Most people aren’t perfect and we miss payments from time to time. Yet, even if you have an occasional late payment, it’s often worthwhile to request that your lender forgive a late payment (assuming you’ve made your payment and are now current on your account). If you have a number of late payments and/or collections, your credit score will take it on the chin. Though FICO keeps its precise scoring formula a closely guarded secret, has reported via FICO that about 35% of your score is derived from your payment history. This probably goes without saying, but the most important factor of your FICO credit score is your payment history.
Pay your bills on time (and don’t be afraid to request a waiver if you’re late) Here are 10 credit tips I’ll share with you that should help in your pursuit of an 850 credit score. Yes, it takes some dedication, but there’s no secret club or shortcuts to achieving credit score perfection. So, what does it take to achieve this Holy Grail of credit scores? As one of the lucky 1-in-200 with a perfect credit score, I’d opine not all that much. You’ll often have lenders fighting for your business, and in nearly all instances, you’ll be offered the best interest rate by lenders, meaning you’ll have the lowest possible long-term mortgage and loan costs of any consumer. It puts the ball completely in the corner of the consumer rather than the lender. The perks of having a perfect or even excellent credit score (think 750 or higher) are undeniable.
On the widely used FICO credit score scale, approximately one in every 200 people achieves perfection, at least as of a 2010 estimate by the Fair Isaac Corporation, the company behind the aforementioned FICO score.
It’s the Holy Grail of all credit scores: 850.
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