See how you stack up against the Americans of prime credit

See how you stack up against the Americans of prime credit

If you’ve ever wondered how to get a good reputation, here is your answer.

Credit score can feel a bit mysterious, especially when it comes to achieving good reputation.

Fortunately, the Consumer Financial Protection Bureau (CFPB) latest consumer credit card market report reveals consumer and super-prime credit, in some cases by the CFPB is defined by a higher score of 720 or habit.

This is the stand of these superstars credit, from how many have their own credit card balance is what it looks like and why it matters to all of your dishes.

How many credit cards do you have of prime consumers?

If you still my impression is to avoid credit card will help your credit score, the report data shredding the myth.

Almost half of all credit cards issued in 2018 was opened to provide ultra-prime credit report showed consumers. Super-prime consumer credit more than 95% have at least one credit card, a credit card is a strong hint that help to achieve a good reputation.

In fact, the average American with a super-prime credit has four accounts, so you should not worry about is to get a second, third, fourth and even credit card can damage your credit. Sign up for a new credit card may eventually improve your score, as long as you promise to pay off the bill in full each month.

This makes sense, because your payment history, length of credit history and mixed credit is how to make your Crediton all key factors to calculate T score, everyone can through long-term, negative use a credit card responsibly improve. Hold multiple credit cards can also improve your credit utilization by improving your overall credit limit, another important factor.

Prime consumers

A credit card balance at the end of 2018, the national average balance of prime consumers almost $ 5,000 of their universal card, compared to about $ 9,000 to provide consumers with high-quality the credit score between 660 and 719 or this is a little more consumers to use credit cards than how grateful they reflect, however, because they can still pay off the balance before the bill is due – this with a good reputationMost people do. In fact, they pay more ways THAn the lowest monthly.

Only 30% of prime account balance from month to month to maintain, with respect to 80% of gold accounts for nearly 70%, nearly the loan account and the account that approaches or exceeds 90% of consumers with bad credit. In addition, the average return of prime consumers for nearly half of the assets and liabilities of each month, and about 15% of gold consumption in general.

Here there is what can be said to have a good reputation, the largest and most telling difference between the rest of us: they pay off the balance in full, or as close as possible, every month [ 123] benefit

Super-prime credit

If you want to know what makes your credit score above 720 points some insight in the first position, the CFPB reports.

Excellent reputation people significantly more likely to be approved at a reasonable price and credit to provide credit. For consumers of prime credit card credit card approval rate of about 80%, compared with only average overall approval rate of 40%. Perhaps more importantly, consumers with credit scores above 720 to get universal credit of 12% of the average real interest rate, and for 660-719 people credit score of about 17% of the average interest rate offered. From there, the credit rating decline, interest rates began to average close to or more than 20%.

This is a huge difference when it comes to the cost of credit. $ 100 per month if you pay off the $ 3,000 credit card balance of 12% interest rate means that you will pay off your debt and eventually heavy rare earths for years to interest expense totaled $ 585 spending in T. 17% interest rate, will take advantage of 40 months, $ 934 interest expense paid balance. In other words, from the good to improve your credit score, with outstanding debt will save you almost $ 350.

If you want low interest rates and the best credit card, it is clear that good credit is the way to go there. If you regularly use a few credit cards and pay off every month, you will be on your way.