving credit. Installment loans are loans that have a fixed payment amount over a set number of months or years. Revolving credit, on the other hand, is credit that can be used again and again, such as credit cards and lines of credit. It is important to make sure that all of these types of credit are managed responsibly in order to keep a good credit score.
In order to maintain a good credit score, it is important to practice good credit habits. This includes paying bills on time, keeping credit utilization low, and avoiding too many inquiries on credit reports. It is also important to check credit reports regularly to make sure that the information is accurate, and to dispute any errors that may be found.
• A good credit score is generally considered to be a score of 670 or higher.
• Credit scores range from 300 to 850, with higher numbers indicating a better credit score.
• Payment history is the most important factor in determining a credit score.
• Credit utilization is the second most important factor, and it is important to keep credit utilization low.
• Length of credit history is also important, as the longer a person has had a credit history, the more likely it is that their credit score will be higher.
• It is important to practice good credit habits in order to maintain a good credit score.
People Also Ask:
Q: What is a good FICO credit score?
A: A good FICO credit score is generally considered to be a score of 670 or higher.
Q: What is the highest credit score possible?
A: The highest credit score possible is 850.
Q: What is the average credit score in the US?
A: The average credit score in the US is 700.
What is a good credit score? – Most Popular?
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I just spent one month analyzing 100 individual credit reports with a perfect 850 credit score and today I’m gonna share the five similarities that I noticed to help you get that perfect credit score and save hundreds of thousands of dollars.
After spending countless hours spent on this, I noticed five similarities across a majority of these individuals which are the age of their credit, how many accounts each of them had, their higher credit limit than the national average, their lower balance than the national average, and an increased credit mix. Now if you’re familiar with how your credit score is calculated then you probably recognize that those five similarities correlate to the five major variables that are used to calculate your credit score which would be your payment history, the amount owed, the length of your credit history, new lines of credit, and your credit mix.
But that’s all-cookie cutter information and today we are shooting for perfection so taking a closer look at those five similarities, across all the individuals with perfect credit that I looked at, a majority of them have at least one account that is 25 years or older. The second lesson is also fairly obvious but that is…do not close old credit accounts unless you absolutely have to.
On average these individuals had ten or more lines of credit actively on their report and that included a mix of credit cards, mortgages, and a wide variety of consumer debts. Now this is where I have to walk a fine line personally because I feel that you never want to take on any kind of debt that is not being used to leverage your money towards an appreciating asset.
Just in credit cards alone, I noticed that most of them have a total available credit of over $100,000 which is hard to wrap my head around considering the national average credit card limit is just $22,000. Now the average Utilization in the US is 25% which is okay but the perfect credit score individuals I looked at had an average debt utilization of less than 1% and they achieve this using a little-known credit card loophole! When it comes to credit cards specifically, there is a day each month that your statement is processed and whatever the balance is on your card on that day is what will be posted to your statement. But as long as you know what day of the month that statement is processed, you can and should pay off your card prior to that date.
0:00-100 Case Studies!
0:38-The BIGGEST Similarities
2:27-Number of Accounts
3:53-Credit Limits and Balances
5:37-The Utilization LOOPHOLE
7:06-KEY Questions to Ask
9:35-My FINAL Thoughts
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