Never charge more than 30% of the available balance on any of your credit cards. Banks like to see a nice record of on-time payments and several credit cards that are not maxed out. If you are carrying high balances on your credit cards, then make paying them down below 30% your top priority. Certainly use your credit cards. Many people who make mistakes with their credit believe that the best way to fix things is to never use credit again. But this is not correct. If you are afraid that you cannot manage your credit cards correctly, then the best policy for you to follow would be this one: Charge only your utility bills on your credit cards each month and then auto pay the balance in full three days prior to the due date. This ensures that your utility bills are always paid and your monthly credit card payments are also automatically applied to your accounts and are never late. As long as you maintain the habit of paying off your credit card balance each month, your score should continue to go up. Leave the credit cards locked in a safe or drawer at home when not in use and avoid going on unnecessary spending sprees which could hurt your credit scores.
Keep your accounts open as long as possible, even if you are no longer charging on the card. The best policy is to keep those unused accounts open, blow the dust off your card every few months to make a small purchase and then pay it off. How long each of your accounts has been active is a major factor in your credit score. Remember that this process takes time. Following the above steps consistently over a long period of time will increase your credit score and allow you to qualify for better loans and lower interest rates. Repairing your credit score does not happen overnight, so if you do these things for a few months and do not see a large increase in your score, do not give up. These positive habits should be maintained throughout your life. Doing so will help you keep your finances and lines of credit under control.
YOU ARE CAPABLE OF ACHIEVING THE LIFE OF YOUR DREAMS. A LIFE WHERE YOU ARE IN CONTROL OF YOUR FINANCES.
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