do you really need Perfect Credit

As people, most of us always want what’s best without really know why? The minute I heard about an 850 credit score being the highest and 300 being the lowest, my question is how to get to 850.

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1. What you can get with good credit and what it is
– Your credit score is a three-digit number that can range from 300-850
– And it helps lenders know how likely you are to repay a loans
– The better your credit is, the more likely you are to get a loan you can qualify for and also at a good rate.
– So simplified, the only way to show someone that you can pay the debt, is by having a history of how you have performed with debt, so the only way to maintain a credit score is with some level of debt
– That’s why people that choose to go 100% debt-free, give it up to their credit score ( and they have to get manuel underwriting to qualify for loans)
What are the benefits:
– Great Credit cards: which is good for you but better for banks
– Apartment: show the landlord you can pay, but they mostly care about income and the money you owe
– House: same here with a mortgage ( but you can also get manual underwriting to qualify )
– Better premiuns for insrance
– Some employer even run your credit before highering you

Tip: all the benefits good credit give are based on convenience for lenders to more easily give you more money. But even if you don’t have a credit score, as long you have a good income, and bill payment records, you can still qualify for everything.

2. What is good credit and how to get it and maintain it
– Good credit is any score between 661-780 and excellent credit is anywhere from 781-850
– So ones you reach that 781, you literally get all the same offers as someone does with perfect credit
– So the answer is, you don’t really need to get perfect credit. ( there is not crazy benefit )

How do you get it and maintain it:
– The advice a lot of bankers give is ( buy something big and pay it over time ) once your done paying you will see your credit rise
– And it’s not a lie but it’s not the full story
– You would have the same effect by grabbing a credit card, and putting a small bill on it ( and pay it in full each month, but the bank would get no interest )

So what I do is simple:
– I have 5 credit cards currently, and each credit card has a small bill, phone bill, gym, app bill, and so on
– Each month it pays itself in full
– So over the next 3-5 my credit score will continue to go up, while I don’t pay any interest, or overspend on my credit card

Why I do this:
– Because I want to qualify for a mortgage and get good rates but I don’t want to have a ton of money in credit card debt
– On top of that I don’t like the math where in spend a dollar and get a penny in points and research says that using cash usually saves you around 16% a year.
– So that doesn’t interest me and it shouldn’t interest you either.

Insane Potentially true Story:
– Warren Buffet has a credit score of 714 accounts to fortune magazine back in 2008
– But he makes a ton of money from his credit card investments
– Plus he carries $400 in cash and spends around $3 a day on breakfast.

The big answer is no: you don’t need perfect credit, and some you don’t even need credit.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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