No… Well do you want to be a 780+? Then learn the 6 insider secrets of people who get 780+ credit score and keep them in this count down.
A 780+ Credit Score is possible when you follow these important rules
- Under 2 Credit Inquiries
780+ score holders keep their credit inquiries under 2! The more inquiries the more likely you are credit shopping in the eyes of the credit reporting agencies and lenders. Challenge inquiries or use back door numbers to underwriters to ask for these to be removed after a line has been issued in two to three months.
- Ten Plus Reporting Accounts
780+ score holders will have a minimum of 10 revolving accounts of their credit report and many times up to 20. You can not have enough trade lines posting on a credit report! Buying authorized user trade lines will give you history for obtaining primary lines of credit – that is what your overall goal is!
- Zero Negatives!
780+ score holders do not have any collection accounts nor any public records that are negative. Collection accounts and negative public records such as judgments and bankruptcy are a kiss of death and require special methods to eliminate, however this is costly and time consuming. In the same vein make certain there are not any mistakes or inaccurate accounts on your report. Those can be removed in time by contesting letters.
- Low Debt Utilization
780+ score holders keep their debt under 10% overall and many do this per credit account. If your credit line debt exceeds 30% utilization you can be assured of a 5 to 50 point decrease in your score.
If you are signed up with any type of credit monitoring (many credit cards give you this and bank accounts like Wells Fargo). Generally you will be given what your utilization percentage is exactly for the current period. When cleaning up debt, always strive to reduce this percentage on your lowest balance first as a single payment could drop individual lines overall score. It will take doing this to all lines when possible. The fast fix is to get a high credit limit authorized user trade line to offset your debt ratio and reduce the overall utilization percentage.
- Never a Late Payment
780+ score holder simply do not have late payments showing on any reports! Payment history accounts for 35% of a credit score, so missing one payment can drop a score 100 points instantly. Plus the fact that 30 days late’s can linger for 7 years! Clean your credit score with the contesting letters or credit sweep in the Credit Mastery Book.
- Trade Lines That Are Older Than 15 Years!
780+ score holders all have at least one 15 Years Or Older trade-line and authorized users count! The older the age of a trade line along with higher credit limits directly correlate into increased credit scores. Never close older accounts! Leave them open and make sure they are not in a dormant state from lack of use. By closing older accounts it shall decrease your average account age that also directly correlates into a lowering of your score. Get tradelines here
Need a credit report? get all three personal plus experian business, equifax business and Dunn and Bradstreet – click here