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How to maintain a good credit score

by , 19 November 2014

Are you trying to keep your credit clean? When it comes to maintaining a good credit score, there are certain mistakes that should be avoided.

Manage your credit by following these tips.

1. Create an emergency fund
 
If you don’t have an emergency fund, it’s time to start saving. Keep at least three months’ worth of savings in a special emergency fund, to use for unexpected situations and avoid borrowing more money than you currently owe.
 
2. Track your spending
 
As old-fashioned as it may seem, tracking your spending is one of the best ways to maintain control over your finances and have a good credit score. Keep track of all transactions, receipts, and checks.
 
3. Pay your bills on time
 
This refers to all bills, not just your credit card and loan bills. If you miss payments, your credit may be affected.
 
4. Don’t close old credit cards
 
You may be tempted to close a credit card you no longer use, but experts advise against it. Closed credit cards can negatively affect your credit score and will show up on your credit report history.
 
5. Keep balances low
 
Never max out your credit cards, but try to keep balances at a low level. You don’t want lenders to think that you are dependent on credit. You should only use up to 30$ of your credit card limit.
 
6. Pay more than the minimum
 
It’s important to always make the monthly payments, but what matters even more is to pay more than the minimum amount.
 
7. Keep contact information up to date
 
If you move to another neighborhood or town, make sure to inform the lenders about your change of address, to make sure that your statements are delivered to the right address.
 
8. Don’t apply for too many credit cards
 
Applying for too many cards at once can make lenders and credit bureaus think that you are not reliable. Frequent credit inquiries can also negatively impact your credit score.

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