What is considered to be an excellent credit score?


According to Equifax; Credit score ranges vary based on the credit scoring model used, but are generally similar to the following:



Credit Scores Scale

  • 300-579: Poor.
  • 580-669: Fair.
  • 670-739: Good.
  • 740-799: Very good.
  • 800-900: Excellent.

What’s the highest your credit score can be?



According to Equifax, 900 is the Maximum credit score.  But as many suggest, 900 is likely not even possible.  A person should focus on reaching the 800+ which is considered to be an excellent credit score range to receive maximum benefits of a healthy credit score.   



For Example If you have a credit score 660, or credit score 650, or lower, you have some work to do.  You will likely need a co-signer to get a car loan or even refinancing.



And you will have a tough time finding any credit cards with low interest rates. If you can even get one without providing some security first. You may be required to make a pre-payment of $500.00 to get you a card with a $500 limit.  These are often used to rebuild your credit after bankruptcy, or an extremely low credit score.



If you have a low credit score, try these tricks.


These will help get your credit up to the 740+ range. 



1) Find out what your credit score really is.  Download a reliable and safe mobile app . Keep in mind the apps usually show your score about 10-20 lower than really are.  Because it depends on what scoring method is used to build your score. 



2) Establish new credit history by getting a credit card, using it for purchasing everyday things as you would with your debt card.  And pay it off in full every month before the due date.   This is vitally important.  The more you do this, the better it reflects on your credit history.    I have personally tried this trick and it works quickly, in a matter of months you can move up a 100 pts or more. 



3) Having more credit, does offer you a lower credit/debt ratio, which will improve your score. For example if one card with 5k on 10k limit, then you are at 50% credit/debt ration. Which is OK, but not ideal. If you get a second card, with 10k limit, you now are at 25% of your credit/debt ratio, which reflects positively on your credit score.



4) Pay off your utility and regular monthly bills on time and in full.  This builds up your positive payment history and boosts your credit quickly. (in a few months).  Worst case pay a little more than minimum payment. 



5) If you think you’ll have trouble paying your bill. Contact your vendor, they can usually work out a payment arrangement.   Avoidance is the worst thing you can do.  Mortgages and Auto Loan Lenders tend to be less than favorable to negotiate with.  But it’s better to open a dialogue than just hide.  And some mortgage brokers will allow a skip a month, once a year or once a term.  Read the fine print. 



Credit Card Tips 

  • Don’t apply for credit or switch credit cards too often. 

  • Don’t use one credit card to pay for another’s minimum payment.  This is just about the worst way to manage your credit. And not sustainable.  If you are this broke, you may need to consider refinancing, or debt restructuring.  (A good sign you should consider bankruptcy)

  • Make an effort to keep your total debt in check and don’t let small balances add up

  • And always watch the items that are on your credit card, credit card fraud is very common, so much so if your card is at least a year old, chances are great you have had a small fraudulent charge at some point.  

Online Shopping Tips

  • Watch you credit cards like a hawk. Contact your credit card company to ask questions and report fraud immediately.
  •  Personally I find a fraudulent charge once or twice a year on my cards.  This means I have to have new cards issued, which is a pain.   
  • I have started using Paypal for shopping online, which helps with disputes.   
  • Use a prepaid cards when shopping in China. Aliexpress for example, has great deals, but I have had several cases of unauthorized charges days or weeks after using card. So I switched to prepaid cards.  The fraudsters, in worst case, can only max out that card. Which you can call the gift card provider and report fraud and have charges reversed. You can log into their site to find balance and check charges. 
  • Or do not shop on any Chinese sites, just shop on Amazon only, the products will have substantial markup, as they are buying from aliexpress, then marking it up 100% or more and reselling amazon, some cases rebranding product. 
Your credit is important, protect it, take advantage of a good score. Monitor it and work hard at improving it if it is low. It really is important and can help you find better deals on your large purchases, saving you thousands, or even 10’s of thousand


Article by:  Randal L.
Article by: Randal L.

Personal Finance Blogger
Content Marketing Professional

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