How you can impact your score, continued
Here is a recap.
May help improve your credit score
- Consistently paying your bills on time
- Keeping credit cards balances that are 70% or less of your spending limit
- Only applying for and open new credit accounts when you need them
- Having high income relative to how much you owe
- Having a good credit history for a long period of time
May have a negative impact on your score
- Paying some bills late
- Having credit cards balances near your maximum spending limit
- Applying for new credit cards frequently, whether you need them or not
- Having a very brief credit history
- Exceeding your credit card spending limit
Note: Another way to help improve your credit score is to have a mix of revolving credit (for example, credit cards) and installment credit (for example, a car loan).
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