How to Build a Killer Credit Score

Your killer credit score can be described as a score of 800 or more. The maximum attainable is 850. To build a killer credit score, you need to get your score regularly. Choose to get your score from FICO (Fair Isaacs Corp.). It's the score most lenders rely on when assessing your suitability for credit. Your FICO score is compiled using data from the three credit reporting bureaus: Experian, Equifax and TransUnion.

Instructions

1

Go to MyFICO.com (see Resources). You need to see your current score and understand how it is produced if you are going to build a killer credit score.

2

Choose your product from MyFICO: check it, compare it and track it. Make your choice, and then click "Buy Now". Follow the simple online instructions. Once your ID is verified, you can view you score online and work out ways of building a killer credit score.

3

Check your credit score. Look for errors. Errors affect your score and can be rectified quickly (see Resources). Check areas where your score is low. Credit cards that are inactive lower your score. If you use your credit cards regularly and wisely, you score will start to increase.

4

Start using inactive credit cards. Card companies report to the credit reporting bureaus monthly. You score will increase over a few months.

5

Keep outstanding balances below 50 percent. Credit reporting companies use a roll over credit system that monitors your outstanding balances. Your score increased when you use your card but keep the balance less than 50 percent. Don't close older cards. Keep them active. So long as you use them and keep the balances in check, you increase you credit score.

6

Apply for credit only when necessary. Multiple applications concern lenders and your score can reduce. Apply for credit two or three times a year. Make sure you maintain up-to-date payments on all lines of credit. You need several years of on time payments for all credit facilities to increase your credit score to a killer level.

7

Maintain good credit for a long period. Close to 20 years is good. It show responsible behavior, gains you trust and gets you a killer credit score.