A higher credit score can
help you qualify for better interest rates and other terms from lenders, saving
you thousands of dollars on an auto loan, home mortgage, credit card interest,
or any other type of financing. Investing the savings — which can add up to
hundreds of thousands of dollars — can result in close to $1 million over a
lifetime.
FICO scores range from 300 to 850.
Getting a perfect credit score may be extremely difficult, but there’s really
not much of a difference between getting a 780 or 800+ credit score. A score of
780 or more will get you the same interest rates as someone with a perfect
score.
To get into the 800+ credit score club,
you’ll have to follow some of the best credit habits for a long time. Here are
five ways to get into the elite club:
Pay
Your Bills on Time – All of Them
Paying your bills on time can improve your
credit score and get you closer to an 800+ credit score.
It’s common knowledge that not paying bills can hurt your credit score, but
paying them late can eventually hurt also.
Don’t
Hit Your Credit Limit
If you want to get into the 800+ credit
score club, be sure that you don’t use your credit card up to its full limit.
Use no more than one-third of your credit limit if you don’t want to hurt your
credit score, Nitzsche says.
For example, if your credit card has a
limit of $9,000, don’t have a balance of more than $3,000.
Only
Spend What You Can Afford
Don’t use a credit card to live beyond
your means, or to roll over the costs of everyday expenses to the next month,
Nitzsche recommends. This will only lead to spiraling debt that will be
difficult to get out of.
People with an 800+ credit score don’t
apply for more credit than they can afford and don’t spend more than they earn.
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