How To Maximize Your Credit Score
For the wealthy, credit scores can feel like a formality. After all, when you have ample liquidity, who’s really checking your credit?
Turns out, plenty of people are. Lenders, underwriters, insurers, and even business partners may review your credit as a measure of trustworthiness and financial discipline. And while a high-net-worth can open doors, a poor credit score can close a few behind the scenes.
Whether you're acquiring property, investing in new ventures, or simply maintaining your financial reputation, your credit score matters. These strategies can help you protect and elevate it.
1. Keep Credit Utilization Ultra-Low
Credit utilization—the percentage of your credit limit you’re using—makes up a large portion of your score. Many high-net-worth individuals put major purchases on their cards and pay them off monthly, assuming this keeps their score intact.
But the score doesn’t care whether you pay in full. It cares how much of your limit is being used when your statement is reported. Keeping your utilization under 10% is ideal.
Tip: If you have high monthly spend, consider paying mid-cycle or spreading expenses across multiple cards to keep utilization low.
2. Maintain a Mix of Credit Types
Credit scores tend to be stronger when your credit history includes both revolving accounts, like credit cards, and installment loans, such as mortgages or business financing. Some wealthy individuals prefer to keep things simple and avoid borrowing altogether. But having no debt can actually work against your score.
Tip: Hold onto older accounts to preserve your average account age. And if you're financing something anyway, like a car or second home, consider keeping that loan open for a while to demonstrate strong credit management.
3. Be Cautious with Account Closures and Credit Freezes
It’s common for high-net-worth families to freeze credit reports as a security measure, or close unused accounts to tidy things up. Both can backfire.
Closing accounts shortens your credit history and lowers your available credit—two things that hurt your score. And a frozen credit file can lead to application delays if you forget to unfreeze it in time.
Tip: Keep older accounts open with a small, recurring charge and auto-pay. And if you freeze your credit, set a calendar reminder to lift it before any application.
4. Monitor Your Credit Like a Financial Asset
Credit reporting errors, fraud, and missed payments (especially on business-linked cards) can happen to anyone. The more complex your finances, the more room there is for something to slip through the cracks.
Tip: Schedule a credit report review twice a year. You can do this yourself, through a monitoring service, or with help from your advisor. Staying proactive protects both your score and your reputation.
Final Thoughts
A strong credit score is a reflection of your overall financial health. And in certain circles, it sends a quiet but powerful message: You manage your wealth with intention.
Credit may not be top of mind, but it touches more areas of your financial life than most people realize. Taking care of it now could save you time, money, and frustration down the road.
Material prepared by Oechsli a third party non-affiliated with Raymond James.
Any opinions are those of Steven Bayardelle or The Wang Group and not necessarily those of RJA or Raymond James. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but Raymond James does not guarantee that the foregoing material is accurate or complete. Any information is not a complete summary or statement of all available data necessary for making an investment decision and does not constitute a recommendation. Investing involves risk and you may incur a profit or loss regardless of strategy selected. You should discuss any tax or legal matters with the appropriate professional.
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