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High Credit Scores: Secrets on How to Build and Maintain Them

The benefits of an impressive credit score cannot be overemphasized. They enable you to get loan and credit cards at lower interest rates. Also, your tenancy applications for apartments will be approved more easily, and they will enable you to save on insurance premiums and utility deposits. The three-digit number shows how reliable or creditworthy you are by giving an idea as to how often and on time you pay the money that you borrow.

The lender uses the score—which ranges between 300 and 850—to decide whether or not to lend to you, and if they do, at what interest rate. Your credit rating is crucial for your success in financial matters. High credit scores are anything from 800 onward, and are considered to be the best.

Do you want to know the secrets behind achieving and maintaining high credit scores? Read on for an in-depth look at the subject.

Timely payments

Those who have high credit scores know that among the most important secrets to building and maintaining high scores is paying their debt on time. Late payment or defaulting on payments will plummet your score. People with high scores pay all their obligations on time. The result is an impressive payment history, which is a major component of the credit score, thereby greatly enhancing their scores.

Maybe you were late on your payments or defaulted altogether, causing your score to drop. Fortunately, all is not lost, as you can work with experts in rebuilding and improving your credit score. To do so, you can count on Boostcredit101. They will help to rebuild it using trade lines, and will advise you on maintaining a high score.

Don’t close old credit card accounts

Credit card issuers do not send updates on closed accounts to credit bureaus, and at the same time, the credit score computing formula puts less weight on dormant accounts. Furthermore, closed accounts are removed from your report after about 10 years, so you lose those credit accounts histories and reduce your average credit age, thus making your score go down. From this understanding, you should avoid closing older and unused accounts, and instead keep them in a safe place.

Keep a close watch on your report

You should not assume that since you are careful with your credit that all parties involved are equally as careful. Some may report wrong information, which can have damaging effects on your score. You have to check for any inaccurate or outdated information, or for fraud or identity theft incidents. Keeping a keen eye on your report can help detect errors so that you can initiate disputes and possibly remove errors or rectify inaccurate information. The removal or correction may take 10 to 30 days.

Reduce hard inquiries

Did you know that so many inquiries, whether enabling you to apply for loans or new credit cards, can affect your credit score negatively? You should only apply for additional loans and credit cards when necessary. Moreover, opening new credit accounts will pull down your average credit age, which impacts your score negatively.

Maintain low credit card balances

To maintain high scores, keep your card balances far lower than your limit. With anything less than 35% of your card’s credit limit, you will most likely have a good score. This may call for spreading the balances over several cards, which you should consider, if possible. You also need to manage your debt to keep your balances low.


High credit scores have many advantages, and there are several secrets to building and maintaining them. These include making timely payments, constantly scrutinizing your credit report for errors, keeping low credit balances, and minimizing hard inquiries.

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