Perfection. Whether you’re a gymnast, ice skater, high diver, bowler or even a student getting back your exam, there’s just something special about getting a perfect score.
For some in the points and miles world or even those who care about their credit score, there’s something special about getting a perfect credit score. Now, having a perfect credit score doesn’t get you anything. I’m sure that there are those who would argue that if you have a perfect score then you’re leaving plenty of opportunities on the table.
Having a perfect score doesn’t open any doors for offers that a good or great score doesn’t provide. You’ll still be approved, or denied, for credit based on the criteria each bank applies to new requests.
So I never really paid that much attention to our scores, just a causal check every month or so to make sure something funky isn’t going on.
Imagine my surprise when I saw this.
This is a screenshot of Sharon’s FICO credit score that we receive for free from her Barclays account. Barclays shows you the score from your TransUnion credit report, which may be different from the other two credit agencies. Still, even if it is only from one credit agency, a perfect score is a pretty cool thing to have.
Remember, Sharon and I have plenty of open credit cards, two car loans and a mortgage and she still managed to get a perfect credit score. Kinda blows away that myth that opening credit cards will ruin your credit.
According to FICO, here are the factors that make up your credit score.
- 35% Payment History
- 30% Amounts Owed
- 15% Length of Credit History
- 10% New Credit
- 10% Types of Credit
If you’re opening up a bunch of credit cards, the new credit number will take a hit. Given, I’ve had Sharon lay off on new applications for a while and I’ve signed up for most of the recent ones because I’m under 5/24 and she’s not.
Still, her credit score has always been really high.
She’d been as high as 848 before but applying for new cards dropped her down into the 830s. It just took six months of no applications and paying the bills on time for her to reach 850.
What do you get for a perfect credit score?
Yeah, not that much. Honestly, you need to realize that it’s all downhill from here. You can’t go any higher and any little thing will knock that number down a bit. Even if you pay all your bills on time, getting one new card will drop her back to the 840s or maybe the 830s.
And that’s OK because we’re not in this game to attain a perfect credit score. While it was nice to have for a month, that was never the goal. Keeping our credit good enough so that we can keep signing up for credit cards and earning the bonuses is the goal. That will keep our balances at a level where we can continue to travel where we want in the style that we want.
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This post first appeared on Your Mileage May Vary