So, what exactly do we gain by having a credit score over 700? Is this something we should strive for? These are questions that we tend to ask ourselves but don’t know where to find the right answer. The answer is very simple, having a credit score over 700 believe it or not gives you financial freedom because now you can finance different things at 0%-5% interest rates saving you a lot of money. You’ll see the biggest impact with larger loans that you repay over a longer period, such as mortgage and auto loans. Regardless of credit score, everyone can avoid paying interest by paying their credit card balance in full each month. A high credit score will allow you to qualify for credit cards that offer a 0% promotional rate on purchases and balance transfer. Having one of these credit cards in your wallet gives you the flexibility to carry a credit card balance and pay it off over time while avoiding finance charges on your balance. Remember that credit scores indicate your creditworthiness. Along with other financial information, your credit score predicts whether you’ll repay the money you borrow. With a high credit score, lenders see you as a less risky borrower, increasing the chances that they will approve your credit.

The elusive 700+ credit score isn’t reserved for people who make a lot of money or have some special privilege with the credit bureau. Anyone who manages their credit properly can reach and maintain a great credit score.

Some tips to have a great credit score are to pay everything on time. Your payment history counts for the largest portion of your credit score. The more on-time payments you have on your credit report, the better it is for your credit score. Another great tip is to keep your credit card balances very low. Keeping your balances below 10% of the credit limit is the best for your credit score. So, if your card limit is $10,000, you’d want your balance to stay below $1,000. If you want to reach and maintain a great credit score, aim to keep your card balances even lower than that amount. According to the credit bureaus, people that have credit scores above 800 utilize 11.5% of their total credit on average. Those are just some examples of things you can do to help you maintain a high credit score outside of many other requirements to give you that great credit profile.

Here at Credit Services of America as part of our FREE credit consultation we go over your full credit report understanding exactly what’s holding you back from having a great credit score, once we gather that information we show you were you stand and the interest rates that you could be paying. Our goal is to help you increase your credit score putting you at a better financial situation where you can finance loans at a lower cost saving you thousands in interest and you can use the savings in different things like retirement, vacation, investment or even your kids tuition. Do something about your credit today and stop holding back from fixing it, you also deserve those low interest loans and the power back on your hands!

A Goal without a Plan is just a Wish. Give us a call TODAY at 844-FIX-URCR or click on the following link to schedule your FREE consultation and create your personalize plan to achieve your credit and debt GOALS!

*Individual results may vary. Please call for details and to discuss your own individual situation