Improving a FICO score is a common goal of many consumers, but what is lacking is what you need to do get an excellent credit score. The best way to find out is to look at the individuals that already have one. Here is a list of what you will find. First, individuals with an excellent FICO score never pay late. Late payments are the single worst thing you could do for your score. They need to be avoided at all costs. If you are not presently current with an account, you must do anything you can to get current. You must realize even one single late payment will be a major setback. Common methods used to ensure on-time payments is the use of a monthly budget and using online bill pay. If you commit to using at least one, it will make you not forget about paying. Second, you will find these individuals have a low debt to credit ratio. It is often reported as being below 30%. This is something that you might not be at and could take some time. This also takes commitment to pay more than monthly minimums and not to spend on your credit cards. Here again a budget is key to see where your money is going and what you can spend. Third, you only use on type of credit. If you just have credit cards, it is going to be difficult to get an excellent rating. The reason is your credit mix makes up a part of your FICO score and if you do not show that you can manage more than credit cards, it is going to be difficult to be excellent. There could be several other reasons why you are not there just based on your credit report. You need to find out for yourself and reading more about your FICO score will help you realize what you need to do.
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