Borrower Profile - Over 800 credit Score

** Here is a profile of a borrower with an 800 credit score - which makes up about 13% of the existing borrowers. **

• * Have four to six credit card accounts
• * Have at least one installment loan — a mortgage or a car loan with excellent payment history
• * An average of 10 years credit history per account
• * Low number of credit inquiries (fewer than three in the past six months)
• * No bankruptcies, foreclosures, charge-offs or collections
• * Debt levels of no more than 35 % of their overall credit limits per account.

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How to Increase Your Credit Score to Over 700

Keep in mind, a 700 credit score puts you in position for excellent interest rates, if you are considering a major purchase. If you have damaged credit, these 7 steps below, over time will without a doubt steadily increase your credit score. Consistently following these guidelines will reward you with an over 700 credit score. * These are steps you can take without hiring a professional * Some of these steps can increase your score by 20 points in one month . If your credit is less than perfect, print these 7 ideas out and hang them on your refrigerator as a reminder - DO IT NOW!

Step 1. Pay Recent Past-Dues:

The more recent the late payment the more it will decrease your score. Thats why it's important to pay those accounts that recently fell behind in the last month or two FIRST.

Step 2. Request Good Faith Adjustment:

This will work but you must be persistent and tactful. Request that after you bring your accounts current, the creditor make a good faith adjustment which removes the late payment information from your credit report files. Many creditors will do this - but remember - an aggressive approach seldom works, patience and courtesy work much better.

Step 3. Payoff Collections if Negative information is Deleted:

Do you have accounts in collections? If so push for the collection agency to remove references to the negative credit. Let them know this is a condition of paying ofthe debt.

Step 4. Spread out credit card debt:

Never carry all your credit card debt on one credit card - spread it out over several cards with low interest rates and the highest limits. Having an account nearly maxed out can severely lower your credit score !. So, make sure to have no credit card over 50% of the maxium limit at any one time. ** TIP -Why not ask a creditor to increase the limit on your card if it's approaching 50% of the maximum limit ? Many times this simple request works.

Step 5. Report Credit Limits:

Here's one thats overlooked by many. If your credit limit on a credit account is not reported to a credit bureau then it is entered as "maxed Out". This "missing information" will also severely lower your credit score. Strongly insist that all your creditors report credit limits to all credit bureaus.

Step 6. Use the Correct Credit:

Regular credit ( VISA, MC, DISCOVER etc..) opened for a good length of time are the best types of credit to have. The typical revolving department store credit has lower limits - which means higher debt-to-limit ratios which can also lower your score if used a lot. Use your major credit card for dept store purchases.

Step 7. Limit New Credit:

The longer your average length of time on all of your credit accounts combined the better. Opening a new account decreases the average time your accounts have been open. Try not to be enticed into opening department store credit just to get coupons or 10% discounts etc...These end up lowering your credit score.

Keep Your Credit Score on Track

Following these guidlines can only help move your credit score higher so the sooner you can adjust to these guidlines the better.
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