How Insurers Use Medical History Reports
When you apply for insurance, the insurer may ask for permission to review your medical history report. An insurance company can only access your report if you give them permission. The report contains the information you included in past insurance applications. Insurers read these reports before they’ll approve applications for:
- disability insurance applications.
Make Sure You Get All Three
Remember that you have three credit reports from the three credit bureaus: Experian, Equifax, and TransUnion.
You can request all three from AnnualCreditReport.com once every twelve months. Its a great service to take advantage of to help track your progress towards the 800 Club.
No matter what your financial goals might be, working your way into the 800 Club can only help your chances of achieving them.
With some planning, some time, and maybe a few phone calls, youll be pleasantly surprised at the progress you can make in raising your credit score. And if you stick with it long enough, youll eventually cross the threshold into the revered 800 Club.
Youll Qualify For Lower Interest Rates And Higher Credit Limits
With an 800-plus credit score, you are considered very likely to repay your debts, so lenders can offer you better deals. This is true whether youre getting a mortgage, an auto loan, or trying to score a better interest rate on your credit card.
In general, youll automatically be offered better terms on a mortgage or car loan if you have an exceptional credit score . If you have an existing loan, you might be able to refinance at a better rate now that you have a high credit score. Like any refi, crunch the numbers first to make sure the move makes financial sense.
Credit cards are different, and you might have to ask to get a better deal, especially if youve had the card for a while. If your credit score recently hit the 800-plus rangeor if youve never taken a close look at your terms beforecall your existing credit issuers, let them know your credit score, and ask if they can drop the interest rate or increase your credit line. Even if you dont need a higher limit, it can make it easier to maintain a good .
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Lower Your Credit Utilization Rate
A high ratio of debt to credit can negatively affect your credit score. You can either pay off this debt or apply for a credit increase to reduce your utilization rate. Another way to do this is by paying your credit cards off early each month so that your posted balance is lower than your spending for the month.
How To Check Your Fico Score
Financial legislation requires the three big credit bureaus, Equifax, Equestrian, and TransUnion, to issue you with one free credit report each year. Therefore, if you spread out your credit report requests, its possible to get a free update on your credit score three times a year. Consumers also have access to a federally mandated credit report once a year from AnnualCreditReport.com.
Unfortunately, your credit report doesnt show your FICO score. The report only shows you nay outstanding disputes, collections, or judgments against your name. This report allows you to check for any mistakes on your credit profile, allowing you to the opportunity to dispute any inaccurate information thats reducing your credit score.
If you have a credit card facility, then its possible to check on your credit score if the issuer is a part of the FICO Score Open Access program. More than 170-financial service providers participate in the program, collating data from Citi, Chase, BOA, HSBC, Discover, and many others.
When you log into your online account with a participating institution, youll see your score on your statement. However, if you bank with an institution that doesnt take part in the program, then youll have to check your FICO score at myfico.com.
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The Main Components Of Determining A Credit Score
In order to improve your credit score to 800 and higher, you need to understand the main components for determining a credit score.
They are: Payment History , Amounts Owed , Length Of Credit History , New Credit , and Types Of Credit Used .
The weightings of each component are rough estimates that depend from person to person. For example, someone who just started taking out credit may have a lower percentage weighting in the Length Of Credit History component vs. someone who has used credit for over 30 years.
Lets discuss each category to help improve your credit score.
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The Bottom Line About Building Credit Fast
When youre working to fix your credit, it takes good behavior over time. However, lowering your utilization rate by paying down existing debt, getting a new credit card or requesting a credit line increase on an existing card can provide the quickest credit score boost.
Any late payments and debts sent to collection should be handled promptly otherwise, theyll just cause more pain once they hit your credit reports. Its also wise to review your credit reports on a regular basis. in order to spot errors that might be dragging down your credit score.
Knowing what actions to take that can help improve your credit score and being a responsible borrower can boost your chances of increasing your credit score by 100 points or even more.
How Do You Check Your Credit Report
On AnnualCreditReport.com you are entitled to a free annual credit report from each of the three credit reporting agencies. These agencies include Equifax, Experian, and TransUnion.
Due to the COVID-19 pandemic, many people are experiencing financial hardships. To remain in control of your finances, you can get free credit reports every week through April 2022.
Request all three reports at once or one at a time. Learn about other situations when you can request a free credit report.
Request Your Free Credit Report:
By Mail: Complete the Annual Credit Report Request Form and mail it to:
Annual Credit Report Request Service
PO Box 105281
Atlanta, GA 30348-5281
If Your Request for a Free Credit Report is Denied:
Contact the CRA directly to try to resolve the issue. The CRA should tell you the reason they denied your request and explain what to do next. Often, you will only need to provide information that was missing or incorrect on your application for a free credit report.
If you can’t resolve your dispute with the CRA, contact the Consumer Financial Protection Bureau .
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How To Get A Credit Score Of 800
When you want to shoot for those upper tier credit scores, keep a few things in mind. Take a look at a few guidelines you want to pursue relentlessly in order to achieve admission to the 800 Club:
Keep your utilization rates at or below 30%. What does this mean? This means that even if your credit card offers you a $10,000 credit line per month, repeatedly using more than 30% of that line will affect your score.
Length of credit history matters. A longer credit history will result in a higher score than a shorter credit history.
Applying for new credit means your score can drop temporarily, but often “comes back” within a few months.
Debt mix makes a difference. Multiple types of credit, including revolving credit , installment loans look better on your credit score than just one type of credit.
Keep tabs on your credit reports and scores so you know what’s going on. Keep on top of your credit reports because it’s very possible that the credit bureaus could have made a mistake.
Get rid of debt with a caveat. Getting rid of revolving debt helps your score by bringing down your credit utilization rate. However, know that closing certain lines of credit can actually bring down credit score temporarily.
Make all of your payments on time.
How To Get Your Credit Score To 800
A credit score in the 800s is a remarkable milestone. Although it will take time, its completely possible to achieve. Heres how to get started:
- Pay all of your bills on time.
- Never max out your credit cards.
- Dont apply for every credit card you see.
An 800 credit score is a great goal but itll likely take many years to reach this elite status as credit scores factor account ages into the score. As your average account age grows, so can your credit score.
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Its Not Necessary To Have A Perfect Score
Ulzheimer says his FICO credit score has hit 850 off and on for the past five to seven years. That achievement became easier once his credit history passed the 20-year milestone, he says. Yet Ulzheimer notes he hasnt been striving for perfection with his credit score he just knows the right behaviors for managing his credit well.
Unlike Ulzheimer, Stevens says racking up a perfect FICO credit score of 850 has been his goal for a few decades.
As many do in their 20s, I experienced financial instability and suffered some setbacks that greatly impacted my credit scores. That credit also limited my economic flexibility, says Stevens, managing partner of a private car service in Austin.
He adds: As I grew older, I became more aware of how good credit opened opportunities for advancing and enhancing my life. So I continued to work on getting an ever-better score. After a while, it not only became a goal but a total obsession.
But Ulzheimer says obsessing over how close your FICO credit score is to 850 doesnt necessarily pay off. Why?
Ulzheimer says an 850 FICO score isnt needed to gain the best interest rates or APRs on credit cards and loans. In fact, he adds, theres not much difference in that regard between, say, 800 and 850. More than anything else, arriving at 850 merely gives you bragging rights, Ulzheimer says.
As long as your scores are above 760, you are likely going to get the best deals, Ulzheimer says.
How To Get A Credit Score Of 700 Or 800
5-minute readJune 07, 2021
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A credit score is a three-digit number that can have a big impact on your life. While a good credit score can open many doors, a bad credit score could leave you in a lurch.
Luckily, credit scores arent static numbers, and if you can figure out how to get a credit score of 700 or 800, you can enjoy some of the best rates and terms on financial products like mortgages, car loans, credit cards and personal loans.
If you dont know where to start, were here to help. Read on to learn more about the benefits of knowing how to increase your credit score and the best tips for doing so.
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Pay Creditors On Time
If you want to achieve an 800+ FICO score, then its vital that you pay all of your creditors on time. Paying your creditors a few days late can dramatically affect your credit score, listing you as a slow-payer. If you have a solid history of paying on time, with no defaults or late payments, you can expect your score to improve.
Habit : They Dont Cancel Old Credit Cards
People with top-notch credit rarely cancel old credit card accounts, even if theyve paid off the balance. The reason is twofold: When you close a card, you lower your available credit, which increases your utilization ratio. Unless its one of your newer cards, you also lower the average credit age, which determines 15% of your score.
Andrew Chen, founder of the website Hack Your Wealth whose credit score is over 800, suggests only canceling old accounts if youre sure youre not going to use the card again, the annual fee is expensive and the card is relatively new, ideally less than two years old.
I especially urge closing card accounts that have no annual fee, Chen said. It costs you nothing to keep the card, and it helps your credit score to have seasoned credit accounts on your credit file.
Youll Qualify For Better Credit Cards With Better Rewards
Using the same credit card youve had for decades can be good in terms of length of credit history, but you could be missing out on valuable benefits. With an 800-plus credit score, you might qualify for perks such as access to airport lounges , free breakfast in hotels, and the ability to earn cash back and airline miles at a faster ratefor example, one-and-a-half miles per dollar spent instead of the standard one mile per dollar.
One easy way to find a better deal is to call your existing credit card issuer and ask if you qualify for a different card with better rewards and benefits. If so, your issuer can explain the application process and get you switched over to the new card. You can also research credit cards online to find one that work best for you.
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Request Your Free Medical History Report
You have the right to get one free copy of your medical history report, also known as your MIB consumer file, each year. You can request a copy for:
- Someone else, as a legal guardian
- Someone else, as an agent under power of attorney
You can request a medical history report online from MIB or by phone at 1-866-692-6901.
Not everyone has a medical history report. Even if you currently have an insurance plan, you won’t have a report if:
- You haven’t applied for insurance within the last seven years
- Your insurance policy is through a group or employer policy
- The insurance company isnt a member of MIB
- You didnt give an insurer permission to submit your medical reports to MIB
How Long Does It Take To Go From A 700 To 800 Credit Score
The amount of time it takes to go from a 700 to 800 credit score could take as little as a few months to several years. While your financial habits and credit history will play a role in how long it takes, there are some factors that have specific timelines. For example, it takes up to 2 years for a hard inquiry to go off your credit report. As hard inquiries are removed, your score can go up. Your score also goes up the longer youve had credit. Each year you have your credit, your credit history gets longer, helping your score improve.
Both of these examples show why its important to consider opening new accounts when building your score. When you open a new account, you put a new hard inquiry on your report and you bring down the average age of your credit. Youll also want to consider the impact closing an account can have on your score, too. Closing an older account can lower the average age of your credit history.
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Mix And Match Methods Of Borrowing
The algorithms that calculate credit scores love diversity, meaning they smile when they see you paying on a mortgage, car loan, student loan and credit card. What that says to them is that you can multi-task when bill paying time rolls around each month.
Members of the 800 Club, naturally, take it a step further. They average nine open accounts, which does wonders for not just the methods of borrowing, but also helps the credit utilization category immensely.
In most cases, the extra accounts are credit cards and here is how that helps.
As demonstrated above, if you rely on just one credit card to pay for all your expenses, your credit utilization likely is going to 50%-75% or higher. The credit score algorithms dont care that you pay that off every month. They want the credit utilization under 30%.
So add three more cards to your wallet, each with $5,000 limits on them and suddenly your credit utilization is up to $20,000. If you spend the same amount with cards that month, your utilization drops dramatically, probably under 20%.
Not all of us are comfortable carrying that much credit in our pocket so be careful with this one.