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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