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How to get a perfect credit score

Does perfect credit actually exist?

According to recently published information, about one million Americans have perfect credit. To the majority of us that don't have such a great credit score (and many of us that actually have bad credit), perfect credit might seem to be an unattainable, pie-in-the-sky goal. Perfect credit equates to an 850 FICO score. FICO stands for Fair Isaac Corporation, a public company that, among other things, came up with the current credit scoring system that financial services companies use to make lending decisions. Most Americans score in the mid-to-low 700 range.

What does it take to get a perfect credit score?

No matter where your financial and credit life stands right now, you too can someday have perfect credit. It just takes diligence, work and knowing the right things to do. Here are the secrets to building a perfect credit score:

  • Positive Payment History ~ This is the biggest part of the credit scoring formula. Use credit regularly and pay off debts on time, every time.
  • Low Debt-to-Credit Ratio ~ This is also a very big part of the credit scoring formula. Keep your credit balances (debts) low and your available credit high.
  • No Negative Credit ~ Positive payment history with NO NEGATIVE ITEMS AT ALL (late payments, bankruptcy, repossessions, foreclosures, liens, NSF checks ~ NOTHING).
  • An Aged Credit Report ~ The age of your oldest open credit accounts also influence your overall score. Keeping accounts active and making timely payments over long periods of time will improve your FICO score.
  • Balanced Credit Account Types ~ There are two types of credit accounts, and you need to maintain strong payment history on several of each type in order to score higher:
    • Installment accounts are a series of payments usually paid monthly that are made for a pre-determined period of time (term) until a fixed balance is paid off on a pre-determined pay-off date. Mortgages, auto loans, and boat loans are a few examples of installment accounts.
    • Revolving accounts limit the amount of credit, have balances that fluctuate as you pay or charge more, and have varying periodic payments based on the principal balance and finance charges. Credit cards and various lines of credit are examples of revolving accounts.
  • Does a perfect credit score appeal to you?

    Not everyone strives to reach a perfect 850 FICO score. Many people would be happy to just reach half or two-thirds that number. But knowing that perfect credit is possible and how to achieve it might be the motivation some people need to at least attempt to get there!

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