To obtain the best deals and the best interest rates for loans, one must have a high enough credit score. You won’t be able to, say, get a mortgage or a credit card without a good score.
The three credit bureaus in the U.S. that track your credit score, Experian, FICO, and VantageScore 3.0, all use a standard range of 300 to 850, with the lowest possible score you can get is 300 and the highest is 850. This begs the question: is it possible to get a perfect credit score? And, if one really achieves such a feat, is it really necessary?
Is it possible?
To answer the first question: yes, it is possible. A perfect 850 is attainable, but is quite difficult. In order to achieve a perfect score, simply put, you should pay all of your bills before the grace period ends, you shouldn’t borrow money you can’t afford to pay in a short span of time, and you should continue this process for a long time.
Always pay your bills on-time. When a debt occurs within a given month, pay it before the end of the month or before the start of another term. No late payments should appear on your credit card account. This way, the debt doesn’t carry over to the next term and no negative value appears on your credit history.
Logically speaking, you should only spend less than you make. Live within your means, so to speak. Eventually, this gives you more financial flexibility especially when an emergency occurs.
All of these really boil down to self-control. By doing all of these, you won’t have to micromanage all of your finances all the time. This doesn’t mean you shouldn’t keep an eye on your credit. It’s actually recommended to keep track of your expenses. But by carefully planning out your expenses and taking control of your spending, you won’t need to check on your credit every so often. Continue doing these for multiple years and a perfect credit score will automatically follow.
Is it worth it?
Ultimately, a perfect credit score is but a bragging right. It doesn’t carry any distinct advantage at all. No exclusive offers are available only to those with perfect credit scores. You simply get to brag about your perfect score and nothing more.
In order to gain the best interest rates or the best offers for loans and credit cards, you only need to achieve a high enough score. A credit score of 750 is enough to give you the best available offer. However, striving to achieve a perfect credit score isn’t necessarily a bad thing. Along with having that specific goal in mind comes the desire and determination to achieve that goal. A good credit score is bound to follow.