Make Sure Your Credit Utilization Ratio Remains Low
The total amount of credit you have available compared with the amount you’re utilizing counts for 30 percent of your score. Lenders typically like to see borrowers using no more than 30 percent of their available credit. For example, if you have a credit card with a $5,000 limit, don’t utilize more than 30 percent — $1,500 — of it.
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6 thoughts on “9 Things to Do When Your Credit Score Reaches 800”
Huh! Fat lot of good having a credit score of 824 has done me. Once you’re 62 years old, and while still working (self employed), people don’t want to look at you. I’m completely unable to get my 6.25% mortgage refinanced because I’m “not earning enough”. My accountant is doing his job, which is to take whatever deductions he can legally, but I have ZERO debt. On the other hand, my friend with a bankruptcy behind him, a 650 credit score and $20,000 of credit card debt was able to get a low interest rate mortgage with NO down payment. Where’s the fairness in this?
The reason you can’t get credit is because of your “Self-Employed” status. It make lots of creditors Nervous. Your friend most likely is working at steady job.
I have already contacted my credit card Co. and they will NOT lower my interest rate, and if they do at all, it is a temp. thing on certain things and for a certain time.
Maybe. But my friend has now lost his “steady” job and I am still working, paying my bills and mortgage. I have not had to go looking for loans to stay afloat. In fact I’m perfect, on paper. Still, I’m stuck with my 6.25% mortgage and the criminal element that calls itself Mr. Cooper Mortgage. If I can continue, in this Pandemic, to pay this rate, I sure can pay 3% – self employed or not!
Hey Marion I just did a refi with Mr. Cooper two days ago. I know what you are saying. Mr. Cooper is strange. They bought my mortgage from Citimortgage two years ago I was at 6 also. I fought with them back then and they would not budge. I met a POC over there now. If you would like, I will get her number so she can work with you. What do you have to loose! I believe Mr. Cooper is trying to step up their game to be more competitive with the big boys. Also when I called this time I was a little hard charging.
Yes…you own a company as I do, pay employees and your credit score is 850…and yet, an employee or contractor that I hire has an easier time getting a lower interest rate than I do, even though the bank account is steady and strong and all bills are auto-pay each month with no remaining balances due…paid in total.
So, I just over-pay the mortgage each month which brings down the principle, and every couple of years the monthly payment gets lower, and more money goes to principle than to interest. On a 30 year loan, it will be totally paid off in about 20 years without having to fill out all the paperwork.