Is a High Credit Score Possible for Anyone?
“Start by doing what’s necessary; then do what’s possible; and suddenly you are doing the impossible.”
– St. Francis of Assisi
Many people come to me discouraged about their credit score…
Often they feel only a certain elite, those who “know the right people” or people born with a silver spoon have a high credit score possible in their lifetime.
I understand the frustration but in reality a credit rating worthy of low interest rates and the favor of the best creditors is within reach regardless of your social status, career, or address of your Zip Code.
Is a High Credit Score Possible for Anyone?
There is no smoke and mirrors involved in attaining the highest possible credit score.
It really just comes down to being willing to follow some common sense financial disciplines regarding credit and debt.
- It is important to get your credit score on a regular basis. Picture a mechanic trying to fix the engine on a car without opening the hood. You have to know whats broken before you can fix it. Get your credit score and study it for errors and to see where you are falling short. The FTC mandates every US citizen can get their annual credit report free once every 12 months. Take advantage of this.
- Pay your bills on time. Your credit score reflects the likelihood of you paying back credit extended so it makes sense the biggest red flag to creditors are from those who pay late or don’t pay at all. As soon as you get a bill enter its due date in your calendar, put a reminder in your cell phone or put a sticky note on the fridge if you have to… do whatever it takes to remind you to pay it on time… it really is THAT important.
- Don’t take out new credit unless you absolutely need it. Your credit score reflects how responsibly you handle credit. If you are forever getting new credit cards, lines of credit and loans for no legitimate purpose it looks like you are flippant with credit and seen as a credit risk.
- Don’t be quick to close old accounts… even if they aren’t being used. Part of your credit score strength comes from the average age of your accounts Older established accounts (especially if kept in good standing) are a bright star on your credit report.
- Be sure to contact the credit bureaus (Equifax, Trans Union, Experian) with any errors requesting the proper information replace the errant.
