Wed. Apr 21st, 2021

We are not out Wood yet, but with COVID-19 vaccines, we are heading in the right direction. I’m starting to see credit a little loose, but it still takes a very good FICO score – 760 or more – to qualify for the best credit card and balance transfer offers.

A high credit score also helps you save on insurance premiums, The mortgage And car loan Because you will qualify for the best rates.

Therefore, credit scores are comfortable and reach for the stars. If you follow these tips, you will get there.

It is like housekeeping to your credit. You need to do your free review Annual credit report To ensure that there is nothing wrong with your report. If so, it may unnecessarily bring down your credit score.

So, if you have not (or never) checked your free annual credit report from three major credit bureaus in a long time, then go ahead and check all three. Review every line and make sure it looks correct. Also look for new accounts that you did not open. This is a sign of fraud, and you will need to take action as soon as possible. The Federal Trade Commission offers to take action if you need to. Dispute errors On your credit report. You can report identity theft IdentityTheft.gov, Which is also part of the FTC.

FICO scores range from 300 to 850. A very good FICO score is between 740 and 799. An exceptional score ranges from 800 to 850. Getting a score higher than 800 is satisfactory, but it is unnecessary.

The highest credit score you need is 760, which is in a very good category. Until you FICO score is 760 When you apply for credit you will get a higher interest rate.

To begin your search for a 760 FICO score, you need to find out which credit score category you are currently in. These days, if you cannot guess whether you have proper credit or exceptional credit, you are not looking too hard.

Here are just a few places you can often get a free credit score:

  • Your monthly credit card statement.
  • Your bank where you have check or savings accounts.
  • Free Credit Score Website.
  • Credit card issuers that provide scores to all.

Any score you see may not be a FICO score, but even the educational score you receive for free has value. If your only access is to a VantageScore and you want a FICO score, both American Express and Discover free FICO scores, and you don’t have to be a cardholder to access it.
If all else fails, you can always pay for the FICO score myFICO.com For $ 19.95. Make sure you select “One-Time Report” so that you don’t accidentally sign up for a monthly subscription.

To give yourself a shot at a high credit score you need two basic things: a budget and a way to track your spending.

Luckily, you have oodles of free choice. You can use online software or phone app. I use Peppermint Online, but there is also a Mint app if you prefer to deal with finances through your phone. See this list of Best free budget tool If you are comfortable with it then you can use it including pencil and paper.

If you do not have a budget and do not track your spending, it is highly likely that you will overspeed. Think of it this way: If you don’t know how much you’ve spent on takeout this month, how do you know when to stop?

The payment history makes up 35% of your FICO score, so it is essential that you pay all your bills on time. Set up reminders or automatic payments to make sure you don’t pay late.

Another good step to take is to set budgetary limits on categories. Upon reaching the border you will get a notification. This is the budget version of the “Stop Ahead” sign that you can see on the road.

Your credit utilization ratio is the amount of credit you have used compared to the amount of credit you have used. Credit usage is 30% of your FICO score, so this is a big factor to keep in mind.

Example: You have a credit card with a limit of $ 5,000. Suppose your balance is $ 2,000. This means that you have a credit utilization ratio of 40% (2,000 / 5,000 = 40%).

If you are going for a high credit score then your usage ratio should not be more than 10%. Therefore, in this example, your balance during the month should not exceed $ 500 (500 / 5,000 = 10%).

Keep a 10% usage ratio on your card overall and on your personal card. The FICO algorithm considers both in calculations.


If you have a balance of $ 5,000 on a credit card with a $ 10,000 limit, you have a ratio of 50%. Cut that balance in half, and your ratio is 25%. This is much better, but until your balance falls below $ 1,000, your score will not be as high.

The best antidote for this is to pay off your debt. As your ratio starts decreasing, your score will increase. As long as you have your budget and you continue to track your spending, you will receive a high credit score and keep it there.

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