Unfortunately, a credit score rules your life. Bad credit means higher interest rates when you are purchasing a house or a car. Even worse, you can be rejected from such purchases, too. If you have a low credit score due to bad credit or insufficient credit here are some tips to acquiring a healthy credit score.
1. Pay Your Bills on Time – Paying your bills late can result in a negative mark on your credit.
2. Pay More than the Minimum Due – High credit card balances or maxed out cards also, reflect negatively on your credit report.
3. Do Not Skip A Payment – Skipping is worse than missing a payment. Pay off all your debt.
4. Do Not Close Old Accounts – Keep your old accounts open even if they are not being utilized.
5. Lower Your Outstanding Balances – If you allow your balances to grow you can begin to have difficulty even paying the minimum amount due.
What are you doing to improve your credit?