Question:

Should I have perfect credit score, that is, above 800 credit score?

Answer:

It is great but it is not compulsory.

An 800 credit score is a perfect credit score, but no one will give you money for free even if you top 850. Borrowers in the 760-850 range share the same privileges and rates, so if you have this great 800 score, so what?

It is true that credit scores matter a lot, but reaching the perfect credit score will not help you much, as you are already in the list of best borrowers.

How to get an 800 credit score?

Building that perfect score requires long payment history and timely repayment of debts. Using a lot of credit and repaying it as quickly as possible does help reach 800 FICO at some point. There are many people who would like to have such a perfect credit score.

Also, a big number of credit cards is believed to hurt your score but in fact paying off credit card debt allows you to get new credit cards every year without hurting your perfect credit score.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 3/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage