What do you know about your credit score? Keeping your credit score high should be a top priority. Credit can affect many things in your adult life. We understand that the unthinkable can happen and your credit score may drop or maybe you didn’t know much about it to begin with. We want you to be successful and for credit not to be an issue, but unfortunately, it does happen… more often than you think. Those of you with great credit, good job if you have any other tips we would love to hear them!
Here are some things that will affect your credit score:
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- Your payment history! Do not be late on making payments. If you make a late payment or fail to make a payment it will tremendously affect your credit score.
- Credit Utilization! Your credit score won’t increase if you aren’t utilizing the credit you do have.
- Credit Inquiries! When your credit history is pulled, it may affect your credit.
- Bank Overdrafts! If your account overdrafts, pay it right away.
- Not Paying your Rent! Your landlord can report your payment data. This can either help you or hurt you!
- Medical Bills! If you have unpaid medical bills, set up a payment plan right away so they stay off your credit report.
- Paying off a Loan! If you only have a few things on your credit, when you pay something off it may decrease your credit score.
- And so much more!
Good Credit:
Yes, you can survive with bad credit, but having good credit can make things so much easier! There are so many benefits to having a good credit score.
- Better chance to get a credit card or a loan
- Low-interest rates on credit cards and loans
- Get approved for higher credit limits
- Easier approval when looking to rent a house or apartment
- Receive better car insurance rates
- And of course, bragging rights!
Your credit is important, make it a priority. Did you know, you are legally entitled to one copy of your credit report every year? Click here to read more! Do you use experian, life-lock, equifax, etc? You should consider it… being able to check your credit regularly is a reminder to work on raising your score. You got this!