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5 Characteristics of People with Perfect Credit Scores

Milad Hassibi August 19, 2019

Achieving a perfect credit score takes a lot of time and patience. However, it can be accomplished by implementing good financial practices. An excellent or near-perfect credit score can get you access to many more financing options than having poor credit.

If you are looking to get an excellent or near-perfect credit score, there are a few steps you can take.

Make Bill Payments on Time

On-time payments are a crucial factor for a perfect credit score. Even just one single late payment can negatively weigh on your credit score. In a survey conducted by FICO, it was found that 96% of consumers with an 800 credit score or higher pay their accounts off in time.

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Minimize Credit Usages

Credit usage is the second most influential factor impacting your credit score, accounting for 30% of your total credit score.

Ideally, any borrower should never utilize more than 30% of their entire available credit balance. Payment history accounts for 35% of your total credit score, making paying your bills on time, one of the most important factors.

Avoid Hard Credit Checks

Hard credit checks take place when you apply for a line of credit. Over-applying for lines of credit such as mortgages or car loans will have a negative impact on our credit score. Multiple inquiries from lenders in a short period of time could signal to lenders that you are strapped for cash, making them wary of approving you for a line of credit.

Credit History Length

The length of time you have had credit accounts open is an influential factor in your credit score, accounting for 15% of your total credit score. Consumers with high or near-perfect credit scores keep their credit accounts open for longer than those with poorer credit scores.

A longer credit history shows lenders that you are a reliable borrower. Keeping old credit accounts open and avoiding opening new lines of credit will increase your average credit age.

The longer and more reliable your borrowing status, the easier it will be to access credit. Closing old credit accounts can actually hurt your credit score by lowering your overall credit age.

Keep Balances Low

It’s no secret that excessive spending can put your credit score in trouble. Most consumers who have an 800+ credit score never pay interest, since their bills are almost always paid on time. Keeping low balances is a great way to ensure that you are able to make your entire credit card payment on time.

Final Note

Obtaining a perfect credit score can be difficult, but not impossible. If you are looking to improve your credit and are unsure of where to turn, CrediReady can help. Our team of credit experts can help you raise your score and help you get access to the lines of credit you need. To learn more, fill out our free credit repair form today for a 100% free no-obligation credit consultation.

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