Over the past month I have had the privilege of being interviewed and quoted on CNBC.com. I wanted to take a minute and brag a bit for this accomplishment because, simply put, this is not an easy task to accomplish.
The interview from March 15th, 2020:
What does it take to get the perfect 850 FICO score? We looked at one credit report to see what components make up that number on the FICO 8 model.
Jim Droske, 55, still uses the first credit card he ever opened: A Chase Sapphire card that he applied for in 1984 on campus at The University of Illinois at Chicago in exchange for a free box of Fannie Mae chocolates.
Today, he has six credit cards and a perfect 850 credit score.
Droske, who is president of Illinois Credit Services, a credit counseling company, has long been obsessed with tracking his credit score, and it’s paid off.
The quote from March 16th, 2020:
Don’t ‘chase the latest and greatest offer’ when applying for a credit card, says this expert with a perfect score
Droske’s No. 1 rule
Carrying a balance is not something Droske recommends doing. “I almost always pay it off in full at the end,” he says. His best advice to credit users is to not charge something if you can’t pay for it in full.
An exception to the rule is if you are charging something pricey; for this, Droske keeps a handful of credit cards around.
“If it’s something that’s going to be a bigger ticket item that I know I’m going to have to pay over time, I’ll actually put it on one of my other cards and just keep pounding that away,” Droske says.
The quote from March 22nd, 2020:
What is the best utilization rate you could have?
The optimal credit utilization rate is 1%, “which is actually kind of silly to target,” financial expert John Ulzheimer, formerly of FICO and Equifax, tells CNBC Select.
For Jim Droske, president of credit counseling company Illinois Credit Services (and someone with a perfect credit score), he says 1% is a healthy utilization, but “that’s actually a hard number to hit unless you have high credit limits.”
We hope you enjoy these articles. I have put a lot of time, money, and attention into perfecting my knowledge of credit and credit scoring. If there is ever anything I can do to help you, please feel free to reach out. We are always here to help!