800 Credit Score

800 Credit Score

Have you ever imagined what you could do with an 800 credit score? You may think about how it can possibly affect your way of life and about all the good stuff it could bring.

Sometimes this may seem too good to be true.  If you’re not there yet it might seem like a number that is out of reach and virtually impossible to reach, but it’s not.

We all know that the higher your credit score is, the tighter your grip is on your finances. The truth of the matter is, you’ll experience better benefits, save money, and enjoy lower interest rates than most of the people who have lower credit scores.

If your credit score gets this high, lenders are more likely to approve your loan and give you the best rate possible.  They are confident that you are a good and responsible borrower who meets financial obligations on time. It goes without saying that you should always strive hard, zeroing in on getting your credit score over 800.

One of the most crucial things to avoid is possessing too many credit cards.  This can give your future creditors the wrong perception that you are swimming in a pool of loans.  Their fear would be that giving you another loan might prevent you from meeting further obligations. The ideal thing to do is to limit your credit to three or four cards.

Also, continue to meet your financial obligations on time. You should have a record of at least seven years of promptly paying your financial obligations. The majority of lenders don’t approve people applying for loans who have a history of late payments. Simply put, if you plan on applying for a loan in the future, start getting in the habit of paying your bills on time–every time!

Monitoring Preserves the Path to an 800 Credit Score

In addition, it’s good to obtain a copy of your credit report. Just so you know, you are annually entitled to a free credit report from credit reporting agencies: Experian, TransUnion, and Equifax. Check for any errors or discrepancies in the information within your credit report.  If there are any problems, immediately report them to the bureaus.  They will fix within 30 days, after a thorough investigation.

Keep track of all account statements you have.  This will keep you aware in case credit card companies raise interest rates or drop your available credit.  This can happen if you are late on a payment, even if it’s not to their own company.

Get a good head start on improving your financial status. With time and effort, a sizzling 800 credit score might be around the next corner!