What is the Highest Credit Score?

While you are looking at your credit rating, you may be asking what is the highest credit score. While the highest score available is 850 that does not mean that you will be able to get there. Typically, most people can reach a maximum of 825.

However, you will not need this highest score to be eligible for the great interest rates on cards and the good loans. Most people will be eligible for these when they reach a score of 770. It comes to the question of how you are going to get to this score and how you can improve your current score.

The first thing that you will need to do is make sure that all of your debts are cleared. While this only accounts for 30 percent of your credit score, it will still keep it low. Start off by budgeting and working out the amount of money that you have coming in. Once you know that, you can work out where all of your money is going. Rather than saving money, use the spare cash as a way to clear off the debts that you owe. Once you have done this, then you can start thinking about saving your money.

You should start with clearing each debt one at a time and concentrate on the smallest amount first. Once you have cleared that, you can put the card away and not use it until you have moved onto the next one. You will feel great as you start to see the light at the end of the tunnel.

Once you have cleared your debts, you will still need to use your credit cards. This is the time to start showing that you are sensible with your money. Only buy something on the card that you know you can afford and pay it off when your statement is due. Any cards that you really do not need should be discarded and the accounts closed. Try to keep two or three that you are able to use on a regular basis for spending that you know you can cover so that you can prove you are responsible financially.

You should also have an installement loan to prove that you can make the monthly repayments. This can be the lowest amount possible o gain from a bank or could be a mortgage or student loan. This will help you to improve your credit score.

Now, there are factors that you can change while you are paying off your debts. The first is to stop moving home as much. Of course, this could be difficult if you are a student or your job requires you to move a lot. However, consider having a home that can be used as your primary address.

You should also look at remaining in the same job, which will help to show that you are stable and responsible. Rather than asking what is the highest credit score, you should start to look for the best ways to look like you are a low risk to lend to.