How to increase credit score to 800
You need to increase your credit score to 800, so it is essential to start step by step. Credit rating points or credit scores are calculated by special agencies based on the number of your credit limits and the order of repayment. To know how to get 800 credit score, you need first to check your credit score on special sites, but they give only an approximate result.
730 credit score, 780 credit score - is it good?
Even when you just arrived in the US, your rating is not zero. The minimum mark is considered to be 630 points. More than 730 points are counted to be good for a permanent resident. Read more to know how to get 800 credit score.
What does a credit score depend on?
- 35% - from the history of payments (regularity and timeliness);
- 30% - from the ratio of the credit limit/debt;
- 15% - from the duration of your credit history (maximum and an average age of your accounts);
- 10% - from the type of loans you use. For example, a home loan looks better in the eyes of banks than a credit card in a jewelry boutique;
- 10% - on how many hard pull credit requests have been made in the last 2 years.
How to get credit score over 800?
As it was mentioned before, to get a credit score above 800 you need to start in small steps. First, it is possible to open one credit card. As a rule, you only get a secured card with extortionate interest rates and a pitiful credit limit = $ 200-500. The meaning of a secured card is that you pay the bank a deposit of $ 50-200, which you will spend from the card. That is, in fact, you will spend your money. After six months, you can ask the bank to increase the credit line to $ 1000-$ 1500. Of course, do not forget to pay for everything on time, otherwise, why start all this? Do not remove the cash, but only make non-cash payments. In principle, if you return the money to the card on time, then you will not pay anything to the bank at all, because, like many cards, there are no annual commissions.
Get the best credit score possible!
Or you can immediately sharply raise the credit rate up to 800 by buying a car. Each lender is to provide a table by which you can determine what percentage you will have to pay based on your credit history. And then decide for yourself whether the game is worth the candle.
There is also such a thing as credit-builder loans to get you a score over 800. This is a type of forced saving account where your money will be stored. You commit to making payments once a month, and in a year you can get your money back and enjoy a good credit soon. So that even in six months it is possible to increase the speed by 35 units by timely payments.
