Obtaining a perfect credit score may seem like a tall order. In fact, there is a relatively small population that actually has one. It is possible to get a top score, but it takes a lot of work.
How to Get a Perfect Credit Score
Besides looking good, a perfect score can help you secure low mortgage rates, better credit card offers, and a more affordable car loan mortgage companies in knoxville tn. Having an excellent credit score can even help you land that dream job.
Getting a perfect score takes a combination of a long credit history, a low debt-to-income ratio, and a well-aged mix of revolving and installment accounts. It also helps to have a good payment history, but that’s not the only factor.
The FICO scoring model has been updated to predict creditworthiness more accurately. This means that lenders are more likely to approve you for the loans you qualify for.
The perfect credit score isn’t hard to obtain if you’re willing to take the time to build your credit. Ideally, it would be best if you aimed to have a credit utilization ratio of 2% to 4%. It’s not as if zero utilization will make you rich, but it will benefit you in the long run.
The best credit score is likely to be in the 760 to 850 range. This score should be considered the minimum to qualify for the best mortgage rates and car loan rates.
A perfect credit score can be achieved in months, if you’re willing to put in the work. In fact, a perfect score may even make it easier to rent an apartment. Keeping your debt low is the first step towards achieving perfect credit.