Having good credit has become increasingly important. You credit score is linked not only to the interest rate you will receive but also to whether or not you can buy a home, purchase a car or get a new credit card. In many cases your credit score is now even being used to calculate risk for automobile insurance. Simply put, a great credit score will save you money, and over your lifetime a lot of it. Getting a near-perfect credit score is challenging, but not impossible. If you are looking to get a score of 900 the following steps will help you achieve your goal.
Obtain a copy of your credit report and your credit score. You can get these both on the Internet. You can get your report free once a year, but to get your score you will need to pay. The cost is about $15 per report for each of the reporting agencies. It is a good idea to obtain reports from all three reporting agencies: Equifax, Experian and TransUnion. Your credit scores can range from 300 to 990 points, depending on the report. You can begin by going to www.AnnualCreditReport.com (see Resources).
Carefully look over your reports. If you find errors you will need to file a dispute with your credit company and work to get the errors corrected. Getting errors off your report will raise you score.
If you do not have a checking and savings account, go to a bank and open them. Responsibly maintaining these accounts shows stability and helps with your overall score.
Always make sure you have a mix of credit accounts. You will need both revolving credit and installment loans to achieve a 900 score. Revolving credit includes your credit cards and lines of credit. Installment loans are your automobile loans, personal loans, mortgages, etc.
Follow certain rules in regards to your credit card if you wish to reach a score of 900. Always pay your bill early and in full. Pay the bill as soon as it arrives, if possible. Use your cards (and pay them off) every month to demonstrate responsibility, but never charge more than 10 percent of your credit limit. Ask for increases in the credit limit at least once a year and never close an account once it has been opened.
Never accumulate more debt than what you can truly pay. When mortgaging a home or taking out a car loan always make sure you will easily be able to make the monthly payment. Be sure to pay all of your installment loans on time every month.
Continually monitor your report. Correct any mistakes that show up immediately.