Why Your 750 Credit Score Is Not Good Enough In 2012

For the vast majority of the last decade, if you had a 750 score you could get approved for any loan or credit card  (assuming you had reasonable income, too). 

How to get a credit score of 750?

1.      Set up a consultation with Score Well Credit to review a current and accurate report.

2.       Know the different credit scoring models

Monitoring your score is a useless endeavor if you don’t know what type of score you are looking at.  But I’m willing to bet there’s a good chance you don’t even know your real FICO. You can read more here

3. Keep your credit utilization super low!

Spread your spending across multiple credit cards if necessary. Or if you’re only using one or two accounts with relatively low limits, then make more than one payment per month to keep your utilization low.

4. Have multiple accounts

In order to get into the high 700’s you will need to have multiple lines of credit, a diverse mix. That might mean a few revolving accounts (credit cards) and a couple installment loans (loans where you owe the same amount each month). Utilities don’t show on your credit report unless you are delinquent on them, so if you banking on those to give you diversity then think again.

Converting fear into fees

They say sex sells, and I’m sure they’re right. But I doubt it outsells fear. From burglar alarms to bomb shelters, Americans shell out billions annually to protect against all manner of evil: some real, much greatly exaggerated. But wherever fear can be churned up, you can bet there’s someone not far behind making a buck.

Such is the case with credit monitoring.

Credit monitoring is a billion-dollar business, with more than 12 million Americans paying for “protection” against ID theft. 

Why you don’t need credit monitoring

These services are more sizzle than steak for at least three reasons…

1. You’re not liable if someone opens credit in your name. 

If someone forges your signature on a credit application, check, or anywhere else, you’re generally not responsible for the charges. As with anyone stealing anything, the thief is liable. And if the thief isn’t caught or can’t make restitution, it’s a problem for the institution that accepted the fraudulent charge, not you.

2. Credit monitoring doesn’t prevent ID theft.

By definition, credit monitoring can only monitor transactions that have already occurred. What you want is to prevent them from happening in the first place.

According to Experian, “Fraud alert messages notify potential credit grantors to verify your identification before extending credit in your name in case someone is using your information without your consent.”

Because ID theft is so highly publicized and so frightening, a crop of companies now offer to help – for a fee, of course. Pay them every month and they’ll help protect your identity…But here’s something the ads don’t say: The technique many services use is something you can do yourself in less than five minutes absolutely free.

Score Well Credit can help !!

Everyone in the insurance industry - including the broker sales force - has a role to play in educating consumers about the use of credit scoring: IBC | Canadian Underwriter

Everyone in the insurance industry - including the broker sales force - has a role to play in educating consumers about the use of credit scoring: IBC | Canadian Underwriter