Leslie Gershorn
Leslie Gershorn, a 56-year-old woman from Chicago, has always been vigilant about her finances. Both of her parents were financial gurus and she has always been great with numbers. She opened her own business in the late 90’s and has been financially secure since then. Every single credit card she has had is still open.
She has never had to declare bankruptcy or had a house foreclosed on, and she has never paid a credit card bill late, let alone had an account in a collections agency. Leslie just made another purchase, a beach house in the Hamptons. Her score is to thank for all of her lifestyle.
What does this score mean?
If you have a credit score around 800, you should be ecstatic. This score is better than most in the entire country. This score is not only above the national average, but it is considered to almost impossible to achieve. With this score, you can take out a personal loan of almost any amount (if it is within reason), you can get a mortgage with a wonderful interest rate, you can have a few lines of credit with large limits, etc. This score is like have a 4.0 in school, if you have a score around 800; you are in the green for finances. You will be considered a financial asset to lenders, opposed to a financial risk.
How do you get a credit score around 800?
If you find yourself with a credit score around 800, you may have done some of these things with your finances:
- Always paid at least the minimum balance on credit cards.
- Paid every balance, in full, on mortgages or credit cards.
- Recently had a large purchase that you’ve paid off entirely.
- Paid each bill on time from lines of credit.
- Recently paid off a student loan or debt.
How can you improve this credit score?
In order to improve this credit score even more, consider taking some of the following steps:
1) Get some lines of credit open and make sure to pay off your statement, in full, each month.
2) Make sure to balance your lines of credit – this makes all of the difference in your score. For example, if you do not have the money to pay off each credit card, in full, each month, do not spend that money on that card. Only spend what you can pay off.
3) Make a bigger purchase, and make sure to pay off the entire balance each month.
4) Give it time! We know that it can be a lot of pressure to wait for a score to go up. However, this will not happen over night. Time will heal this credit score – if you take necessary measures to help.
5) Know that this score is already a great score. Only history with different creditors can truly bring it up tremendously, over time.
