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How to Achieve A Higher Credit Score

Credit scores range from 300 to 850. While over 10% of consumers have credit scores are over 800 only about 1% have a 850 perfect credit score.

Working to achieve a higher credit score can be worthwhile as lenders use these scores to assess the risk in providing credit and deciding the preferential terms of loan repayments and interest rates.

Tips on Improving and Achieving a Top Credit Score

There are a number of steps you can take to get a top credit score. These include:-

  • Fewer credit cards
  • Wider credit mix
  • Timely debt payments
  • Use less credit
  • Remove credit errors

Fewer credit cards

Having a large number of credit cards can have a negative impact on your credit score as it may indicate that you cannot control your credit. It is normally better to have just a few credit cards with one being used for the majority of the credit needed.

Wider credit mix

If you use a variety of credit facilities such as a mortgage, auto loan, and credit card this tends to show that you manage your credit in an effective and appropriate way. Hence a good credit mix usually helps to improve credit score.

Timely debt payments

The timely payment of any bills owing is a key factor in helping to achieve a top credit score. Paying on time indicates that you are in control of your personal finances and less of a credit risk to lenders.

Use less credit

In general the less credit you use as a percentage of the credit available to you the higher your credit score.

A credit limit usage of under 10% will likely result in the most optimal effect on your credit score.

Remove credit errors

Reviewing your credit profile for any errors can help to eliminate any false disclosures that may downgrade your credit score.

You can aim towards a top credit score if these steps are taken to improve your credit score.


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