Here is a 150-word summary of the credit information, written in the tone of Bev O'Shea, a Credit Specialist:
• As a credit expert, I can tell you that your banker may not be as knowledgeable about credit as you are. They often don't fully understand the underwriting process or their own products.
• When you're trying to get credit cards and loans, the banker may not have the right answers. For example, they might think it takes a long time to get an 800 credit score, when in reality, you can get there in 30-45 days with just one good account.
• Having a high credit score doesn't guarantee you'll get approved for a loan. Lenders also look at your debt-to-income ratio. Even with an 800 score, you could be denied if your ratio is over 50-55%.
• To build an 800 credit score, keep your credit utilization under 10%, have 3 open revolving accounts, and maintain a loan on your credit report.
• Be aware that credit monitoring apps like Credit Karma may show scores that differ significantly from your real FICO score. Different lenders use different scoring models.
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