Traits of People with High Credit Scores

Those individuals with the highest credit scores, those above 785,  qualify for the best mortgage rates which allow you to save thousands of dollars over the life of the loan. 
FICO recently released some traits of individuals with the highest credit scores:

1. No missed payments on the credit report.  Or the missed payment was greater than 3 years ago.  Payment history makes up 35% of your credit score. 
2. Well established credit history.  Opening of new credit accounts is rare.  Generally those with the highest credit scores have accounts that are 11 years old or greater.
3. While the high credit scoring individuals are not always debt free, the have an average of 7 credit cards (both opened and closed) and only have 4 cards or loans with balances.  Most have a total balance of less than $8, 500.

How can you raise your credit score?

1. Make automatic payments whenever available.  Most banks offer these at no charge.  So you save the stamp as well and are NEVER late on a reoccurring payment.
2. Don't open up new accounts just to get the free t-shirt or discount on today's purchase.
3. Close unnecessary credit card accounts.  Do this in writing, just cutting up the card doesn't close the account.
4. Pay off the balances on your cards, smallest to largest and then vow to not use credit cards!