How To Get A Perfect 900 Credit Score
What is a Good Credit Score?
A good credit score is one of the most important tools to help you manage your finances and build a strong financial future. A good credit score can help you qualify for loans, get more favorable interest rates, and even help you get approved for jobs. It’s important to understand what a good credit score is and how you can maintain and improve it.
Your credit score is a three-digit number generated by a credit reporting agency that is used to assess your creditworthiness. It is based on information from your credit report, which is a record of your financial activity. The most well-known credit score is the FICO score, which is used by many lenders and creditors when making decisions about granting credit or loan approval.
In general, a good credit score ranges from 670 to 739, depending on the specific scoring model used. A score of 740 or higher is considered excellent, while a score of 669 or lower is considered poor. The higher your score, the better your creditworthiness and the more likely you are to qualify for loans and get approved for credit.
The three major credit bureaus—Equifax, Experian, and TransUnion—all provide credit scores, but they use different calculation methods, so your score may vary slightly from one bureau to another. It’s important to check all three of your credit reports periodically to make sure the information is accurate and up to date.
Maintaining a good credit score requires careful management of your finances. Here are some tips to help you keep your credit score in good shape:
• Make sure to pay all of your bills on time. Late payments can have a major impact on your credit score.
• Try to keep your credit utilization rate below 30%. This means that you should try to keep the amount you owe on all of your credit cards combined at or below 30% of your available credit.
• Pay off any outstanding debts as soon as possible. This will help reduce your credit utilization and improve your credit score.
• Monitor your credit report regularly for any errors or identity theft.
• Only apply for credit when you need it. Too many applications for credit can have a negative impact on your credit score.
Following these tips can help you maintain a good credit score and ensure that you are in a strong financial position.
Key Points:
• A good credit score is an important tool for managing your finances and building a strong financial future.
• A good credit score is generally between 670 to 739, depending on the scoring model used.
• Pay all bills on time, keep your credit utilization rate below 30%, pay off any outstanding debts, and only apply for credit when necessary.
• Monitor your credit report regularly for any errors or identity theft.
People Also Ask Questions & Answers:
Q: What is the highest credit score?
A: The highest credit score is 850, which is considered excellent.
Q: How can I improve my credit score?
A: The best way to improve your credit score is to pay all of your bills on time, keep your credit utilization rate below 30%, pay off any outstanding debts, and only apply for credit when necessary.
Q: How long does it take to build a good credit score?
A: It can take several months or even years to build a good credit score, depending on your financial history. The best way to improve your credit score is to pay all of your bills on time and maintain healthy credit habits.
What is a good credit score? – How to Choose
This video and the video series to come after are the most important and informative FICO credit score video you will watch.
Here are some incredibly important points to understand:
1) Free credit scores are not real FICO scores. If you are checking on credit karma or any other free service that is a vantage score. 90% of lenders still use FICO to make their lending decisions.
2) There are 28 different actively used FICO credit scores. I explain a few of them and help shift your focus to the one that actually matters for credit cards.
3) Most people (even the credit gurus) don’t know that the score that actually matters for credit cards (FICO 8 Bankcard) is actually out of 900 not 850. While getting a 900 is not absolutely necessary, it is important to know what factors assist you in getting there. I share every factor in the video and describe about each factor can change based on your history.
4) Your history (amount of account and payment history) matters more than your score. Once you are over a 700, increasing your score should not be the focus. The focus should be on getting as many PRIMARY personal accounts as possible and making on-time payments.
5) The new three FICO 10 scores are not currently being used. Each lender can choose which FICO they want to pull and many do not update the FICO they pull for years (if they ever do).
Please let me know what you think about this video and be sure to watch the following sequence of videos to ensure you understand each factor of credit!
#credit #FICO #creditscores
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This information is for educational purposes only. It is not, and should not be construed as, investment advice. You should seek proper legal, accounting, and financial advice from a local certified attorney, certified professional accountant, and certified financial advisor that is familiar with your situation, circumstances, and the laws in your jurisdiction.
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