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3 Bumps

Do you know what ot takes to get a perfect credit score?

Good Credit is IMPORTANT

Saw this and thought I'd share...

http://finance.yahoo.com/banking-budgeting/article/110008/what-folks-with-great-credit-scores-do-right?mod=oneclick

 
sweet-a-kins

Asked by sweet-a-kins at 9:32 AM on Jul. 8, 2010 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (12)
  • I wish I had known stuff like this when I was younger... it's taken YEARS of perfect payments to even get average credit.... there were some personal extenuating circumstances tho...
    lovinangels

    Answer by lovinangels at 10:20 AM on Jul. 8, 2010

  • Or they don't realize that their credit score also influences what they pay for car insurance, home owners insurance, etc. It's a a proving fact that those with poor credit score pays MORE for car insurance, home owners insurance etc. So not only does it effect the interest rate on a loan, but it effects what your insurance payments will be. Insurance companies do have their OWN score system, but it's TRUE a low/poor FICO (credit) score will also mean a low/poor insurance score which would mean pay MORE for insurance!
    SAHMinIL2

    Answer by SAHMinIL2 at 10:36 AM on Jul. 8, 2010

  • Our credit score is 790. The key is paying your bills consistently and on time, NOT having a bunch of credit cards or keeping the few that you do in the "maxed out" range (even zero balances lower your credit score!), maintaining a savings account, and 401k or similar long term investment account, and keeping your income to debt ratio in a healthy range (which also means consistent employment), will all contribute to a high credit score.

    The thing is your credit score can increase dramatically if you do the above consecutively for at least 6 months.
    LoriKeet

    Answer by LoriKeet at 9:39 AM on Jul. 8, 2010

  • I read through it; A credit score is just a reflection of your debt. We both, my husband and I, have individual scores OVER 780. That is even after CLOSING ALL OF OUR CREDIT CARDS!!! We have NO credit card accounts; all of them are closed/canceled!! We are working our way out of debt and hope to be debt FREE sometime in our life time and remain debt free!! If you are living debt free then you do NOT need a credit score. I've read anything over 750 is consider "prefect" because it's very, very rare to get a true 800. I think it's ironic because closing all of credit cards (all 10 of them) clearly didn't "hurt" our credit score.
    SAHMinIL2

    Answer by SAHMinIL2 at 10:19 AM on Jul. 8, 2010

  • Factors that influence your FICO (Credit) Score
    1. Your payment history – about 35% of a FICO score
    2. How much you owe – about 30% of a FICO score
    3. Length of your credit history – about 15% of a FICO score
    4. New credit – about 10% of a FICO score
    5. Other factors – about 10% of a FICO score
    ******
    That last one #5, is where MIX credit comes in. Mix credit is only 10% of your score. The primary factors are payment history and how much you owe.
    SAHMinIL2

    Answer by SAHMinIL2 at 10:28 AM on Jul. 8, 2010

  • Helpful information. Thanks sweet for posting this. I think in these times, people would be wise to follow those rules if they are able to. The worse things get the harder it is to accomplish, but it can happen over time and your scores can come up.

    QuinnMae

    Answer by QuinnMae at 9:40 AM on Jul. 8, 2010

  • Great info sweet, but I have always known that paying on time is basically the key they look for.
    older

    Answer by older at 9:53 AM on Jul. 8, 2010

  • gave you a bump!
    older

    Answer by older at 9:53 AM on Jul. 8, 2010

  • sweet-a-kins

    Comment by sweet-a-kins (original poster) at 9:32 AM on Jul. 8, 2010

  • Helpful information. Thanks sweet for posting this. I think in these times, people would be wise to follow those rules if they are able to. The worse things get the harder it is to accomplish, but it can happen over time and your scores can come up.


    Your Welcome, Some people (especially younger ones) have NO CONCEPT of credit and what it really means. My hubby and I are always alarmed at how many people say there credit is SHOT...We took GREAT pains to maintain a healthy one even during our unemployment

    sweet-a-kins

    Comment by sweet-a-kins (original poster) at 9:42 AM on Jul. 8, 2010

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