Discover practical tips to maintain a healthy credit score. Learn what actions can harm your score, like missed payments or maxed-out cards, and get advice on building strong credit over time.
What can hurt your score?
- Missing payments, regardless of the amount, will take 24 months to restore credit.
- Credit cards at capacity/maxing out credit cards
- Closing credit cards out, this lowers available capacity
- Excessively shopping for credit
- Opening up numerous trades in a short time period
- Having more revolving loans in relation to installment loans
- Borrowing from finance companies
Practices to improve your score:
- Continue to make payments on time, older late pays become less significant with time.
- Do not close credit cards because capacity will decrease
- Slow down on opening new accounts
- Acquire a solid credit history with years of experience
- Moving revolving debt to installment debt