Sacramento Credit Repair Secrets: The Recipe For a Fantastic FICO Score

A fantastic FICO score means smoother loan applications, better interest rates and higher credit limits. It’s no wonder we all strive for improving that little 3-digit number. But, in the never ending quest for fantastic FICO scores many consumers might think that you need an absolutely perfect credit report.

Don’t get me wrong, having perfect credit certainly will result in a killer credit score. But, it’s not an absolute must. You can have FICO scores well in excess of 760 even with seemingly less than perfect credit files. Here’s the breakdown of the attributes of that high scoring population;

Payment History

Consumers with FICO scores above 760 have, on average, six accounts that are currently “paid as agreed.” And, 93% of those consumers have no late payments or anything derogatory on their credit files. There are roughly 70 million consumers with FICO scores above 760, which means almost 5 million of them have something derogatory on their credit reports.

Debt

The same FICO high flyers have an average of 3 accounts with a balance. And, their average credit card utilization (aggregate credit card balances relative to credit limits) is 7%. This means you don’t have to be debt free in order to have a great score. In fact, you can have hundreds of thousands of dollars of mortgage debt and easily have scores over 800.

Credit Age

Super scorers have, on average, an oldest account that’s 19 years old. And, the average age of their accounts is between 6 and 12 years old. Finally, this group has opened their most recent account 27 months ago. This underscores the importance of having a well aged credit report.

If you have specific questions about your personal credit feel free to call our office for advice:  916 315 9190.