How To Get A Really Good Credit Score 2021

how do you get better credit

What Is Good a Good Credit Score?

Credit StandingCredit Score RangeShare of Credit ScoresAverage AgeQualifications
Excellent750 – 85028.7%56People with Excellent Credit generally have:1. 5+ years of credit-card/loan experience2. $10K+ in available credit;3. Never been 60+ days late on a bill;4. Never declared bankruptcy
Good700 – 74914.3%66People with good credit generally have:1. 3+ years of credit-card/loan experience2. $5K+ in available credit3. Not been 60+ days late on a bill in the past 12 months
Fair640 – 69918.2%47People with fair credit generally have:1. At least one credit card or loan2. Less than $5K in available credit3. Been 60+ days late on a bill no more than once in the past 12 months
Bad300 – 63938.8%42People generally have bad credit if they are any of the following:1) Currently behind on a credit card or loan2) Close to maxing out credit cards3) Recovering from being 60+ days late on a credit card or loan in the past 90 days4) Recovering from bankruptcy filed in the past 3 years

What Are My Options For Building Credit?

There are many ways you can get on your way to building a better credit. But keep in mind building credit takes time, especially if you do it without the help of an actual firm whose job it is to to fix your credit. That’s why we recommend using a service that is accredited for this sort of thing. It can take your mind off it knowing its being taken care of professionally rather than whenever you get around to it. Get A Free Consultation Today and let the worry melt away! Credit Monkey

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How Can I Get a Loan With Low Credit?

There are a few reputable loan providers that help people with a low credit score to build their credit history while giving you money for what you may need. We recommend going with a provider that has been around awhile and has a good standing of doing right by their clients.

How a Personal Loan Can Build Credit

A personal loan may help with most of the five factors that influence your credit scores.

  • Payment history: Getting a loan and making all of your monthly payments on time establishes a track record of responsibility. This is a primary factor in building a positive credit profile.
  • Credit usage: How much debt you have — and what kind — is a reflection of how well you manage credit. Having a personal loan can help with this, as long as you pay it back according to the terms and don’t pile up too much other debt.
  • Length of credit history: A longer credit history can show you being responsible with credit over time, strengthening your credit profile. If you’ve never used credit, getting a personal loan can help you start this process.
  • Credit mix and types: If your credit history is limited, having varying types of credit, like credit cards, personal loans and mortgages, can help boost your credit scores. 

Short-term loans can be dangerous

While some personal loans give you years to pay back what you owe, some small loans, may give you as little as a week or two before they require a single payment.

As long as you pay on time this looks good for your credit, it’s when you fall behind and don’t pay on time that it can be costly to your score.

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