The highest credit score is 850, but you don't need it to get the best interest rates

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The highest credit score is 850.

You don't need a perfect score to qualify for the best interest rates on loans, but your score will need to fall within the Good to Excellent range.

If you're looking to improve your score, making on-time payments is most important. But you'll also want to pay attention to other factors like credit utilization rate, credit length, credit mix, and new credit accounts.

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Your credit score can affect your ability to secure a loan and the interest rate that you're able to qualify for. But even if you don't plan to apply for a mortgage, car loan, or credit card in the near future, your credit score may still impact your life.

Utility companies, landlords, insurers, and cell phone companies have all been known to consider credit history when considering new customers. Building a good credit score can benefit you financially in multiple ways.See the rest of the story at Business InsiderNOW WATCH: Stewart Butterfield, co-founder of Slack and Flickr, says 2 beliefs have brought him the greatest success in lifeSee Also:How to invest in companies that pay employees well, clean up the environment, and care about the futureThe 11 best small business credit cards to open in 2019I live in rural Costa Rica and spend 1,000 a month on travel. Here's exactly where my money goes in a typical week.

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