Did you know Beacon scores can range anywhere from 300 to 850?

Reportedly, only 13% of credit scores exceed 800, and only 1% achieve a perfect score of 850.

Typically, the higher the score, the lower the risk to default in the lenders mind.

The scoring is computer generated taking into consideration the following 5 factors:
(also showing the percent of influence)

  1. Payment history – 35%
  2. Credit utilization – 30%
  3. Length of credit history – 15%
  4. New credit – 10%
  5. Types of credit used – 10%

If you’re looking for a PERFECT score, here are some commonalities with the top 1%
1) Pay their bills on time. You’d be amazed the impact of only ONE single late payment
2) Don’t use much of your available credit. Generally, the less used the better.
3) As I advise all my clients, PULL your credit at least twice a year.
4) The perfect number of credit cards is 3. Too many or two few doesn’t work
5) Try to have a good variation of credit, i.e. loans, leases, lines of credit. BUT not too many
6) It doesn’t happen over night. This is a process that takes a while.

In my opinion, the chances of a perfect score are slim to none.

Having said that, I don’t feel you need one anyway.

Experience shows, a score above 680 will generally bring all the benefits associated with a higher score.

To receive a Free copy of –
“7 Steps to a 720 Credit Score”
Click Here

Mark Fidgett | 604-273-2002

“Your Personal Mortgage Consultant….For Life!”

PS – Please Don’t Keep Me a Secret

A REFERRAL is when you INTRODUCE someone you care about to someone you TRUST!

T 604.273.2002 | F 604.522.2072

W http://www.notapennydown.com

An independent Mortgage Specialist associated with the Verico Mortgage Network.