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Best Credit Score Secrets Revealed

Do you know what is considered an excellent credit score?

Above 800. That seems to be the magic number.

Banks and other lending institutions highly value clients with an 800 score or higher. However, that is a very small group.

Your credit score directly impacts your ability to get a loan and more specifically the terms of that loan. The better your credit score the better the terms…meaning the lower the interest rates.

Here are some more facts about your credit score according to Fair Isaac Statistics:

  • A FICO score can range from 300 (very bad) to 850 (very good). The median is 723.
  • Forty-five percent of consumers have a score between 700 and 799, and 13 percent score above 800.
  • 27 percent rank above 600, and 13 percent weigh in above 500. Only 2 percent have 500 or below. via: Taking a look at ‘good’ credit

Based on the FICO scores a high achiever would be classified as someone with a score between 760 and 850.

Here are some of the best kept credit score secrets:

1. Don’t cut up your credit cards.

Age of your accounts plays a big role in your FICO score.

The oldest revolving account (translation: credit card) for the high achievers is pegged at 19 years on average. Furthermore, the average age across all their accounts is between six and 12 years. The age of your accounts is important because lenders like to see you’ve been handling credit responsibly over a long period of time. via: 800 Credit Score

This however does not mean that you have to be regularly using this card especially if you have some credit issues in the first place. The key is to hang on to it and every once in a while buy something with it. This way you can show that it is being used and paid off regularly.

2. Vary your account types.

Credit mix accounts for a relatively small piece of the FICO pie — but it can push you into FICO’s upper echelons. In general, here’s what you’ll need to be following to maximize the “credit mix” portion of your FICO score:

  • Revolving accounts – This is primarily credit cards.
  • Installment accounts – Loans where you pay a fixed amount each month. Think mortgage, car loan, etc.

Those are the two main categories and then within each, there are also variations which can affect your creditworthiness. For example, TransUnion considers a bankcard with a credit line of $10,000+ as being a “premium bankcard account.”

Since FICO’s formula is proprietary, no one knows exactly how they measure or weight the importance of a given credit limit of something like a “premium bankcard account.” We also don’t recommend getting a loan for the sake of increasing your credit variety. Instead, let it happen naturally (when you need a new car for example), pay those loans on time and reap the benefits. via: 800 Credit Score

3. Ignore bankers’ rules on what is an “acceptable” level of debt.

Your debt-to-income ratio is the measure of how much debt you carry to how much money (after taxes) you have coming in. In the world of lending, it is acceptable to carry 25% of your income in debt. That ratio is pretty high in our opinion. At the very least you want to keep your debt — including car loans — to 15% or less of your after-tax income. via: 60-Second Guide to Perfect Credit

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4. Keep your balances low and your limits high.

Another good chunk of your credit score is determined by your credit utilization, or how much credit you use (balances) compared to how much credit is available to you (limits) – the lower, the better. A good rule of thumb is to keep your balances well below 50 percent of your limits. As soon as you hit the 50 percent mark, your score will begin to take incremental hits. On the other hand, the lower you keep your balances below that 50 percent mark, the more your credit score will incrementally benefit.

As a point of reference, the average credit utilization of a person with an 800+ score is 7 percent, according to FICO.

While it is great to keep your balances low, it would also be helpful to have higher credit limits. If you have a credit card that has been in good standing for a long time give them a call and ask if you could have an increase in your limit. via: Secrets of the 800+ Credit Score Club

5. Don’t co-sign for loans, ever.

If someone asks you to co-sign for a loan it’s likely because a bank has denied their credit application. Asking for a co-signer is their way of making the bank more comfortable because they’ll now have someone who is actually creditworthy on the hook for payment. You co-signing for a loan is really no different than you applying for the loan on your own. Not only will the debt show up on your credit reports but any mismanagement of the account will also blow back on your credit scores. via: 5 Secrets to Earning Great Credit Scores

6. Never miss a payment.

According to Ann Carrns, of the New York Times, “96 percent of high achievers show no missed payments on their credit report. And those who do have late payments had one four years ago, on average. Less than 1 percent of high achievers have an account past due.”

Your payment history is one of the most important factors of your credit score. In fact, it represents 35% of your FICO score. Therefore, it is extremely important that you never miss a payment. Even if you make the minimum payment that is enough to show that you have not missed a payment. It is not the amount that matters, but the fact that you have made the payment.


Remember that a credit score is something that is measured over a long period of time. It is not something that you can influence or change overnight. However, there are things that you can start doing right away.

Understanding how high achievers behave is a great way to get you one step ahead of the game. But always works towards the best credit score for you. After all, your life circumstances are different from anyone else’s.



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