Insurifind May 23, 2020

What it takes to have an excellent credit score


what is an excellent credit scoreHanna Lassen/Getty Images


An excellent credit score is anything above 800, according to Fair Isaac Corp.’s FICO model.
A LendingTree analysis of people with credit scores of at least 801 found that those with excellent credit have an average of nine open accounts.
These borrowers also have a credit limit around $71,000, a credit utilization rate under 6%, and no record of late or missed payments in the past four years.
Get help with your credit score from Experian »

Credit scores are an essential part of adulthood. 

The three-digit number is an indicator of your trustworthiness as a borrower. If you have a low credit score, or none at all, buying a house, renting an apartment, taking out a loan, or opening a new credit card won’t come easy.See the rest of the story at Business Insider

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See Also:

How to decide whether you should use a credit card or a loan to borrow moneyThere are only 2 situations where you don’t need life insurance — otherwise, you should have itYou can leverage your home to borrow cash if you need it, but be wary of shady lenders

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