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5 Habits People With Near Perfect Credit Scores Have
September 6, 2023 | Posted by: Angela Robinson
Have you ever wondered how some people achieve that perfect credit score of 800 or more? A recent LendingTree study analyzed 100,000 credit reports of Americans with exceptional credit scores and here's what they found:
On-Time Payments are Key: Every single person with a score of 800+ paid their bills on time every month. Payment history makes up a whopping 35% of your credit score!
Embrace Responsible Debt: Contrary to what you might think, those with the best scores carry debt. On average, they have around $150,270 in debt, including mortgages. Responsible debt management is crucial for building a stellar credit score.
Long Credit History Matters: These high-scorers have been managing debt for a long time. The older your active accounts, the better. The average was 22 years! Your credit history makes up 15% of your score.
Diverse Credit Accounts: They don't just have one type of credit. On average, they have 8.3 open accounts, including personal loans, credit cards, and mortgages. Your credit mix accounts for 10% of your score.
Cautious About New Credit: Those with 800+ scores are careful about opening new credit accounts. They had an average of just 1.8 credit inquiries for new credit cards in the past two years.
Remember, building excellent credit takes time and discipline. Pay your bills on time, manage your debt wisely, think twice before opening new accounts, and as always contact us with any questions you may have! We are here to help!
Full Article: https://ca.finance.yahoo.com/5-habits-people-with-near-perfect-credit-scores-have-210726854.html?guccounter=1
