How rare is an excellent credit score?
Do you need to make a lot of money to have excellent credit?

We have great news on this one. Your income is not reported towards your credit score. So it doesn’t matter which income tax bracket you are in - anyone can earn an excellent credit score. However, remember that you need an income that enables you to qualify to borrow and pay back what you owe.

Do you need an excellent credit score to buy a house?
Is it worth it to try and get a perfect credit score?
What Determines Your Credit Score?

Your credit score is determined by five key categories and each of those categories is given a certain amount of weight in the scoring calculation.

  • Payment history = 35%
  • Amounts you owe = 30%
  • Length of your credit history = 15%
  • New credit you apply for = 10%
  • Type of credit you use = 10%

So, while you should pay attention to all these areas, maintaining a great credit score largely relies on on-time payments and your balance-to-credit limit ratio.

About the Author

Ann Schreiber

Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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