What is the "best" scenario to go from no credit history to the highest possible credit score?

Question

This is what I have been able to come up with so far:

(I have 1 year of making my auto loan payments on time.)

1)Take $500 to a bank and establish a security deposit account to obtain a secured credit card.

2) Repeat this at another bank.

3) Use both credit cards but never charge more than a maximum balance of 20% of the total credit card limit.

4) Pay more than the minimum credit card payment on a bi-weekly basis.

5) Go to my bank and take out a CD for $2,000 that pays interest.

6)Get a secured loan for $1,000 against the CD and pay it off in a year on time.

Answer 1

You have done everything right. Only one more way:
Become a co-applicant on a friend or relative's account.
One way to establish better credit is to have a friend or family member allow you to be listed on their credit card as a joint applicant. Because you are a co-applicant, your credit report will be updated with the positive payment record that your friend has accumulated over the years. As your friend continues to charge on their card and pay faithfully, they will continue to build credit for you.

Ask for a limit increase on your credit card.

Answer 2

This all sounds very complicated to me. Why bother? To me the importance of credit rating is way oversold in this country. The way to become wealthy, if this is what you are after, is to avoid debt and accumulate assets (stocks, bonds, cds, real estate and so on) . The only way to have really solid credit is to have debt.

Answer 3

Get a credit card,charge a blanket, pay it in full. Then do it again with something like towels. You will soon have higher credit score. Pay on time or pay it in full.

Answer 4

Stay at the same address for 5+ years
Stay at the same job for 5+ years
Pay all bills and loans on time