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What It Takes To Have A Perfect (Or Near-Perfect) Credit Score

Saturday, December 29, 2012 - 7:16 PM
From US News & World Report via Yahoo Finance:
Aiming for a perfect credit score might seem like you're trying to attain the unattainable, but hitting the coveted 850 FICO score isn't impossible. A dedicated few find a way to obtain it by taking such steps as acquiring and maintaining good financial behaviors, monitoring their credit, and using only a small percentage of their available credit each month.

[...] For consumers looking to join the ranks of people with exceptional credit score scores, Fair Isaac revealed new information in November about the characteristics of credit-score "high achievers." According to the report, those with scores greater than 750 exhibit similar credit habits.

 

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3
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
1. Saturday, December 29, 2012 - 7:33 PM
Good article; however...

"Determined to raise his score, Krynski purchased a car with an auto loan and opened new credit cards. "I focused all my spending on the new credit cards and always paid at least half the balance each month to maintain a good ratio," he says, adding that he has kept up these practices over the past 18 months. Krynski's diligence has paid off: His FICO score is now approximately 760. However, he says he is still pushing to surpass the 800 mark."

This is not SAT score.  To aim for 800 (or even 850) perfection is a bit overdoing it.  Most agree that FICO of 750 - 790 is more than sufficient for any purposes.  I would not spend a cent to push my FICO over the 800 range. 

Further, there is a trade-off in earning more credit card cashback vs. enhancing FICO; between which I always choose cold cash:D
3
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
2. Saturday, December 29, 2012 - 7:39 PM
His objective is probably "bragging rights" ;). 
1
pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
Rep Points: 5,955
3. Sunday, December 30, 2012 - 9:29 AM
With married couples, do both have the same credit score? I check DCU monthly for our score and it is in the high 700's but not yet 800 and yet the only items we don't pay cash for are on our credit card which we always pay off monthly on time.  I noticed that the account at DCU is listed in my name so is that score just for my name or both of us??  Do they always go by both names for couples or just the name on an account?  I am confused as to how they come up with these scores even after reading the info.  I was once told our score would be higher if we actually charged more things and did not pay cash all the time.  I don't like getting into that habit so it is not worth a higher score to me to get it that way.  Just curious whose name or names they use to tally the fico score if one is married.  Thanks!
1
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,093
4. Sunday, December 30, 2012 - 4:29 PM
Paoli2,

High 700s is good enough, don't worry about it.  It will qualify you for the best loans/credit (etc.) you desire.

I do not agree on the exact approach they use to arrive at FICO. 

FICO serves as just a reference/guideline, not a goal for me.
1
51hh51hh1,461 posts since
Jan 16, 2010
Rep Points: 6,351
5. Sunday, December 30, 2012 - 5:45 PM
Thanks 51 for the input.  I never usually even check what our FICO score is but DCU gives it to us free each month so I checked it out.  I guess the score goes for both of us.
1
paoli2paoli21,142 posts since
Aug 10, 2011
Rep Points: 5,093
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