3 Tips to Get Your Credit Score Over 800

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Credit scores range from 300 to 850. When your score is over 800, you're in a great position. That's more than enough to qualify for the most valuable credit cards and the lowest interest rates on mortgages and other loans.

What does it take to get such a high credit score? Earlier this year, credit bureau Experian released a report on consumers with perfect 850 credit scores. It found that there are a few ways these consumers manage credit differently. By following what they do, you could get your credit score over 800.

1. Never miss a payment

Several factors determine your credit score. The most important of them is your payment history, and people with the highest credit scores don't miss payments.

Experian found that the average number of delinquent accounts for all consumers was 1.5. The average for consumers with perfect credit was zero. They had either never made a late payment or, if they had, it was more than seven years ago. That's how long it takes late payments to fall off your credit history.

Now, if you've been a day or two late on a payment, don't worry. Creditors can only report your payment as late once it's 30 days or more past due. Before then, they can charge you a late fee, but they can't report it as late on your credit history.

The easiest way to avoid late payments is to set up auto-pay. You could also create a monthly reminder on your phone's calendar app.

2. Keep your credit utilization below 10%

Your credit utilization is the percentage of your credit limits that you're using. If you have a $1,000 balance and a $5,000 credit limit, your credit utilization is 20%.

A popular rule of thumb is to keep your credit utilization below 30% to avoid damage to your credit score. But for credit utilization, lower is better, and people with perfect credit use much less. Experian reports that the average credit utilization for consumers with perfect credit is just 4% , compared to 29% for all consumers.

If you're trying to maximize your credit score, aim for credit utilization below 10%. Ideally, pay your credit cards in full every month so you're not charged any interest. This is especially important if you use cash back cards or travel cards and want to get the most out of them. Earning rewards is only worth it if you're not paying any interest.

Make sure you have high enough credit limits, too. You can ask your card issuers for credit limit increases either by phone or online. This is a good way to ensure you don't need to use too much of your credit.

3. Don't overextend yourself on other types of debt

Consumers with perfect credit carry less debt, on average. That includes credit card debt, even though they tend to have more credit cards. Here's the average debt balances for consumers as a whole compared to consumers with perfect credit.

The only type of debt where consumers with perfect credit have a higher balance is mortgage debt. That could be because they're able to afford more expensive houses. It's also a small difference considering the size of a mortgage.

When you keep your debt manageable, it's easier to stay on top of all your payments. You'll be less likely to miss payments or run into other financial issues.

Building an exceptional credit score isn't complicated. It mainly involves paying on time every month and not taking on too much debt. If you're already doing that, the final ingredient is time. Most of the people with the highest credit scores have long credit histories. Keep following these good habits, and you'll be on track for a score above 800.

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