Here is a little bit of useful info I put together for you about credit scores and how to obtain that elusive perfect score.
Did you know it is possible to achieve a perfect credit score? About 1 million Americans have one.
To hit the magic 850 you'll need to do more than make your payments on time and keep your debt-to-credit ratio low.*
Here's a profile of the top tier:
- They have a long, impressive payment history and a clean financial record. They use credit but they pay it off on time, every time. And no bankruptcies, bank repos or settlements. None.
- They have a balance of installment and revolving accounts. Think a mortgage, a car loan and credit cards.
- They have a long credit history. Those with perfect credit are often older, but what really counts is the length of their credit history. So you may want to keep that that credit card you obtained when you turned 18.
- They don't have a lot of credit inquiries on their records. They don't open accounts unless they need to.
Most of us won't ever reach perfection, but the good news is that a score of 760 or above will get you the benefits of excellent credit.
What if you or someone you know does not have perfect credit and needs some help? Take a look at Smart Credit, the consumer-directed credit service that can be accessed right on my Website in the bottom right hand corner!
*To read the full article on MSN Money, click here .
I hope you found this tidbit of info helpful! Please keep me in mind for anyone you know who needs a mortgage.
It's a Good Life!!!
Greg Novak MBA
NMLS # 329079
Branch Manager
American Mortgage
Office - 386-756-8228 Cell - 386-846-6686
Website - www.AmericanMortgageNow.com
Oh, by the way, If you know someone who is thinking about buying or refinancing a home, please give me a call with their name and number, I will be happy to follow up with them for you.
Research for this blog was done on MSN Money. The article refrenced was written by Jeanine Skowronski for Mainstreet.
