Build a killer credit score in 2008

**Gabe** · 01-07-2008, 01:26 AM

Build a killer credit score in 2008

The formula for deciding who is most creditworthy is changing -- just as borrowed money gets harder to come by. Here are seven moves to maximize your score.

**Darlene** · 01-07-2008, 07:30 AM

Thanks Gabe.
I still wish there was a better way for them not to penalize those of us who do carry a higher balance (use it for most things to get cash back for my purchases)on cc cards but pay them off every month. They tell you to get a higher limit to give you more of a balance to credit limit ratio but I don't want a larger cc limit. Oh well.

**AmyBoz** · 01-07-2008, 08:31 AM

Thanks Gabe...that's good information to have!

**faw42077** · 01-07-2008, 08:40 AM

Good information, THanks!

**tbs727** · 01-07-2008, 01:11 PM

thanks for the link, i'm printing it out to keep

**Edna_E** · 01-07-2008, 08:11 PM

Thanks. I get the feeling you either work in a financial field or have it as a hobby - but it is very nice of you to share all of the useful tips that you do.

Incidentally, I'm about 150 miles west of Midland - closer to you than to most FVers! Hope you aren't getting blown away tonight!

**Gabe** · 01-07-2008, 11:08 PM

Edna,

Thank you for the compliment. I am very far from a financial adviser. I was actually testing a new feature of the forum.

Sara posted it in announcements.
[ame="http://www.frugalvillage.com/forums/showthread.php?t=93534"]Frugal Village Forums[/ame]
I am in Midland, Michigan.

**FrugalMomof3** · 01-08-2008, 10:57 AM

Thanks for the link, I bookmarked it

**acidcookie** · 01-08-2008, 11:17 AM

Originally Posted by Darlene

Thanks Gabe.
I still wish there was a better way for them not to penalize those of us who do carry a higher balance (use it for most things to get cash back for my purchases)on cc cards but pay them off every month.

I agree! I try to make 2-3 payments per month on the one card I use so that the amount never gets too high. Don't know if that helps my score. Fortunately I still have this old CC account that gives me my credit score each month. Never use the card though, 23% interest!

**JanieD** · 01-08-2008, 11:40 AM

Excellent information! Even checked out several other links there. Thanks!

**Frugal Girl** · 01-08-2008, 12:20 PM

I think the most important one is to never close your credit card accounts, just cut up your card.

A couple of years ago, I closed five credit card accounts in six months (THINKING I WAS DOING THE RIGHT THING). I wasn't. It showed on my score. My score dropped from an A+ to a C. I don't remember the numbers it was, I just remember the grade. Now, I've opened up several CC's to rebuild the score. And now I'm paying them off. It's working too, to build up the score.

I'm not as concerned anymore with a high score as my husband and I have new cars and a home. I AM CONCERNED with getting my debt down to 30% though. It's important.