Sally McMann
Sally McMann is a 65-year-old woman who lives in the outskirts of Dallas, TX. She has a credit score of 840. Although this score is considered to be almost mythical to bankers, she achieved this magnificent credit score by doing a few simple things throughout life. Primarily, once she turned 18, she got a few lines of credit open and paid them off, in full, each month.
Secondly, she took out student loans and paid them off, in full, each month. Thirdly, she purchased a vehicle when she was 25 and paid this car off, entirely, and on time. She purchased a house young and paid the entire mortgage off on time, over 30 years. She has a wonderful history with many credit lines and therefore has an amazing credit score.
What does this score mean?
If you have a credit score around 850, you are one of the very few in the entire country. 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. If you have a score around 850; 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 850?
If you find yourself with a credit score around 850, you may have done some of these things with your finances:
- Always paid the full balance on credit cards.
- Paid every balance, in full, on mortgages.
- 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.
- Had a long history with creditors.
How can you improve this credit score? – You can’t. This score is perfect! How can you maintain this score?
- Continue your relationship with creditors.
- Continue to pay your bills, in full, each month.
- Never forget to pay a bill.
- Continue to make purchases like you already are.
