With the way creditors are still clamping down on their financing stores of cash, it’s more important than ever to have as good a credit score as you possibly can. And what does that get you, exactly? Well, it gets you into a club that most can only dream about, since the pool of people who’s FICO score, that little score that is so important for every credit line, mortgage, car loan and small loan you take out in your life, including the credit card limits and terms of interest rates you get, is high enough to achieve just about every great credit offer known to man, are very few and far between.
It is said that anything over an 800 FICO score is pretty much useless, because if you can even achieve a 750, which is great credit, your doors are already opened to the cream of the crop when it comes to credit card offers with low apr’s and high credit limits, mortgage interest rates that are the lowest offered at the time, and car and other small loans that are offered at awesome terms that most of us can only dream about. It means basically that you get things a lot cheaper than all of us average schmoes out here that are just trying to get the best deal we can with only mediocre or “good” credit.
Essentially, even if you don’t make a lot of money, if you have a great credit score, the world is pretty much your oyster when it comes to the financial and goods purchases that you can make at excellent terms that are beneficial to you. Some of the ways that you can improve this FICO credit score are a lot more easily said than done, especially when so many are losing their jobs, getting cut back on their salaries, or are having a hard time in sales jobs that rely on an essentially nonexistent customer base since consumer’s wallets have been on lockdown for months.
One of the first things to remember for your credit score is to ALWAYS make sure you pay your bills on time. This is one of the principal things they look at when determining that four letter score, and if you are religious about paying them on time, you will benefit immensely with the credit companies. If you don’t have a reminder system to make sure you’re paying on time, set one up.
Another rule of thumb for good credit is to make sure you aren’t constantly opening new accounts up, and also to make sure that you aren’t maxing out older accounts, and using all the credit that’s available to you. Also make sure that when you stop using an account, you keep it open rather than canceling or closing it out.
