800 Credit Score Challenge

Join me in the 800 credit score challenge.

I’m a littlebit away from my goal credit score but I am working on it.  I had a salesman tell me he had never worked with someone with such a high score. Just that statement alone motivated me to step up my game.   Yeah, just a little competitive when it comes to finances. I was going to write a blog post about how I got to the 700’s but I found a blog post that may help you.   Click Here to read it.

It is a really good read but there are a few things I would like to add:

  • Limit your credit inquiries.  If you are looking for a new car, research which banks have the best rates.  Start with yourfinancial institution.  Don’t let them pressure you into allowing them to run your credit until you are ready.
  • Beware of pre-approvals.  Being pre-approved does not necessarily mean you are approved. I means that the bank knows enough about you and your credit to want to offer you another one of their products.  Remember, they make money by selling their products.
  • Let old derogatory accounts die. If you have not paid that negative balance in more than 5 or 6 years, you may as well let it die.  After all this time, if you were to call the Collection Agency to START making payments, they will in turn REFRESH that account as if it was a new collection.  Derogatory history falls off after 7 years so if you are not paying the whole balance don’t touch it. It will tank your credit score.
  • KNOW your credit score.  There are so many options out there.
    • Mint.com will help you manage your finances and give you access to your score quarterly.  I’m not sure how accurate it is since I am still trialing the credit score portion.  They also offer credit monitoring.
    • Annualcreditreport.com will allow you to view your full report and score once a year for all 3 credit bureaus without providing your credit card.
    • Credit Karma is also an option.  I haven’t trialed it yet but I was give some rave reviews on it from a Financial Analyst.

I know I didn’t share enough to help you get to 800 but it is a start.  If you need more information or have questions, I don’t mind helping.

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