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Posted in Credit Scores
Is there any way to raise my score of 788?
I pay off all credit cards and other bills every month, have no mortgage, no loans, have never in 40 years paid a bill late. My house and car are paid off, and I have a healthy amount in savings and investments. So WHY can't I get my score over 788? What should I do to raise it?
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Your score, which is very good, might be lower BECAUSE you paid off your car and house. Part of your score is the diversity of your open accounts, so if all you have active are credit cards, that could lower your score. You should try playing with the simulator and see what would happen to your score if you added an auto loan or a mortgage. However, if your car and house are paid off, why do you care about your score so much? I'm in my early thirties and hoping to raise my score from the mid 700's up to your level in the next few years because when I finance my next car or am ready to purchase a home, I want the best terms, but if I already had a house paid off, I probably wouldn't bother monitoring it too closely. But 788 is probably good enough to get the best rates if you ever do need credit (at least my understanding is that there's not much difference in the loan offers for someone with a 760 and someone with an elusive 850), and if you aren't actively seeking credit for a mortgage, it shouldn't matter. Anyway, good luck.

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Get a mortgage or a loan.  Not that it's the smart thing to do, but credit scores seem to reward you more for use, not non-use.  

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