Introduction
A CPN, or credit privacy number, is a 9-digit number that resembles an SSN but keeps your real SSN private. Building your CPN to a 700 credit score takes work but allows access to better borrowing terms. This guide covers how to establish, build, and maintain a CPN with 700 Credit Score.
What is a CPN with 700 Credit Score and How Can it Help My Credit?
A CPN serves as an alternative SSN that is tied to your identity and used when applying for credit. Lenders will check the credit history linked to your CPN to make decisions. With a new CPN, no credit profile exists yet so you must build payment history just like with a new SSN. A 700+ CPN score signals to lenders that you manage credit responsibly.
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Why Get a CPN with 700 Credit Score?
The key benefit of building a 700 credit score with your CPN revolves around improved loan and credit card interest rates. While legal, some lenders do not accept CPNs. However, having a 700+ score greatly improves your chances of approval and securing good borrowing terms with lenders that do allow CPNs.
Step-By-Step Guide to Reaching a CPN with 700 Credit Score
If your goal is to establish and build your CPN to over 700, follow these steps:
- Obtain a CPN Number: Only use reputable CPN providers and fully activate your number.
- Add yourself as an authorized user: Become an authorized user on a family member’s or spouse’s old credit card to quickly build a positive history.
- Open a Secured Card: Apply for a secured credit card with an initial deposit using your CPN and make all payments on time.
- Pay Down Balances: Keep credit utilization low by paying down balances before the statement date. High utilization hurts scores.
- Take Out a Credit Builder Loan: Apply for an installment loan like a credit builder loan with your CPN. Make all payments on schedule.
- Let Accounts Age: Wait at least 6 months before applying for more credit to let accounts age. Older accounts help your score.
- Request Higher Limits: Ask issuers to increase your credit limits so you can maintain low utilization.
- Monitor your CPN: Check your credit reports and scores monthly to ensure accurate information. Dispute any errors.
Read also: What Does a 720 Credit Score Mean?
Maintaining a CPN with 700 Credit Score (long-term)
Once your CPN reaches 700+, maintain this excellent score by:
- Always Paying on Time: Payment history is the biggest factor in your scores. Use autopay and reminders.
- Keeping Balances Low: Don’t let balances exceed 30% of your credit limits. Ask for increases periodically.
- Applying for New Credit Selectively: Too many inquiries can lower your score temporarily. Only apply for needed accounts.
- Letting Accounts Age: Keep old accounts open as the length of your credit history factors into your scores.
- Checking Credit Reports: Verify all accounts are yours and dispute inaccuracies.
The Takeaway
Building a 700 credit score with a CPN takes diligence but provides access to better rates. Obtain a CPN, establish accounts, practice good credit habits like staying under 30% utilization, pay on time, monitor your reports, and give your history time to age. Your work will pay off in prime borrowing terms.
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