GOOD CREDIT SCORE

Is there really anything like a perfect credit score? The answer is yes. Do you need to have a perfect credit score? The answer is no. It's important to mention that lenders usually use a combination of your credit score with other factors when determining your risk and ultimately whether to offer you a loan or not.

Do you need to have a perfect credit? The answer is no, but it helps to know what makes up a perfect credit. Knowing the criteria for a perfect credit will also help you during your credit repair process and ultimately put you on the road to establishing and maintaining good credit.

In the US, a consumer with a perfect credit is someone with a credit score of 800 or higher. Yes, there are people with credit scores over 800. An estimated 13 percent of the population fall into that category.

Here is what their credit profile looks like.

They have four to six credit card accounts.
The've had no late payments in the past seven years.
They have at least one installment loan, a mortgage or a car loan, with excellent payment history.
They have an average of 10 years credit history per account and a few accounts with 20 years of good history.
They have a low number of credit inquiries on their credit report (fewer than three in the past six months).
They have no bankruptcies.
No foreclosures.
No charge-offs or collections, and
They have debt levels of no more than 35 percent of their overall credit limits per account.

As you can see, having a long history of making all payments on time at all times is the key to a good credit history. However, like we mentioned above, you don't need to have a perfect credit to get a loan or a low interest rate, besides, these are some pretty big shoes to fill.

If you haven't had a long history of making payments on time, and have some negative information on your credit report, don't give up. There are ways to improve your credit score and steps you can take today to put you on the path to good credit. You don't need to hire a credit repair agency or pay a professional. These are all steps you can take on your own and in some cases, these steps can increase your score by 20 points or more in one month. ... read more>>

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