6 Fast Ways To Get A 800+ Credit Score. A Must Read for Restaurant Owners!

Are you looking to get a 800 Credit Score? This is a must read for Restaurant Operators.

In this post you will learn 6 fast ways to get a 800+ credit score.

1) On Time Payments- 35% of your credit score is determined by on-time payments. You want to have 100% on-time payments for an excellent rating. Why is making on-time payments important? A history of late payments makes lenders nervous. They will question if you will make future payments on time. If you are late by 30 days or more, this negatively hurts you and is reported to the credit bureaus.

Solution: Set up auto-payments or bill pay reminders so you receive email or text notifications when bills are due.

2) Oldest Credit Line - 15% of your credit score is determined by your oldest credit line, so don't get rid of those cards so fast. 25 years or more is ideal. Why does the age of your oldest account even matter? The age of your oldest account demonstrates to lenders how much experience you have handling credit showing your overall reliability.

Solution: Keep your oldest accounts open and in good standing. This will help lengthen your credit history and help your score.

3) Credit Utilization - 30% of your credit score is determined by your utilization. Why does how much credit you're using matter? Lenders such as banks look for signs of responsible credit usage. Do you live within your means? If you are using most of your credit, it may be difficult for you to get additional credit or credit with a good interest rate.

Solution: Using less than 30% of your available credit is ideal for excellent credit, but keep in mind that using some available credit and paying it off monthly may be better than not using any credit at all. Always keep at least a $1.00 to $5.00 balance on each card. So If you owe $500.00, pay $495.00 to $499.00 on your balance.

4) Recent Inquiries - 5% of your credit score is determined by recent inquiries. Why do recent inquiries matter? Lenders tend to see too many recent inquiries for your credit score as a sign of risky behavior. Lenders frown upon inquiries reported close together because they know you are shopping around for the lowest rate.

Solution: Keep your inquiries between 0 to 2 requests if possible. Since lenders are only considering inquiries for the past two years, try to spread out when you borrow money or get new credit cards by a few years.

5) New Accounts Opened in the Past Two years - 5% of your credit score is determined by new account openings. Why does opening new accounts matter? From a lender's perspective, opening too many new accounts in a short window of time could point to credit problems and risky behavior.

Solution: Try to limit the number of credit accounts you have, and if possible, wait a few years between opening new accounts.

6) Available Credit- 10% of your credit score is determined by this. Why does available credit matter? Plenty of available credit, compared to the amount owed shows lenders that you're managing credit responsibly. Excellent availability is $51,000 or more. Good is $15,000 to $50,000.

Solution: Don't borrow more than you need without fully paying off other loans. Keep your credit card balances under 30% to 35% of your available credit line.

Bonus Tip: Piggybacking or Authorized User- One of the fastest ways to raise your score in as little as 45 days is to become an authorized user (au) on another person with good credit standing. Plus is that by doing this you will instantly gain their entire reporting history on your history. It will also not negatively impact the primary person. You want to piggy back with someone who has a large limit and a low balance.

Solution: A litmus test if becoming an authorized user will be reported is if a requirement is providing a social security number. If no social security number is required it more than likely will not help raise your score.

For more tips and advice check out The Credit Pros or Credit Assistance Network.