🐺Why a +800 Credit Score is CRUCIAL?

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The difference between a 700 & 800+ credit score is greater than people realize.

It’s likely costing you thousands each month.

Here’s the difference and the steps to reach an 800+ credit score:

Reaching that elusive 800+ credit score comes with several perks:

• Approval for nearly all credit cards

• Access to the best interest rates

• Better insurance rates

• And so much more

Here are some strategies to unlock these benefits.

Payment history accounts for ~35% of your credit score.

Even missing one payment makes climbing to a FICO 800 infinitely more difficult.

That’s why I always suggest enabling auto-pay when applicable.

The next biggest factor is credit utilization.

Lenders deem you risky if you use over 20-30% of your monthly credit allowance.

Whereas you're deemed safe if you spend only a fraction of your limit every month.

If you’re exceeding that 30% credit limit threshold, consider opening another credit card.

That’ll raise your pseudo-maximum credit limit since you have a limit on two cards.

For example: 2 credit cards with 2k limits each is better than 1 credit card with a 3k limit.

This isn’t an excuse to open as many credit cards as possible.

Opening a new credit card is a hard inquiry that temporarily affects your credit score.

You’ll bounce back, but don’t do this too often.

A final suggestion is spending and paying off a healthy mix of credit lines.

This could include paying your monthly car loan and a handful of credit cards.

This demonstrates to lenders that you can manage multiple credit lines at once.

If you can diligently tackle these 5 steps for years, you’ll climb to an 800+ credit score.

Patience and a long credit history are the winning recipe.

Then, you can reap the endless rewards associated.