1 in 5 Americans have a credit score above 800 Here’s how to join them

With top credit scores would like to join the elite few Americans? Here is how you can do it.

While Americans have several different credit score from Fair Isaac’s score – the so-called FICO® score – some of the most widely use. The size of these credit scores from 300 to 850, by the lender of choice for higher scores.

Score is considered good, once it around 670 or higher, but you do not just settle for a good result. You can aim to win a good reputation, and joined the elite ranks of Americans score above 800

Only 15 Americans to fight milestone, however, according to data from FICO. However, with a little patience and a lot of responsible borrowing behavior, you can become one of them.

Near in how credit score above 800

In order to earn a pretty good credit score over 800, you need to do every metric used to determine your score. Typically, you will need:

• No late payments: Even if a single payment is late more than 30 days this can destroy your chances at credit score of 800. Try automatic payments to ensure that your bills on time every time to pay, so there is no late payments will always appear in your credit history. If you have a late payment, due to the mistakes of the past, consider writing a goodwill letter to your creditors and ask if they can be deleted.

• Low credit utilization: This is the use of credit available credit amount ratio. If your credit utilization rate above 30%, you have a difficult time fitting GE score of 800 or higher. If you’ve maxed out your credit card, it would be almost impossible. The lower you can keep your utilization, better results should be.

• Different types of loan your credit history: show that you have been responsible for different types of loans can help improve your credit score. In theory, there should be some rotation lines of credit, such as credit card or roomHouse equity loans, installment loans and some, such as when you borrow a fixed amount and repayment term stable their monthly mortgage payments or personal loans.

• Long credit record: It takes time to earn a credit score of 800 or higher. If you are new to the loan, your credit history is not long enoug h to obtain this elite score.

• Little or no query: apply for a new credit to make inquiries on your credit report when. If you apply for new credit tons at the same time, you will have a lot of inquiries about your credit history. This can make it more difficult to earn a credit score of 800 or higher, as it could be you getting your loan red flag in your head.

Do you really need a credit score above 800?

While earning credit score of 800 or higher will give you a big leg qualifying loans at preferential interest rates, which is not necessarily a high score. In fact, above 800 points, generally considered to be a “special” scores, while scores above 740 are classified as very good, should get you most want to borrow.

However, the key to earn the highest credit score is responsible for credit, there is no harm in shooting score of 800 or higher. In fact, you may even want to try elusive perfect 850 points just for fun.