Thursday, October 1, 2015

7 Secrets on How To Get The PERFECT Credit Score

By: Dave Sullivan.

People always ask “How can I get a perfect credit score?” 

The truth is, credit scores above 760 will get you the very best loan rates. If consumers credit scores make it above 800 the only possible benefit  is a slightly better home and auto insurance rates. 

What is the formula for a perfect credit score?  I’ve seen a few perfect credit scores and I have seen a few that we’re almost perfect. The ones that are close to perfect credit tell a very interesting story.  

Here are the 7 steps to the perfect 850 credit score;

1. The number one most important thing is no late dates ever. Never late on any account and no collections.  Also you can not have any current accounts that are marked “was 30 – 60 – 90 day late now current” All accounts need to have 100% perfect payment history.

2. Consumers need at least one bank credit card that is thirty years old or older. A thirty year old history with no late dates ever on that account.  That is a key anchor for a perfect FICO(r) credit score.

3. One important ingredient that will keep consumers from a perfect credit score is, a  store credit card. Store cards will not give you as many points as a bank credit card.  One of the “Reason Codes” on a almost perfect credit report I recently reviewed listed; “too many store credit cards” as the reason why the credit score was not higher. (they only had one).

4. Another important ingredient is  five to seven bank credit cards with balances around five percent of the high credit limit, not zero, although some of the perfect credit scores had accounts that were zero. I tell people to keep their balances at five to nine percent if you want to get the best score. In addition, you need to have the every other credit card with at least five to ten years of history.

5. Another common ingredient is an old mortgage. The mortgage needs to be in the last few years of a thirty-year or fifteen year mortgage. Meaning the mortgage is nearly paid in full.

6. An optional ingredient is a home equity line of credit. I’ve seen perfect credit scores with and without a home equity line of credit.  I like the home equity line of credit from a credit perspective because it gives you a real boost in your credit score.

7. The last two ingredients are; no new account less than five years old.  No credit card, auto loan or mortgage of any type less than five years old.  Also you cannot have any hard inquiries in the last two years. A hard inquiry is when you apply for credit. A soft inquiry is when a consumer checks their credit for their own information.

That is a formula for a perfect credit score. If you want to see more videos about credit and credit scoring check these out at

Link to original article:

Message from Robert:

This is the first article that I have re-published from anyone who holds an anti-credit repair viewpoint. Dave works for a large national mortgage tri-merge credit report provider which is where he get's his experience and knowledge. I really hope that you have learned a lot from this article!

Like many mortgage industry insiders, Dave is only against credit repair companies that simply write dispute letters and sell a dream without backing it up. All of you know that is NOT what Credit Restoration Associates is about. REAL credit repair is a true art, and there are not enough artists.

Call us at (804) 823-9601 for a professional credit report review and professional credit consultation at absolutely no charge.        

Visit the Credit Restoration Associates Website 

 Back to the CRA blog homepage:

Credit Repair Va:CRA Resources:Credit Repair:About CRA:

No comments: