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How to maintain a healthy credit score : Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Debt Declaration – Bad Credit Help & advice, Debt Settlement Tips
Finance & Loans

How to maintain a healthy credit score

September 28, 2011 by · Leave a Comment 

Having a healthy credit score is very important for your financial future. Poor credit score means it will not be easy to rent a property, get a credit card and can hinder with your day to day activities in ways you never thought possible. With planning and self-discipline you will be able to maintain a good credit score.

Pay your bills on time: one of the main factors that determine your credit score is paying your bills on time. 35% of your score depends on this.

Use only 30% or less of the limit available on your credit card. If you use more than one card do a balance transfer if needed to ensure that the balance is maintained at 30% or less. Credit card debt will affect your credit rating more than a monthly installment loan.

Maintain your oldest accounts: this will give you a long credit history with one lender.

Close unnecessary accounts: keep your oldest credit card and one or two others. Having too many accounts could lead to more debt which will adversely affect the credit score.

Check your credit report: request for credit reports from all three credit bureaus and check for accuracy and inform any disparities.

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