Only apply for credit when you really need it.Unauthorized hard inquiries, for instance, can cause score dips and signify fraud. Check your credit report often, keeping an eye out for any errors that could be decreasing your score. One person with an 850 credit score noted his oldest account is over 30 years old, greatly increasing his length of credit history – which makes up 15% of your credit score. If you can help it, keep old accounts open. But as with the prior bullet point, be sure your finances can handle the increased limit – it’s more important to spend responsibly. To increase your credit limit, you can apply for a new credit card or ask for an increase. The higher your credit limit, the easier it can be to maintain a lower credit utilization ratio, which can have a better impact on your credit score. Credit mix makes up only 10% of your score and, in the run of a long life, good financial habits are likely more important than hitting 850. And it’s not wise to avoid paying down debt just to keep the variety. But it doesn’t make sense, of course, to take on new loans if you can’t pay them back. Credit score companies like to see a wide variety of credit sources, like multiple loans and credit cards. Your payment history makes up 35% of your FICO score. Always pay on time and never miss a payment. Instead of paying your statement once a month, some 800 club members make credit card payments weekly to avoid carrying a balance. Still, if a perfect credit score is your goal, you may want to consider these expert credit tips compiled from credit score perfectionists:
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