Is Perfect Credit A Myth? If Not, How Can We Achieve It?
If you ask many people today, one of their top financial priorities is building an excellent credit score. With a good credit score, you’ve got to enjoy lots of benefits. In fact, lenders will be fighting for you. Isn’t that great? You and I can make it to the top and make our dreams come true.
But, wait a minute! Do you think a perfect score is possible? Or to you, it’s just a myth? In your quest to achieving excellent credit, you must have heard them talk about perfect credit, right? And then a lot of stories follow.
Watch Out For These Perfect Credit Myths, They’ll Just Do You More Harm
Your credit score is simply based on how your funds are utilized. Its total balances vs. total credit available to you. So, closing out your old, inactive accounts will help you build a perfect score.
How many credit cards you have won’t improve your credit score as they say? It’s about how well you manage the credit you have over a given period. So, opening but not using accounts won’t help.
If someone tells you that you should not use your credit card at all in the name of attaining perfect credit, that’s just a myth and there’s no truth in it. Using your credit cards for emergencies only can pose you negative effects on your credit score. Using your credit helps create your credit history and this is what matters.
Can paying off your old debts improve your credit score? Not really. If your account has a judgment or went to collections, all these reports remain in your credit history for years. But just be patient, pay off your old debts is part of your financial responsibility.
Credit inquiries have little bad impacts on your score although you can lower your score by soft inquiry or pulling your own credit. If someone advises you to use a set formula to obtain a good credit score, beware this isn’t the truth of the matter.
What Is The Perfect Credit Score? And 3 Tips To Increasing It
A perfect credit score can be termed as 850 points but this doesn’t mean that with 740 points you are worse off. 850 is just a magical figure and only a few attain it. In fact, it’s just a bragging figure!
To achieve your perfect credit score, no need for drama. I’ve got some essential simple tips that will take your credit history to the next level in no time. Strive to achieve a realistic credit score that won’t drive you mad.
First, ensure you keep your balances low and pay your balances on time. Late payments and account taken to collections should be avoided at all cost. If you miss payments occasionally, request forgiveness from your lender. If you fear you’re going to miss your payment date, ask for a waiver.
None of us are perfect. With our crazy daily routines and tight deadlines, it’s easy to forget important dates. By setting up automatic payments for your credit accounts, the “I forgot” thing will be far from you. Again, don’t carry a balance if you must not. When securing a loan, request for lower interest rates. This helps you pay your loan faster.
Is That All?
Do you want to know your FICO score? Or you want to get a perfect credit? Ask the experts now and get a financial breakthrough like never before.