Finance Friday: Tips to Maintain Your Credit Score
A credit score of 720 or higher can make a big difference in your financial life. Higher credit scores can lead to better rates and terms on consumer loans, better insurance rates, and can even make a difference in your ability to secure certain services like cable and phone access.
Once you have a good credit score, you need to maintain it. Here are some simple do’s and don’ts to maintain your credit score.
- Limit your applications for new credit
- Monitor your credit report at least yearly (www.annualcreditreport.com)
- Dispute any inaccuracies you find on your report
- Make frequent balance transfers or pay bills late
- Use more than 30% of your available credit
- Close ALL of your older credit card accounts.(Seasoned accounts may actually improve your score.)
Equifax – 800-685-1111 – www.equifax.com
Experian – 888-397-3742 – www.experian.com
TransUnion – 800-888-4213 – www.transunion.com