To
be very honest, getting a perfect credit score is not easy. Even if
you have a perfect credit behavior, you could still get a score that
is shy of the magic number 850. Considering the fact that we don’t
know the exact FICO formula, the only way to get a perfect credit
score is to learn from someone who got it. There was an article about
the president of Subsciberwise, David Howe reach 850 FICO score on
all three bureaus. He said a perfect credit score needs a “perfect
storm” in credit strategies and other life situations. This shows
that it doesn’t only depend on just keeping a low balance and
paying up bills.
When
Howe achieved a perfect credit score, he had not opened his credit
card in 10 years; there was no inquiry on his good
credit report, and only small balances on his accounts which
were a credit card and mortgage. He also had information on when his
credit card statements closed and reports their balances and also
when his account will be updated by each bureau. Howe also explained
that having no credit card debt at all can affect your chances of
getting a perfect credit score.
Getting
a perfect credit score is not really necessary. With credit score at
850, you will surely impress anyone who checks it but won’t get you
a better interest rate that the people with a credit score of 800 or
760. Once you can achieve a credit score of about 760, this will put
you in the top-tier when applying for loan or mortgage. But it is
very important to always watch your credit score, make considerable
decisions which will help increase your credit score and also stay
away for everything that will reduce your credit score. Actions such
as application for a new credit and also collecting a new loan can
reduce your credit score by a certain amount that is why it is very
important to make sure your credit score is high enough to absorb
these when they occur and still remain above 760.
In
a situation when you call your credit card issuer to raise your
limit, this will greatly improve your “amounts owed” category
which is relative to the credit available. There are also some
suggestions that will help you improve your score. The most important
thing is that it’s possible to get a perfect credit score but you
shouldn’t focus only on getting this perfect score. With a score
above 750 or at 800, you will be able to get the best available
interest rate. Many people overlook while a lot of people do not
understand the impact of retirement savings. Some know little about
the “social security secrets” that could boost retirement income.
This trick could give as much as $15,834 or even more each year on
your social security bonus. It is very important to make best use of
your social security benefits so that you can retire with your mind
at rest.
Other
Sources: https://goodcreditblog.wordpress.com/
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