Is it possible to achieve a perfect credit score?
Can you achieve you achieve a perfect credit score after damaging your credit? The answer is ‘yes’ — but there is a caveat: you’ll have to be patient. Think of your quest to bring your score up to perfect to be the same as the road to recovery after a severe accident.
In other words, it’s going to take patience, determination and commitment.
Why is it worth your time to attempt to get a perfect credit score?
Because you never know when occasions in the future will FORCE you to seek borrowed money – whether you want to or not. It could be anything – an urgency, perhaps you’re about to welcome an unplanned addition to the family.
It could be any number of reasons – and in this article, we’re going to give you the steps you need to follow to make sure you’re ready for any financial surprises that come your way.
Just in case the thought has crossed your mind – NO, it is not too late to repair your credit.
We’re going to tackle your credit repair challenge in a few simple steps:
Step #1: Keep your credit cards under control at all times
If your card is maxed out and you’re starting to repay the outstanding balance, there is a mental conditioning exercise you must adopt: the available cash is NOT available…even though it is.
Whenever you get the idea that you could buy something because there’s cash available on your card, learn to tell yourself that you do not in fact have that cash, because it isn’t cash. It’s an obstacle that stands between you and your perfect credit score.
The easiest way to avoid this challenge is to bury your card somewhere where it’ll be out of your sight.
Step #2: Reduce
Know how you often here world-renowned investors (such as Warren Buffett) preach that diversify your assets is the smartest strategy to growing wealth? Well, to achieve a perfect credit score, you have to approach credit cards with the opposite approach.
Credit cards are not assets – they’re a liability and grouping liabilities in one place is a great way of controlling debt and driving to your goal of a perfect credit score.
What qualifies as a great credit score you may ask. Here’s a link for more information on credit score.
Step #3: Never miss a step
Most debtors assume there’s not a whole lot wrong with delaying the payment of a bill until a further date and that the bottom line is that the payment is made, just not right away. Wrong.
Every time you don’t make a payment on time, it dings your credit rating. No matter what, the key to a perfect score is to make sure you have the required funds set aside to always pay those bills on time and stay in their good standing.
Step #4: Embrace “good debt” with open arms
Sometimes people get bad advice that leads them to believe that all records of debt should be stricken from their credit report. That somehow, borrowing money in the past looks bad. This is a myth.
If you took out a car loan and repaid it with consistent payments that were all made on time, future creditors love seeing that kind of financial activity. You’ve demonstrated that you can take out a loan and repay it on schedule as agreed – why would you want to remove that from your record?
Step #5: Play ‘hard to get’
The credit industry is one of the most lucrative for many non-traditional lenders to get into (think department stores). Just because the offer appears like an easy one to go with, doesn’t mean you should take it.
You can give prospective lenders the idea that you’re shopping for credit – it just looks bad and lenders are far more attracted to borrowers who aren’t easily interested in loaned money.
How Long Will It Take?
As you can see, we’ve laid out just five steps here and those five steps, if followed to the letter could bring your credit score up from poor to good within 12 months. If this is preventing you from getting a loan, Loan Away can help you with getting an online loan qucikly
Of course, the situation is different for everyone, but this system will make a substantial difference in your credit standing, no matter what.
Now, 12 months might seem like a while, and depending on your circumstances, it very well could be, but that is why you need to look at achieve the perfect credit score as a marathon and not a sprint.
It’s all about embracing positive new habits you’ll keep for life and which will ultimately enrich your life.
Did You Know…that LoanAway can help you with your goal of achieving the perfect credit score? Many of our customers have successfully borrowed money from us for the express purpose of boosting the quality of their credit rating.
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