Tips on managing your credit score

tips for your credit scoreThe seven most common mistakes that can lower your credit score:

  1. Paying bills late
  2. Not paying the minimum amount required
  3. Keeping debt levels too high
  4. Owning too many credit cards
  5. Not alerting current or potential creditors if you’ve moved or changed names
  6. Not periodically checking your credit report
  7. Not using your full legal name in financial documents

Six ways to improve your credit score:

  1. Pay your bills on time
  2. Keep your balance low in relation to your available credit
  3. Make more than the minimum payment
  4. Don’t open a lot of new accounts over a short period of time, especially if you have a short credit history
  5. Pay off credit card debt rather than moving it around to other cards
  6. Review your credit report regularly and correct any significant errors

The top five myths about credit scores and credit histories:

  1. My score will drop if I check my credit
  2. Once I pay off a negative record, it will be removed from my credit report
  3. My poor score will be with me forever
  4. Paying off my debt will add 50 points to my credit score
  5. Closing old accounts will improve my credit score
 

Credit Advice for Students