How about a perfect credit score of 850? Under the FICO scoring formula, credit scores range from 300 to 850. Excellent credit is anything over 750 and most consumers (58 percent) have FICO scores of 700 or higher. There are three three main ways to improve your credit score. They are:
Never miss a bill payment date
Take out new credit only when you really need it
Keep your credit balances low. That doesn’t mean that you need to keep your balance at zero because in order to have a credit history you need to demonstrate that you are actually using credit
However did you also know that components of the FICO score are as follows:While the exact formula for calculating the FICO score is a closely guarded secret, Fair Isaac has disclosed the following components and the approximate weighted contribution of each:
35% punctuality of payment in the past
30% capacity used: the ratio of current revolving debt (credit card balances, etc.) to total available revolving credit (credit limits)
15% length of credit history
10% types of credit used (installment, revolving, consumer finance)
10% recent search for credit and/or amount of credit obtained recently
So for those who strive for perfection in all things, and want to try to reach 850 the perfect elite score.
