Many of us dream of achieving that elusive 850 credit score, seeing it as the pinnacle of financial trustworthiness.
However, experts have some revelations that might surprise you.
According to Ted Rossman, Bankrate’s senior industry analyst, once your score crosses the mid-700s, particularly between 740 and 760, you’re already in the realm of excellent credit.
Beyond this point? It’s mostly about bragging rights, not additional financial benefits.
But what does this mean for the average consumer? If your credit score lies within the 740 to 760 range, you’re likely already reaping the best terms when applying for credit cards or securing a mortgage.
However, if you’re below that golden threshold, every point can make a significant difference. A shift of just a few points can mean thousands of dollars in potential savings or costs, especially when it comes to mortgage interest rates.
Beyond just understanding these numbers, it’s essential to know how to navigate the world of credit effectively. Contrary to some myths, carrying a credit card balance month-to-month won’t boost your score.
Instead, Rossman suggests focusing on credit utilization rates and other practical strategies, for instance, there’s a golden rule you need to follow where your available credit is concerned….
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