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Secrets of Credit Score Gurus

2012/11/12 by

Tim Sprinkle of Yahoo! Finance calls the perfect credit score (an 850 FICO) the “white whale” of personal finance, a term which I’m quite fond of and in fact think I will respectfully borrow when discussing this lofty goal with others. I don’t, however, think that consumers should shoot for the white whale when trying to up their credit score. Why, you ask? For one thing, it doesn’t have to be a perfect 850 for its owner to reap the benefits of having terrific credit; anything over 800 will generally glean the same perks. And for another, it takes a painstakingly long time for a credit score to climb that high (for most people,) and I believe that shooting to raise it 35 to 50 points at a time is a worthwhile goal and one that people won’t give up on–as opposed to trying for years to get that 850, and still coming up short. Well, Yahoo! Finance interviewed come credit card “superstars” to find out their secrets to an off the charts score. And here’s what they came up with:

“It’s the “white whale” of personal finance — the perfect credit score. 

Get there, by reaching the ever-elusive 850 FICO score, and the world is yours. You’ll enjoy the best interest rates, the choicest insurance options, the most flexibility in negotiating your debts and repayment plans.

At least that’s the fantasy.

Click here for the inside scoop on how to get that score climbing.

Bottom line, pick a number and don’t stop til you get there. If it’s 850, so be it! You go get that white whale. For me, I like tracking accomplishments along the way and raising the bar as I go–hitting goals then setting new ones. Happy whale hunting!

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