You Don’t Need Luck for a Great FICO Score

four-leaf-cloverAs St. Patrick’s Day approaches, I see more and more green merchandise in the stores with sayings that tout the “luck of the Irish”.


Personally – and I am part Irish– I find this reference confusing as history (including the recent financial meltdown) would indicate a race on the lower end of the “lucky scale.”  There is one school of thought that these phrases originated in America during the period of large scale Irish immigration where the likelihood of being a successful citizen of Irish nationality was thought more the result of luck versus hard work and intelligence.


Thankfully, that stereotype has gone away and everyone regardless of heritage can be Irish on St. Patrick’s Day.


But the good news is you don’t need a leprechaun to help you get a high FICO Score that will increase your access to available credit at the most attractive interest rates and help you create your own “pot o’ gold.”


Adhering to the following recommendations can help you increase or maintain your high FICO Score and allow you to enjoying the benefits that provides:


Pay your bills on time.  Generally speaking, late payments have the most significant negative impact on your score.


Use your credit responsibly.  Most people have and use credit – and that’s okay as credit is ingrained in our economy.  Be careful to not become over indebted where you are carrying large balances on most of your credit (especially with revolving credit like credit cards).


Only apply for credit when needed.  Research shows that the applying for and build-up of a lot of new credit in a short period of time in indicative of higher risk.


Go n-eiri an bothar leat!

(Success be with you on your journey to credit empowerment!)


Tom Quinn is the Vice President of Business Development for myFICO, and has over 20 years of experience working with consumers, regulators and lenders and regarding credit related questions and initiatives. 


Disclaimer: This content is not provided or commissioned by a credit card issuer. Opinions expressed here are the author's alone, not those of a credit card issuer, and have not been reviewed, approved or otherwise endorsed by a credit card issuer. This site may be compensated by credit card issuers mentioned on the site by such companies.