It’s interesting to see that Warren Buffett has a FICO credit score of 712 according to the Fortune Magazine. (2008, March 31, The Oracle’s Credit Crisis) Well, how can that be? We all know that Warren Buffett is one of the wealthiest men on the planet?

But believe me or not, if a bank ever denies Warren Buffet’s application for a credit card, Warren will go on CNBC and say that bank has really bad economic outlook and then watch and laugh as its stock price dips 10% immediately. Even Warren has a very low credit score, no banks will refuse to provide financial services to him. Maybe he is also a Centurion Card holder.

Anyway, regardless whether you are a billionaire or not, you FICO credit score always tells your lenders the same fact: based on your past credit actions, how likely are you to become seriously late in repaying your creditors during the next couple of years? Your income or net worth aren’t factored into the FICO score – only your history of paying back your debts as documented in your credit report.

Want to have a better credit score than Warren? Tips to boost your credit score:

1. Never pay your bills after due date—never leave a late payment in your credit profile.

2. Never carry a huge balance on a single credit card—increase your balance to credit limit ratio will hurt your score.

3. Never open a new account frequently—open a new account when it’s necessary or when you’re doing AOR.

4. Always check your credit card statement—find out any suspicious credit fraud activities or identity thefts.

5. Always check your credit report—you can find a lot of ways to access your credit report for free.