Attaining The Perfect Credit Score

The perfect score as expressed by FICO is 850 although any value ranging from 800-850 is also considered perfect. The score has been the perfect motivation for most US citizens who would want to benefit from it. Forbes Magazine has set the record straight by revealing that in as much as many people set out to achieve this goal, very few are able to actually attain it. Even so, there has been no indication of anyone who has reached this score. Those whose scores could be comprised as perfect, have shared their stories and secrets on how they got there. The feedback might vary from each other, but they all revolved around having a significant credit history.

How to attain your 850

Start small

Everyone has a beginning and a struggle that explains their success. The same is applied when it comes to having this impeccable score. Cashing in money a bit at a time could lead to a commendable accumulation of money. Parents should expose their children to credit cards early enough while enlightening them on the importance of being an authorized user of a credit card.

Be undeviating

Consistency is key. The reason most people do not reach this peak is because somewhere along the way, they seized putting credit in their accounts. This means that your purchases are restricted to essentials and not laxities. Setting up regular intervals of increase the amount could also play a central role in the process.

Rid yourself of all your debts

Accumulation of debts will impact negatively on your score because as time passes, the interest rates increase. Unpaid debts will also reflect poor reports on your credit history limiting you from acquiring some loans or expose them to higher interest rates as leverage to the lender.

Keep possession of your credit cards

The best part of the perfect score holder has retained their credit cards throughout the years because of the credit history that comes with the cards. Without credit history, some purchases will be curtailed. Loaners/lenders use the credit card history to determine the competence to pay back their money from those they are assisting. Nevertheless, getting a new card is advisable in the case of identity theft because reporting this to the card issuers is the premier stage of credit restoration or credit repair.

Cut on your Expenses

Your credit score constitutes nearly 30% of your utilization rate. For this reason, it is advisable to minimize on expenses, spending only on what is perceived as important. The lower the expenses, the higher the chances are of hitting 850.

Following these steps consistently will surely yield good results despite the fact that results might be seen after few years of sticking to this trend. People yearn to score a perfect 850 because of the profits it comes with. These are: the interest rates when applying a loan are minimal and very affordable, the savings in your account increase enabling the authorized owner of the card to live on whatever laxities they desire. The trend of engaging children, especially during their teenage, should be adapted because it is one of the quickest ways to attain the score without necessarily having to wait on the score in later stages of life.

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