How We Keep Our Credit Score above 800   

My husband and I have maintained a high credit score for the last few years. Previously, our credit score was in the mid to upper 700s, but we’ve bumped up to the 800s. Our higher score has helped us pay lower interest rates when borrowing. In addition, we can easily borrow when we need to. Here’s how we keep our credit score above 800.

Have the Same Credit Cards for Decades

The longer a person has established credit, the better their credit score. I opened my first credit card while I was in college. I didn’t keep all those credit cards from that time; however, I have two credit cards I’ve had for over twenty years, which definitely impacts our credit positively.

Have Multiple Lines of Credit

We have multiple lines of credit. We have three different credit cards, and we’ve had car loans in the past. We currently have a mortgage in addition to our credit cards.

Rarely Open New Lines of Credit

We rarely open new lines of credit. This helps our score because each time you open a new line of credit, you have an inquiry on your credit, which dings your score.

We took out our new mortgage six months ago, but before that, the last time we opened a new line of credit was seven years ago when my husband got a car loan.

Utilize Credit Every Month

We’ve been debt-free except for our mortgage for a couple of years now. However, that doesn’t mean we don’t utilize credit–quite the opposite. For example, I use credit for many of our monthly purchases, from gas to groceries, to miscellaneous, and to any utility that will let me without charging an extra fee.

I usually pay my credit card online every week or two, so the balance never gets too high. However, I’ve noticed that our credit score takes a little hit when I get lazy and don’t pay the card off within a week or two, our credit score takes a little hi. This usually happens if I let the balance get above $1,000 without paying it off immediately. (I pay my card in full monthly, but our credit score is better preserved if I pay down the card every week or two.)

Pay on Time Always

We always pay our payments on time, though we usually pay early. I have not had a late payment in decades, which also helps keep our score high.

We Keep Our Debt-to-Credit Ratio Low

At any given time, our debt-to-credit ratio is two percent or less on our credit cards. Unfortunately,the higher your debt-to-credit ratio, the more it affects your credit score negatively. We avoid this by keeping it low.

The best way to keep this ratio low is to accept a credit line increase whenever your credit card company offers one. (If they don’t offer one, you can ask for one occasionally.) Additionally, you want to keep the debt you carry on the cards as low as possible.

Final Thoughts

These steps are how we keep our credit score above 800. So, if you’d like to raise your credit score, try these steps, and you’ll likely be successful. However, some steps, such as the length of your credit history, take time and won’t happen quickly.

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