Your credit score impacts loan rates,
insurance rates, even whether or not you are approved for a cell phone. Here
are some tips that will help with building and maintaining a credit score that
will increase your chances for approval and make you eligible for the best
rates possible.
Make payments on time. ALWAYS. Your payment history has the biggest impact on
your score. Make sure your credit card balances are
well under the limits. You’ll be scored favorably if you keep outstanding balances below 30%
of your total credit limit. Keep accounts open for as long as possible,
especially if doing so is cost-free. Don’t open too many new accounts all at
once. This lowers your average account age.
Have a good mix of types of credit: auto loans, mortgage loans, and credit
cards. By following these simple tips you
can increase your credit score and take advantage of lower rates – saving you
money!
Post by: Kelly B
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