Get An Excellent Credit Score and Never Worry About Your Finances
To get an excellent credit score, you need to shoot for getting a score of 750 or above. It is possible it get to that score in a few months by following the advice here. Keep reading to find out more on how to achieve an excellent credit score.
Get An Excellent Credit Score
The FICO credit score ranges at the lowest at 300 and the highest at 850. Anything above 750 is considered an excellent credit score. It takes a lot of patience and hard work to get to the excellent credit score range. The hard work actually isn’t that hard, but more of it is being able to know what to do with your finances and to shuffle things around.
Why Shoot For An Excellent Credit Score?
Is just a good credit score good enough to get by? Why would anyone need such a good credit score? There are many reasons to shoot for an excellent credit score. People with a really high credit score will always get the best interest rates and terms on loans. They will also never get denied a credit card based on their credit score. For example, you may have seen numerous amounts of commercials for cars that tout great loans like 0% interest rates for 12 months and all these incentives. Well guess what? Those loans are only available to those who have an excellent credit score. In short, people who have an excellent credit score save tons of money on interest throughout the rest of their lives. Throughout a person’s lifetime with an excellent credit score, he or she may be able to save over $300,000 in interest and other fees compared to someone with a poor credit score.
The top contributing factors to getting an excellent credit score have to do with:
• Credit History
• Length of Credit History
• Type of Credit Available
• Amount of Debt Owed
These are the main factors that determine your credit score. Your credit history encompasses all the bills that you have had before and if you made payments to them in a timely manner. This is hard to build up because it takes time, but it is relatively easy to screw up really quickly if you drop the ball. It can take years to build up your credit score but only mere weeks to destroy. Keep that in mind when you are trying to build an excellent credit score.
The length of your credit history is all in the hands of father time. Along with the last factor of your credit history, is can easily be screwed up. The type of credit available includes the different types whether if it’s a student loan, car loan, mortgage, or credit cards available to you. The more of a healthy mix, the better. Keeping your debts low will also increase your credit score and get it closer to the excellent credit score range.