How to Achieve A Perfect Credit Score

By scottb992000

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The ultimate credit goal is to reach an 800 credit score and be able to maintain it. Here are some tips to achieve an 800 credit score.

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Instructions

Difficulty: Easy

Step1

Don’t make any late payments - Late payments hurt your credit score for up to 24 months in most cases, sometimes even longer.

Step2

Avoid bankruptcies and judgments - This is obvious. These are very difficult to remove and stay on your credit report for 10 years.

Step3

Have only 2 major credit cards (Visa, MC, Amex) - Having too much credit is a problem that although doesn't appear to be detrimental, actually figures in to your credit score negatively.

Step4

Have only 2 store or gas credit cards - Reasons as above, however you need a diversity of credit to reach the highest score possibly.

Step5

Keep credit card balances to 15% or less - Very important. Having your credit cards maxed out is a negative factor towards credit scoring. It has been found that balances at 15% or below are best case for figuring credit score.

Step6

Be a homeowner and have a mortgage - This shows stability and a long credit history is associated with a mortgage. Having a long credit history is very important.

Tips & Warnings

These are just a few ways to get that 800 credit score. Some of the things are obvious such as avoiding bankruptcies and making payments on time, but did you know you should limit your major credit cards to 2? Did you already know that you should maintain your credit card balances to 15% or less? You can find out more about getting an 800 credit score by checking out my blog at http://repaircredit.datafeet.com. There are many credit repair tips and links to other resources.

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Comments

kgc1 said

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on 4/12/2008 Mortgage companies and lenders require 3 lines of credit with 2 years history at a minimum. One line needs to be rent or a mortgage account. One should be an auto laon. The high credit compared to balances is a big factor as is down payment or LTV (Loan to Value). It tells the affordability story. Can the borrower make the payments? If so, how long will the borrower make the payments? Is the mortgagor managing credit effectively. I was talking with Premier Brokers the other day. They sell health and auto insurance policies in Virginia. We discussed how it's a good idea to get your different lines of insurance from one source. Premier Brokers will provide fast reliable insurance quotes for both auto policies and health plans. Their service is outstanding.
Getting insurance from one source can save you money. Insurance companies will consider credit score, same as mortgage lenders do, so