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Ten Facts That Nobody Told You About Max Credit Score | max credit score

What is a Good Max Credit Score? Perhaps you already know that your score is either a three-digit number reflecting on your credit reports, employment history, and debt payment history. But did you know that there are several other factors affecting your credit rating? Here's a look at seven common factors that affect your max score.

What is FICO Score? Your FICO score, which can be obtained from any one of a number of places, is actually a mathematical equation that evaluates your credit and your likelihood of making payments. By consulting a free FICO score calculator, you can determine what your credit score would be. This equation factors in your payment history (whether or not you've paid bills on time and in full), your length of credit history (how long you've had your accounts open), the types of accounts you have, your current credit utilization trends, your total debt (the sum of all revolving debt you have), and how much available credit you have. When you plug these figures into an online FICO score calculator, you'll get your numerical FICO score.

How many people have a Perfect Score? According to government statistics, there are nearly nine million Americans with Perfect Scores right now. But how many people actually have a Perfect Score? One out of every eight Americans has a FICO score greater than 750. So if you want to be one of those people, keep reading.

Why is having a Good Max Credit Score Important? Not only will it help you qualify for the best terms on loans, but also it will give you a good credit score when lenders review your application. People with higher FICO scores make more money, and their overall quality of life improves. People with lower scores, on the other hand, end up paying more for loans, get less favorable terms on mortgages, and experience difficulty finding jobs.

Why is having an Average Credit Score Important? Well, the higher your average score, the lower the monthly payments you'll have to make. This will lower your stress levels, which will in turn improve your overall health. Also, people with lower scores tend to miss more mortgage or loan payments, which costs the lender money. Therefore, by having a high average score, you are more likely to miss payments and thus, the bank loses money.

The formula used to determine your FICO score uses three important factors: your payment history, the amount of new credit you have applied for, and the total number of credit accounts you have opened. The higher your score, the better! Banks, lenders, and credit card companies rely on your score to make a decision about you. Therefore, it's critical that you pay your bills on time, maintain low balances on credit cards, and avoid opening too many accounts.

How is your credit score determined? It's based on three factors: your payment history, your level of debt, and your utilization of credit. Let's talk a little bit more about each of these areas. Paying your bills on time is a major factor in your FICO score. The higher your bill payments are, the higher your score will be.

You may already know this, but high credit card debt actually lowers your FICO score. Credit card debt is the fastest growing type of debt. So, if you have credit card debt, be sure to start paying it down quickly. If you don't pay it down within the first two years, your credit score will take a huge hit.

The next item on the credit score scale is the level of debt. Debt is divided by the total amount of outstanding credit available to determine your FICO score. That number, simply put, is how much of a risk you are to the lender. If you have a lot of debt – say eight thousand dollars or more – that puts you in a high risk category and you will need to work really hard to raise your score to an acceptable level.

Now, here's a surprising fact: Most people who apply for loans and credit cards are accepted. That means there's a demand for good credit score statistics. Lenders want people who will pay back their loans and purchase items with them. The only way that lenders make money is if they sell merchandise. So, it stands to reason that you'll be easier to obtain credit if you have a better credit score.

Here's another way that lenders check your credit scores. They'll look at your credit utilization ratio. This refers to the percentage of credit that you use vs. how much you spend. The higher your ratio is, the better off you are in the eyes of the lender.

Here's an interesting fact that you probably didn't know: There are two different types of credit scores. There's the standard score and the FICO scores. The FICO is the higher of the two. Now, the question is, “What is the highest credit score possible?” Here's your answer.

Maxed out credit cards are great, but only if you get them from companies that actually report to one of the major credit bureaus. The most popular credit card companies don't report to all three, so it's important to only apply to those that do. If you have a good FICO score, you should get a maxed out credit card approved. And yes, it is possible to get a maxed out credit card approved.

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