How to get the perfect credit rating - ForumDaily
The article has been automatically translated into English by Google Translate from Russian and has not been edited.
Переклад цього матеріалу українською мовою з російської було автоматично здійснено сервісом Google Translate, без подальшого редагування тексту.
Bu məqalə Google Translate servisi vasitəsi ilə avtomatik olaraq rus dilindən azərbaycan dilinə tərcümə olunmuşdur. Bundan sonra mətn redaktə edilməmişdir.

How to get the perfect credit rating

According to the popular FICO credit score system, the ideal number is 850, which is difficult but not impossible to achieve. Unfortunately, the specific formula that would allow one to achieve the maximum is kept secret, but its main criteria are known to specialists, the publication writes. Time.

Photo: Shutterstock

Top Fico 5 criteria:

  • Payment history (35% rating) - the most important category and, at the same time, the most obvious; you must pay your bills on time every month.
  • Amount of debt (30% rating) - it is a question of debt not in dollar equivalent, but in comparison with the original amount; for example, a person who owes another $ 400 thousand on a mortgage of $ 1 million will receive more points than someone who owes $ 100 thousand with $ 110 thousand received.
  • Duration of credit history (15% rating) - this category takes into account a combination of various factors, including the age of the client, as well as the time during which your credit accounts are used.
  • Number of credit accounts (10% rating) - it is important for credit organizations to understand that you are able to cope not with one but with several loans; for example, a person who has a mortgage, car loan and credit card open at the same time will be in a better position than the holder of a single credit card.
  • New loans (10% rating) - this category takes into account the number of your applications for loans in the last year, as well as open new accounts.

It should also be understood that FICO is not the only counting system, but approximately 90% of credit institutions use this rating or its variations, so it is important to stick to it in your credit history.

In addition, the FICO rating itself has different versions. The last one - FICO Score 9 - contains several innovations at once in comparison with the previous ones, for example, in relation to medical service arrears.

Even if it seems to you that the credit history looks great, your rating may not reach the cherished mark of 850 points. According to David Howe, President of SubscriberWise, who achieved it in 2014 in the year of all three credit bureaus, the right combination of credit strategy and life circumstances is necessary.

Just paying bills and keeping a balance isn't always enough. For example, Howe, at the time of receiving a rating of 850, had not opened new credit cards for 10 years, and, in total, had only two accounts - one credit card and one mortgage.

Practical solutions include increasing your credit limit by calling your bank, which will add additional points to you in the “Amount of Debts” category.

However, the ideal rating is not so necessary. He can make an impression on the person who checks him, but he will not allow you to receive an interest rate or other opportunities that, say, a person with a rating below 800 does not have.

In order to be in a privileged position (the so-called “major league”), it is enough to have a rating above 760.


Infographics: ForumDaily

Read also on ForumDaily:

What to do if you got a medical surprise bill

5 main mistakes when trying to solve a problem with a loan

The best banks for business in the USA

Seven things worth paying by credit card

How to quickly increase your credit rating

credit rating Educational program credit history
Subscribe to ForumDaily on Google News

Do you want more important and interesting news about life in the USA and immigration to America? — support us donate! Also subscribe to our page Facebook. Select the “Priority in display” option and read us first. Also, don't forget to subscribe to our РєР ° РЅР ° Р »РІ Telegram  and Instagram- there is a lot of interesting things there. And join thousands of readers ForumDaily New York — there you will find a lot of interesting and positive information about life in the metropolis. 

1075 requests in 1,278 seconds.