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Oh, the elusive 800 to 850 credit score rating — the highest class of credit score rating one can probably receive, and that which FICO considers “distinctive.” With a credit score rating between 800 and 850, shoppers get higher credit score approval odds, higher credit score presents, higher insurance coverage charges, decrease rates of interest and better credit score limits. However how does one obtain a credit score rating of 800 and above in 2023? On-line lending market LendingTree seems to have cracked the code.
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LendingTree analyzed the anonymized credit score reviews of 100,000 customers with credit score scores of a minimum of 800. Right here’s what habits the shoppers with the very best credit score scores shared.
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They Paid Their Payments On Time
Each single person in LendingTree’s pattern with a credit score rating of 800 or greater paid their payments on time each single month. Cost historical past makes up 35% of a credit score rating and is a very powerful think about a credit score rating general.
They Had an Common of $150,270 in Debt
Individuals with 800-plus credit score scores have a median of $150,270 in debt, together with mortgages, and are making common month-to-month funds of $1,556. Quantities owed account for 30% of shoppers’ credit score scores and are the second most essential think about a credit score rating.
Their Oldest Lively Account Was Almost 22 Years Previous
The oldest energetic account for these with 800-plus credit score scores averages almost 22 years. Size of credit score historical past (15%) is the third most essential think about a credit score rating.
They Had an Common of 8.3 Open Accounts
Of us with 800-plus credit score scores had a median of 8.3 open accounts. Credit score combine accounts for 10% of 1’s credit score rating.
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They Restricted New Credit score Card Inquiries To Below 2 Each Two Years
Customers with 800-plus credit score scores had simply 1.8 new credit score inquiries prior to now two years. New credit score accounts for 10% of 1’s credit score rating, and new inquiries keep on one’s credit score report for 2 years.
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