A consumer credit reporting agency can't provide a 900 credit score although consumers can follow certain tips to attain a good credit score.
A 900 score falls in the excellent range, and few individuals can attain this kind of score. That said, with a lot of hard work and commitment to embracing good financial practices, one can build up to this kind of credit score. Below is a comprehensive guide or rather a roadmap on how to achieve and sustain a 900 credit score.
1. Review Your Credit Reports
The first thing that you should do is get copies of your credit reports as provided by Experian, Equifax, and TransUnion to be in a position to know the kind of credit score that you have. It is advisable to be able to request free copies of their reports at least once every year through annual credit report. com. Take your time to peruse through the credit report to systematically review the different features that may be causing a low score such as mistakes, fraudulent records, or old information. Negotiate with the credit bureaus to have those issues removed from your reports in case you disagree with them. This cleaning-up process constitutes a significant determinant for increasing your score.
2. Accomplishing all the required bill payments on schedule
Payment history is the aspect contributing to 35% of the FICO credit score model. To achieve a 900 score, one has to have a clear record of all the accounts within the credit files. To avoid missing any payment, try putting up for auto-pay or send you a notification when the payment is due. If you already have late payments on your credit report, just keep up with paying your bills on time – while the late payment is bad, a good record after the bad mark can help significantly.
3. Lower Credit Utilization Ratio
The second most crucial determinant of your score is the credit utilization ratio or the overall credit limit compared to your outstanding balance. According to credit experts, it is ideal to maintain a credit utilization rate below 10% as a way of attaining a good credit status. This will involve assessing the current balances to eliminate the accumulation of high balances on any of the credit products such as credit cards. You may also consider asking for an increase in your credit line from your lenders to immediately put into practice the fact that your utilization should be low.
4. Build a Credit History
This is normally attributed to the fact that the FICO score has a provision that gives 15% of the total score to the length of credit history. Despite opening new credit, you will not see your credit rating increase – it may take several years of good credit behavior. Do not shut down your first credit accounts – it is better for a credit score when there is a positive credit history presented by established accounts. It is very difficult to achieve 900 if you are not so credit active – that is, if you have little credit history, and to build up this score you may have to wait several years.
5. Credit management recommendation: New credit: this calls for a selective approach in the application for new credit.
In general, any credit application or new account opening results in a slight dip in your credit score because of the hard inquiry. Though, you should remember that building up the credit of different types is useful, apply it sensibly. Budget space applications at least six months to a year in advance and do not apply for credit unless you need it. A new account lowers the average account age rate and hence may lower credit scores for some time.
6. You see, you can check your score in the three different credit bureau reports.
It is important to make sure that you are checking your scores with all three credit agencies which include Experian, TransUnion as well Equifax. Lenders provide reports to the bureaus distinctively which can cause one score to be significantly different from another. If you are targeting an improved score, then monitoring all three will enable you to see where more work may be required. Scores change often, so be sure to check the scores every few months to stay updated.
900 Club Perks
When you opt for a credit score of 900, you have the best rates and terms of those provided in the credit facilities. Some benefits include:
• Worst for easy approval of new credit cards/ loans • Very low interest for mortgage (less than 180% per annum) • More credit limit and line with the ability to borrow more. • More people to own cars through having cheaper car insurance. • Security deposit and credit check: No security deposit demands from landlords, cell phone services, or utilities.
The 900 Club is a credit group that is a very limited and special credit group that is available to those who can manage their finances very well and those who have a long credit history. Credit score achievement is possible years into a borrowing life when one practices good habits and is attentive. Check your credit scores regularly and keep with good hygiene to sustain the 900 score for as long as possible.
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