Hanna 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
NOW WATCH: Tax Day is now July 15 — this is what it’s like to do your own taxes for the very first time
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
Original Source: feedproxy.google.com