Sometimes referred to as Credit card score, your credit score represents your creditworthiness. It's used by lenders, credit card companies, and even potential employers to determine how likely you are to repay borrowed money.
A high score indicates that you are a less risky borrower, while a low score might result in high interest rates and make it harder to get loans and credit cards accepted.
Boost your credit card score with 6 simple tips:
Late payments can significantly lower your score. To make sure you never forget a deadline, set up automated payments or reminders.
Aim to use less than 30% of your available credit limit. High utilization indicates a higher risk to lenders and can negatively impact your score.
Paying more than the minimum can help reduce your debt faster and improve your score over time.
Remember, too many cooks spoil the broth, so, avoid opening many credit accounts in a short period as it can lower your score. Your score may be momentarily impacted by the hard inquiry that each application generates.
Your credit history should be as long as possible! Even if you don't use your older accounts frequently, keeping them active will improve your credit score.
Check you credit report regularly for any errors. Dispute any mistakes you discover immediately to maintain the accuracy of your score!